Elgin State Bank Blog

Are You Taking Advantage of the Available FDIC Insurance Coverage for your Deposit Accounts?

I’m sure you have been thinking about the safety and soundness of your bank as well as wondering whether your deposit accounts are properly structured to take advantage of all the FDIC insurance coverage available. You’re not alone.

The entire country has been subjected to the news of recent bank failures in addition to irresponsible press reports stating that 50% of all banks in the U.S. would fail this year.

Let’s get the facts straight. Yes, it is true we will see a number of banks fail this year because the management teams of these banks made some very poor decisions. As usual greed was the underlying motivation.

Let me assure you, this is not the case at Elgin State Bank. Since 1973, we have managed our bank in a safe, sound, and prudent manner. We have no subprime home loans or speculative real estate loans. We have never engaged in making these loans, nor will we ever make these risky loans.

Here are the facts.

MYTH: All community banks are involved in problems with subprime mortgage lending.

FACT: Elgin State Bank is not and never has been involved in subprime lending. There is no subprime crisis at Elgin State Bank because we are well run, highly capitalized, tightly regulated and much more risk averse than big banks. 

Elgin State Bank has $0 in subprime loans,

and $0 invested in subprime derivative securities.

 

Net Charged Off Loans as a % of Total Loans

National Average = 0.95% (3/31/08)

Elgin State Bank = 0.00% (6/30/08)

 

Past Due Loans as a % of Total Loans

National Average = 1.60% (3/31/08)

Elgin State Bank = 0.00% (6/30/08)

MYTH: Your money is safer in big banks.

FACT: No one has ever lost a penny of FDIC-insured deposits held in community banks. Elgin State Bank focuses on the needs of local families and businesses and our top executives are available on site to answer your questions directly and make timely decisions. Most of the nation’s large banks are structured to serve large corporations and have CEOs headquartered in office suites, not local banks.

MYTH: Community Banks are under-capitalized.

FACT: The vast majority of our nation’s banks, especially community banks, are strong, safe, and stable. Community bankers are common sense lenders that don’t engage in high-risk activities, Instead, we stick to the longstanding fundamentals of responsible banking, and always seek to serve the long-term interest of our customers and communities.

In a recent press release, FDIC Chairman Sheila C. Blair stated, “The overehelming majority of banks in this country are safe and sound.” We understand that our business is built on public trust. We understand that the deposits you place in our bank are your money, not the bank’s money. Our primary goal at Elgin State Bank is to always protect your deposits. This is the foundation upon which the banking industry has traditionally lived and breathed, and yet some greed driven banks that see their customers as commodities rather than real people with real needs have tarnished the rest of the banking industry’s reputation by speculating with their depositor’s money. This is not how we do business, now or ever.

Will Rogers once stated, “The return OF my money is always more imprtant to me than the return ON my money.” This rings home so true today. Do you have money on deposit at different banks and/or investment brokers? Do you know whether the FDIC insures those funds? If this is your situation, NOW is the time to consolidate all those bank accounts and come back home to Elgin State Bank.

Bring in all your other bank statements and let our experienced bankers show you how to get the most insurance allowed by the FDIC. We will also give you some great advise on how to ensure you always have funds available to take advantage of rising interest rates.

Our goal is and always has been to create a wonderful experience for you that you NEVER consider any other bank for your financial needs. It is also very important to me that I always address any concerns you have in a factual and honest manner. It is the only way we conduct business at Elgin State Bank.

Should you have any questions please feel free to call me directly. My direct office number is (847)888-7957. My goal as President is to always be accessible to you when you need me the most.

Peter Q. Morrison

President

Posted by Deborah Szmurlo on September 15th, 2008 in Consumer Alerts, Customer Care, Elgin Experience, Technology Updates.

Tags: FDIC, Insured Deposits

Your Insured Deposits with Elgin State Bank

Customers are naturally concerned about the financial condition of their own bank when they hear things on the news such as the recent failures of some Financial Institutions. Rest assured, Elgin State Bank continues to be very strong financially with capital reserves well in excess of regulatory minimums, and is operating profitably. Read More

Elgin State Bank has full FDIC coverage on all deposits $100,000 and less, and if the accounts are titled properly, the coverage per family can be in excess of $1,000,000. Also, the FDIC provides up to $250,000 in insurance coverage for deposits held in Individual Retirement Accounts.

If you are concerned about the insurability of your deposits, the FDIC provides an interactive application that allows you to calculate the insurance coverage of your accounts, called Electronic Deposit Insurance Estimator (EDIE). This tool can be found on their website at http://www.fdic.gov/edie/.

If you are concerned about the safety of your money here at Elgin State Bank, please feel free to contact us at (847) 888-7950.

Posted by Deborah Szmurlo on July 18th, 2008 in Consumer Alerts, Customer Care, Elgin Experience.

Tags: Deposit Insurance, FDIC

Could You be the Victim of a Scam?

There has been a rash of scams aimed at consumers such as you that have caused many to lose their hard earned money.

• Did you receive a check or money order and were asked to send a portion of the funds back to the maker?
• Were you told you won a competition or promotion that you did not enter?
• Were you asked to buy “low-risk” shares in a fund for purchasing “high-stakes” tickets?
• Were you offered bait prizes that are substandard or were you asked to purchase “exclusive items?”
• Were you told that a prize you won requires travel or other arrangements at your own expense?
• Were you promised easy money by working at home and were asked to send them money minus your “pay?”

In all these cases, victims are asked to withdraw cash and wire the funds via Money Gram and Western Union.

For more information, or to report a check scam, visit www.fakechecks.org.

Posted by Deborah Szmurlo on April 8th, 2008 in Consumer Alerts.

Tags: Consumer Alert, Scam