Summary of New FDIC Insurance Coverage The Federal Deposit Insurance Corporation (FDIC) is an independent agency of the United States government that protects against the loss of insured deposits if an FDIC-insured bank or savings association fails. FDIC deposit insurance is backed by the full faith and credit of the United States government. Since the FDIC was established, no depositor has ever lost a single penny of FDICinsured funds. FDIC insurance covers funds in deposit accounts, including checking and savings accounts, money market deposit accounts and certificates of deposit (CDs). FDIC insurance does not, however, cover other financial products and services that insured banks may offer, such as stocks,bonds, mutual fund shares, life insurance policies, annuities or municipal securities. There is no need for depositors to apply for FDIC insurance or even to request it. Coverage is automatic. To ensure funds are fully protected, depositors should understand their deposit insurance coverage limits. The FDIC provides separate insurance coverage for deposits held in different ownership categories such as single accounts, joint accounts, Individual Retirement Accounts (IRAs) and trust accounts. Basic FDIC Deposit Insurance Coverage Limits*
** The legislation authorizing the increase in deposit insurance coverage limits makes the change effective October 3, 2008, through December 31, 2009. If you have questions about FDIC coverage limits and requirements, please visit www.myFDICinsurance.gov, call toll-free 1-877-ASK-FDIC, or ask a personal banker. |return to top| First National versus Troubled Financial Institutions There are dramatic differences in the way First National Bank operates versus the many troubled financial institutions that are making the news. The eleven banks that have failed this year have all had common characteristics including poor lending practices, high reliance on brokered deposits, and exotic investment portfolios. Companies like Lehman Brothers, Merrill Lynch, and AIG are in the news, but they operate much differently than FNB and are not even banks although the media refers to them as such. FNB has a diversified loan portfolio. We lend to borrowers located in our markets. These borrowers provide complete financial and credit information that is necessary to make an informed credit decision. We do not participate in “sub prime” mortgage activities. Troubled financial institutions have high loan concentrations in commercial real estate and residential real estate. Many of the problem loans were made in states with high foreclosure rates including Florida and California. Many of these delinquent loans were made with no financial or credit information on the borrower. FNB has a diversified, high-quality investment portfolio comprised of Iowa municipal bonds, government agencies, and collateralized mortgage obligations. We have no corporate bonds or trust preferred securities. We do not own any bonds issued by Freddie Mac, Fannie Mae, or Lehman Brothers. Troubled financial institutions have high concentrations of corporate bonds and trust preferred stock in their investment portfolio and as a result have suffered losses on the write downs. The primary objective of their investment portfolio was yield. FNB gathers deposits in the markets we serve. We provide safety to our depositors through our financial stability as well as FDIC insurance. We do not have any brokered deposits. We work with established sources including long term correspondent bank relationships and the Federal Home Loan Bank to accommodate short term funding needs. Our liquidity position is strong and is monitored daily. In summary, the First National Bank has:
|return to top| Phishing Scam Alert! On July 29th, just after 5 p.m., many people in Waverly began receiving phone calls to have their First National Bank debit cards renewed by calling a special phone number. Not everyone receiving a call was a First National Bank customer. This has been reported to the Waverly police department and the Shazam Fraud department. If you receive a call, 1. Please know we do not place these types of calls. 2. If by chance you did call the number, please contact FNB. Your card needs to be immediately canceled & reissued. We can be reached at 800-369-3629 or 319-352-1340. 3. If it is after hours, please call Shazam directly to report the issue at 800-383-8000. This phone number is the same as on the back of your card. It is unfortunate when others take advantage of a convenience like a debit card. It is important to contact First National so we are aware of the scope of the issue. |return to top| FNB Offers Storm Relief Program We hope you were not affected by the recent disaster in your area, but if you were, please accept our understanding and concern. First National Bank understands that you may experience temporary financial difficulties due to conditions beyond your control. As a community bank, we are committed to helping you. We are available to help if you need it, and we would like to extend an offer of assistance at this time. Customers of First National Bank who have been impacted by the tornadoes or floods may be eligible for the following:
If your home or business was lost or damaged by the storms and you need assistance, please contact us at 266-2000 (Cedar Falls), 276-4469 (Plainfield) or 352-1340 (Waverly.) We truly appreciate your business and want you to know that we are here when you need us – today and tomorrow. |return to top| First National Bank Announces Promotions First National Bank held their annual shareholder’s meeting and announced several staff promotions by the FNB Board of Directors. 19-year staff member, Marcia Speedy was promoted to an officer’s position as Assistant Cashier. Speedy has worked as a teller, assistant branch manager and branch manager. In her current position, she is responsible for managing and training transaction bankers. She is currently serving on the bank’s Committee for a Cause, is a member of the Bremer-Butler Women in Banking, and is an active member of the Friends For Life team in the American Cancer Society’s Relay for Life in Butler County. A Dumont native, Speedy graduated from Dumont Community Schools and has completed a variety of bank training courses. She and her husband, Clark, reside in Allison and are the parents of Brianna and Marisa. Krista Kirkpatrick, who joined the bank in 2000, was promoted to Assistant Vice President Human Resources. Kirkpatrick’s responsibilities include employee recruitment, benefits administration, salaries and payroll. She has over 27 years banking experience and has worked in teller and bookkeeping areas, as Accounting Officer, Internal Audit Officer, Training and Compliance Officer, and Human Resources Officer. Kirkpatrick is a 2001 graduate of Project LEAD and is active in the Waverly-Shell Rock Advisory committee and W-SR Band Boosters. She is currently serving as co-chair of the W-SR Choir trip fundraising project. She, her husband Bill, and daughters Megan and Julie, live in Waverly. Steve Willemssen, a 15-year FNB employee, has been promoted to Executive Vice President Business Banking. Willemssen is an Iowa State University graduate with a bachelor of science in Agricultural Business. He has 22 years of banking and lending experience. Willemssen’s responsibilities include working with commercial and agricultural customers and supervising the Business Banking area. Willemssen is active in the community with the W-SR United Way, the Exchange Club, and various Waverly Chamber committees. He is currently serving on the Board of Directors of the Bartels Lutheran Retirement Community. Willemssen and his wife Lori, have two daughters, Jordyn and Jayme and live in Waverly. |return to top| First National Bank Names Vice President of Business Banking First National Bank has announced the addition of Joshua Hurley as Vice President of Business Banking at the Cedar Falls bank. As vice president of business banking, Hurley is responsible for providing financial services for the bank’s business customers. This includes Cash Management, Remote Capture, deposits, loans, and investments. Hurley is a 1997 graduate of the University of Northern Iowa. He is a Cedar Falls native with __ years of banking service. Hurley is active in the community serving on the board of the Cedar Falls Rotary Club. He is the chair-elect of the Chamber of Commerce and Ambassadors, and he chairs the joint education committee. In addition, he coaches 7th grade boy’s basketball for Peet Junior High. Hurley and wife Kamie, are the parents of Madison, Kayla and Rylan; they reside in Cedar Falls. In addition to Cedar Falls, First National Bank has offices in Plainfield and Waverly is the third oldest chartered bank in the state of Iowa. |
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