The Federal Deposit Insurance Corporation (FDIC) is an independent agency of the U.S. government that protects bank customers against the loss of their insured deposits in the event that an FDIC-insured bank or savings association fails. FDIC insurance is backed by the full faith and credit of the U.S. government.
Customers of FDIC-insured banks, including Gate City Bank, are covered by the FDIC for up to $250,000 per depositor, per bank.
Deposit insurance through the Federal Deposit Insurance Corporation (FDIC) protects bank customers in the event an FDIC-insured financial institution fails. It’s available for any deposit account opened at an FDIC-insured bank; there’s no need to purchase it!
Deposit insurance is calculated dollar-for-dollar up to FDIC limits – factoring in the principal amount plus any interest accrued or due to the depositor – through the date of default. The FDIC has created an insurance estimator that you can utilize for more information on how this may personally impact you.
Yes. We’re proud of our long-term relationship with the Federal Deposit Insurance Corporation (FDIC) – which has been supporting banks for 88 of our past 100 years in business!
Mutual banks are owned by their depositors, and they don’t report to shareholders. At Gate City Bank, we’re especially thankful for our mutual-bank status because it allows us to prioritize philanthropic giving in a way that creates a better way of life for customers, communities and team members.