AMCORE Intends to Continue Offering Expanded Deposit Insurance Under FDIC Program
April 15 2010 - 2:02PM
AMCORE Financial (Nasdaq:AMFI) announced today its subsidiary,
AMCORE Bank, N.A., intends to continue its participation in the
Federal Deposit Insurance Corporation (FDIC) Transaction Account
Guarantee Program under the terms currently proposed.
The FDIC has extended its Transaction Account Guarantee Program
from its prior deadline of June 30, 2010 to December 31, 2010.
Non-interest bearing deposit accounts, more commonly known as
checking accounts, and NOW accounts paying less than 0.25 percent
are included in the program and will continue to be fully insured
by the Federal Deposit Insurance Corporation (FDIC) regardless of
the dollar amount. Financial institutions that are part of the
program post prominent notices in the lobbies of their main office
and branches indicating that they are a participant.
"We believe this program provides added peace of mind and
protection for our customers," said William R. McManaman, Chairman
and CEO of AMCORE. "We understand the pressures our customers
and local businesses face in today's economy."
The insurance coverage on non-interest bearing transaction
deposit accounts and NOW accounts is over and above the $250,000
coverage provided to customers already. For example, if a
customer has $500,000 in a non-interest bearing transaction deposit
account and $250,000 in a certificate of deposit, the FDIC would
fully ensure the entire $750,000 under this program. "This
truly is a program designed to maintain consumer confidence in the
financial services industry," said McManaman.
About AMCORE
AMCORE Financial, Inc. is headquartered in Northern Illinois and
has banking assets of $3.8 billion with 52 locations in Illinois
and Wisconsin. AMCORE provides a full range of consumer and
commercial banking services, a variety of mortgage lending products
and wealth management services including trust, brokerage,
investment management and comprehensive retirement plan
services.
AMCORE common stock is listed on The NASDAQ Stock Market under
the symbol AMFI. Further information about AMCORE Financial, Inc.
can be found at the Company's website at www.AMCORE.com.
Member FDIC
CONTACT: AMCORE Financial, Inc.
Media Inquiries:
Katherine Taylor
815-961-7164
Amcore Financial (MM) (NASDAQ:AMFI)
Historical Stock Chart
From Apr 2024 to May 2024
Amcore Financial (MM) (NASDAQ:AMFI)
Historical Stock Chart
From May 2023 to May 2024
Real-Time news about Amcore Financial (MM) (NASDAQ): 0 recent articles
More AMCORE Financial, Inc. News Articles