| New FDIC insurance coverage limits
Cornerstone Bank is participating in the FDIC's Transaction Account Guarantee Program. All funds in a “noninterest-bearing transaction account” are insured in full by the Federal Deposit Insurance Corporation from December 31, 2010, through December 31, 2012. This temporary unlimited coverage is in addition to, and separate from, the coverage of at least $250,000 available to depositors under the FDIC’s general deposit insurance rules.
The term “non interest-bearing transaction” includes a traditional checking account or demand deposit account on which the insured depository institution pays no interest. It does not include other accounts, such as traditional checking or demand deposit accounts that may earn interest, NOW accounts, and money-market deposit accounts.
Federal legislation that went into effect on December 29, 2010, provides unlimited FDIC coverage on Interest of Lawyers Trust Accounts ("IOLTAs") over 2011-2012.
For more information about temporary FDIC insurance coverage of transaction accounts, visit www.fdic.gov
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