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FDIC Merger Coverage

 

The Bank of Hampton Roads and Xenith Bank merged into a single banking entity on July 29, 2016, under the parent company, Xenith Bank. Your FDIC insurance coverage will be combined for all accounts you have in the Bank of Hampton Roads and Xenith Bank as of January 29, 2017.


 You have a six-month grace period to restructure accounts if necessary. Under FDIC rules, for at least six months after the merger your “transferred” deposits will be separately insured from any accounts you may already have had at the assuming bank.


Basic Insurance Amount Is $250,000

The basic insurance amount is $250,000 per depositor per insured bank. If you and your family have $250,000 or less in all of your deposit accounts at the same insured bank, you do not need to worry about your insurance coverage -- your deposits are fully insured.

 

Coverage Over $250,000

The FDIC provides separate insurance coverage for deposit accounts held in different categories of ownership. You may qualify for more than $250,000 in coverage in the combination of our two banks if you own deposit accounts in different ownership categories, such as Individual Accounts, Joint Accounts, Certain Retirement Accounts, and Revocable Trust Accounts.

 

Additional information regarding FDIC insurance coverage can be provided to you upon request, or you can visit the FDIC website at www.fdic.gov or https://www.fdic.gov/consumers/consumer/news/cnspr13/bankmerging.html.

 

If you are concerned about your FDIC coverage, please call or come see us and we can help review your coverage.