Important Information About FDIC Insurance
For accounts opened on or before 5/20/2016
If you currently hold deposit accounts at Pacific Commerce Bank and ProAmerica Bank, and the combined deposits exceed $250,000, you are subject to the special FDIC insurance rule. This rule indicates that because of the merger of two banks, deposits will be considered separately insured, as if the two banks are still operating separately, for at least six months (and possibly longer for certificates of deposits) following the legal merger. Regarding CDs, the FDIC allows the separate deposit insurance coverage to continue until the CD matures, following the legal merger.
For accounts opened on or after 5/23/2016
ProAmérica Bank, a division of Pacific Commerce Bank, and Pacific Commerce Bank are the same FDIC-insured institution. Deposits held under each name are not separately insured, but are combined to determine whether a depositor has exceeded the $250,000 federal deposit insurance limit, per depositor for each account ownership category. For purposes of calculating aggregate deposits held in ProAmérica Bank, a division of Pacific Commerce Bank, you should include deposits held in Pacific Commerce Bank.
For more information about the FDIC’s rules, call toll-free 1-877-ASK-FDIC (1-877-275-3342) and ask to speak to a deposit insurance specialist or visit www.fdic.gov.