Southport Bank is participating in the FDIC's Transaction Account Guarantee Program. Under that program, through December 31, 2010 all noninterest-bearing transaction accounts are fully guaranteed by the FDIC for the entire amount in the account. Currently NOW accounts with interest of 0.5% or less as well as IOLTA accounts are included as types of non-interest-bearing transaction accounts solely for purposes of the Transaction Account Guarantee Program. Beginning on July 1, 2010, NOW accounts with interest of 0.25% or less will continue to be included as a type of non-interest-bearing transaction account. Coverage under the Transaction Account Guarantee Program is in addition to and separate from the coverage available under the FDIC's general deposit insurance rules.
FDIC deposit insurance continues its temporary increase from $100,000 to $250,000 per depositor through December 31, 2013.
