Greetings!
The news of our nation's financial markets turmoil is raising questions in the minds of consumers throughout the country regarding safety and soundness. They are concerned about their life's savings and retirement plans. The intent of this message is to address for you the lessons that we have learned at Texas First Bank in our 35-plus years of banking and serving with the Federal Reserve Bank system.
Uncertain economic times like these do not create bad loans and unwise investment choices B they simply expose them.
Sound financial institutions are operated so they are prepared for difficult times, and you should choose your bank with this principle in mind. The Federal Deposit Insurance Corporation (FDIC) provides a fail-proof safety net for your money. See the message below for information on your coverage. There are four separately chartered banks in the Texas First family of banks, and we offer four times the amount of FDIC insurance because of our unique structure.
In addition to the Federal Deposit Insurance, you should look to the published financial statement of your financial institution and inquire about its liquidity and capital-to-deposit ratios so that you will know the amount that investors and shareholders of the bank have of their own assets standing as the first line of defense to protect your deposits. Finally, look at the history of your financial institution and its earnings performance as another measure of its stability and how well management has performed.
Furthermore, in addition to the above, not all fifty states are alike. We Texans are blessed with a strong oil, gas, and energy economy that is, in fact, experiencing strong growth, not decline. Commodities from our farming and ranching are also showing strength; and, financially, we have not had an "overexuberance" of real estate expansion. Homeowner equities are remaining fairly stable. The bottom line is that we Texans are blessed.
If you have further questions regarding the stability of your Texas banking, please give us a call or drop by one of our eighteen bank locations. We'll be glad to help you further.
Sincerely yours,
Charles T. Doyle
Chairman of the Board
The Federal Deposit Insurance Corporation (FDIC) preserves and promotes public confidence in the United States Banking System by insuring deposits in Banks and Thrift Institutions for at least $100,000 by identifying, monitoring, and addressing risks to the deposit insurance funds, and by limiting the effect on the economy and the financial system should a bank or thrift institution fail.
FDIC Insurance covers the balance of each depositor’s account, dollar-for-dollar, including principal and any accrued interest through the date of the bank’s closing, up to the insurance limit. The $100,000 limit applies to all depositors of an insured bank except for owners of “self-directed” retirement accounts, which are insured up to $250,000 per owner, per insured bank.
FDIC Insurance covers all types of deposits received by a bank in its usual course of business, including:
Texas First Bank has always provided FDIC Insurance on your accounts. With multiple FDIC insured banks in the Texas First Family, you can take advantage of increased FDIC Insurance Coverage. Should you have a question about your account or FDIC Insurance, you may call any of our 18 Banking Centers and speak to our New Account Representatives.
If you wish to contact the FDIC for any additional information, call 1-877-275-3342. Visit them on the
web, www.fdic.gov, or if you wish to send them a letter, their address is:
FDIC
Division of Supervision and Consumer Protection
ATTN: Deposit Insurance Outreach
550 – 17th Street N W
Washington, D.C. 20429-9990
To report a lost or stolen VISA Checkcard: call 1.800.554.8969 Credit Card: call 1.800.325.3678
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