BoG gets notice of temporary increase in FDIC insurance

Posted on Oct 06 2008

[B]HAGATNA, Guam[/B]—The Bank of Guam has received a Federal Deposit Insurance Corp. notice announcing the temporary raising of the basic limit on FDIC insurance coverage from $100,000 to $250,000 per depositor.

The legislation provides that the basic deposit insurance limit will return to $100,000 on Dec. 31, 2009.

To see the circular, called “Financial Institution Letter” No. FIL-102-2008, visit www.fdic.gov/news/news/financial/2008/index.html.

Lou Leon Guerrero, Bank of Guam president and board chair, said, “We are an FDIC-insured institution, and we are very pleased to announce to our accountholders that the FDIC insurance has been raised to $250,000 per depositor on their accounts with the Bank of Guam. Effective Oct. 3, 2008, until Dec. 31, 2009, this announcement is welcome news to local depositors.”

As a reminder, the Bank of Guam effective Oct. 1, 2008, raised its savings rate to 2.27 percent APY.

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