Seamen’s Bank, Cape Cod’s First Community Bank, is a mutual bank. Mutual banks are operated for the benefit of their communities and their depositors, not for the profit of stockholders. This means our customers are our primary focus. It also means generous donations to community groups, donations that grow every year.
Seamen’s Bank is one of the most stable financial institutions in the Commonwealth. Additionally, the FDIC insures all deposits up to $250,000 per depositor. All deposit amounts above the FDIC limits are insured in full by the Depositors Insurance Fund.
Seamen’s was founded over 160 years ago for the benefit of the citizenry. As an independent bank, we continue that commitment today.
Transaction Account Guarantee Program
Seamen’s 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.
NOTICE OF CHANGES IN TEMPORARY FDIC INSURANCE COVERAGE FOR TRANSACTION ACCOUNTS
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.
For more information about temporary FDIC insurance coverage of transaction accounts, visit www.fdic.gov.
The term "noninterest-bearing transaction account" includes a traditional checking account or demand deposit account on which the insured depository institution pays no interest. It also includes Interest on Lawyers Trust Accounts ("IOLTAs"). 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.
