FDIC Transaction Account Guarantee Program
Our institution has elected to participate in the FDIC’s Transaction Account Guarantee Program. Under that program, through June 30, 2010, all noninterest-bearing transaction accounts are fully guaranteed by the FDIC for the entire amount in the account. Coverage under the Transaction Account Guarantee Program is in addition to and separate from the coverage available under the FDIC’s general deposit insurance rules.
" THOUGHTS FROM OUR PRESIDENT "
Sevier County’s oldest business continues to grow and prosper thanks to our loyal employees and customers, our unique communities, a solid, diverse local economy and our wonderful quality of life here. Our Great Smoky Mountains National Park attracts millions of visitors – every year!
Just think for a moment of all the other reasons people come from far and wide to visit, vacation and relax and even retire in Sevier County and you see why we focus more on Main Street Sevierville than Wall Street, New York.
Most all community banks like us are doing fine; their depositors are insured by the FDIC which has just successfully handled the largest and second largest bank failures in its history with hardly a glitch.
Sevier County Bank made home and car and business loans today and will again tomorrow. Because of our history, reputation and balance sheet, we have actually seen inflows of deposits, many of which are in excess of the FDIC’s insurance.
For the record, we are a “charter member” of the FDIC, having joined at the first opportunity in 1933. Over 97% of our loans are made in Sevier County. Sevier County Bank is one of the most highly capitalized banks in the country.
Toward that end we built a new 60,000 square foot headquarters in 2006 and we are in various phases of construction in Seymour, Gatlinburg and on Highway 66. We have been through all the economic ups and downs of the past 100 years and we know this one too shall pass. Certainly there will be hardships and probably some significant changes in national and world economy, but Sevier County has been resilient and we have even benefited at times from certain times of distress.
Lastly, every individual, every household and every business need to always be vigilant about their financial health. Sevier County Bank, like most community banks, is ready, willing and able for our customers. Now is certainly a time when strong, experienced leadership is needed at all levels.
The FDIC has a wonderful website www.FDIC.gov that might be helpful to those with questions or you can always call or come by any Sevier County Bank office - “we’re bankers you can talk to” and we’ll be glad to see you!
