Finger Retires from Peshtigo National Bank Board
Peshtigo National Bank announces the retirement of Jim Finger from the Board of Directors. Jim served in the capacity of director and loan officer for over 17 years with the Bank. Unfortunately with age requirements and by-laws set forth by the Bank, Jim is now longer eligible to sit on the Board.
While with the Bank, Jim has seen deposits grow from $15 million to $150 million. Loan growth went from $15 million to $100 million. He also saw the bank grow from 1 to 5 branches.
Chairman of the Board, Tim Rennes states, "It was a very sad day to accept the retirement resignation of Jim Finger. His wealth of banking knowledge has done so much to contribute to the success of our Bank over the past 17 years. The enthusiasm that he has showed toward the banking business and the human compassion that he showed toward our customers, our employees and our community are attributes very difficult to duplicate. He will be greatly missed."
Current Board members are Tim Rennes, Chairman of the Board, Dick Omdahl, Keith Shallow, Jim Kmiecik, Dick Cromell and Cliff Gerbers. The Peshtigo National Bank is a 110 year old independently locally owned bank with locations in Peshtigo, Marinette, Coleman, Gillett and Oconto Falls.
Notice of Changes in Temporary FDIC Insurance Coverage for Transaction Accounts
In accordance with the Dodd-Frank Wall Street Reform and Consumer Protection Act, from December 31, 2010 through December 31, 2012, all funds in "noninterest-bearing transaction accounts" are insured in full by the Federal Deposit Insurance Corporation. This 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 rules.
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 does not include any transaction account that may earn interest, such as a negotiable order of withdrawal ("NOW") account, money-market deposit account, or Interest on Lawyers Trust Account ("IOLTA"), even if checks may be drawn on the account.
The temporary full insurance coverage of "noninterest-bearing transaction accounts" expires on December 31, 2012. After December 31, 2012, funds in noninterest-bearing transaction accounts will be insured under the FDIC's general deposit insurance rules, subject to the Standard Minimum Deposit Insurance Amount of $250,000.
For more information about the FDIC insurance coverage of transaction accounts, visit www.fdic.gov.