Lamar National Bank is reassuring its customers that their money is safe after the closure of Enloe State Bank in Cooper and reports of funds exceeding FDIC insurance limits.
“We’ve had existing and non-existing customers reach out to us asking about FDIC insurance and if their money is safe,” said president and CEO of Lamar National Bank Greg Wilson.
According to the FDIC, the Enloe State Bank had total assets of $36.7 million and total deposits of $31.3 million, of which there were approximately $500,000 that exceeded FDIC insurance limits.
“The standard deposit insurance coverage limit is $250,000 per depositor, per FDIC-insured bank, per ownership category. Deposits held in different ownership categories are separately insured, up to at least $250,000, even if held at the same bank,” said the FDIC on their website.
However, Lamar National Bank has the ability to offers its customers FDIC insurance up to $100 million.
“The most important part of putting money in the bank is making sure you can get it back out…all of it,” said Wilson. “Insuring more than $250,000 is certainly on a lot of people’s minds in light of the first U.S. bank failure in 17 months happening right in our area.”
Wilson explained that Lamar National Bank has joined the Promontory Interfinancial Network specifically to offer the ability to insure multi-million dollar accounts FDIC insurance.
“With Promontory we place $250,000 deposits with other banks in the network so that each deposit is FDIC insured. The benefit to the depositor is that they get a single statement from Lamar National Bank showing each of those deposits, and they only have to deal with one bank.”
To learn more about Lamar National Bank and FDIC insurance over $250,000 call 903-785-0701.
