FDIC Temporary Liquidity Guarantee Program

Superior Bank is participating in the FDIC’s Transaction Account Guarantee Program. Under that program, through December 31, 2010, all non interest-bearing transaction accounts are fully guaranteed by the FDIC for the entire amount in the 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. This guarantee may be voided if funds are transferred from a non interest-bearing transaction account into an interest-bearing account through a pre-arranged sweep agreement.

Under the Final Rule, the definition of non interest-bearing transaction accounts includes Interest on Lawyers Trust Accounts (and functionally equivalent accounts) and low-interest NOW accounts (defined until June 30th as NOW accounts with interest rates no higher than 0.50 percent, and from July 1 to December 31, defined as NOW accounts with interest rates no higher than 0.25 percent).

Please contact us if you have any questions about the Transaction Account Guarantee Program or want to discuss possible changes to your accounts.