MetroBank News
FDIC Insured Acounts
MetroBank participates in TAG
With the Federal Deposit Insurance Corporation (FDIC) recent changes, MetroBank continues to welcome all of your deposits! Please know that:• The standard insurance amount currently is $250,000 per depositor. The $250,000 limit is permanent for certain retirement accounts (includes IRAs) and is temporary for all other deposit accounts through December 31, 2013. On January 1, 2014, the standard insurance amount will return to $100,000 per depositor for all deposit accounts except certain retirement accounts, which will remain at $250,000 per depositor.
• MetroBank is participating 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. Non-deposit investment accounts (repurchase agreements) are not FDIC insured accounts; therefore, this does not apply to these types of accounts.
• On November 21, 2008, all funds in IOLTA (Interest on Lawyers Trust Accounts) and NOW accounts paying a rate of no more than .50%, are also fully guaranteed by the FDIC with the coverage remaining in effect until une 30, 2010.
How does this affect you?
• You do not have to do anything to receive the higher coverage limits; they are in place as of the dates listed above. MetroBank takes pride in being able to offer you the most protection possible for all your funds.
Feel free to contact any branch regarding FDIC insurance coverage limits, or visit our website at www.metrobankfl.com and select Alerts.
Miami-Dade County Broward County
Dadeland 305.670.0200 Lighthouse Point 954.725.9009
Gables Waterway 305.662.1390 Sunrise 954.748.7070
Kings Bay 305.256.0099
West Kendall 305.385.3100
Notice Regarding Sweep Accounts:
Reclassification sweep accounts for reporting purposes are swept from noninterest-bearing transaction accounts to noninterest-bearing savings account; therefore, these accounts are also guaranteed under the transaction account guarantee program.
President's Message
From Charles E. Brier
Needless to say 2008 was a very challenging year. The current economic environment is trying on everyone, individuals and businesses alike. Our outlook for fiscal year 2009 is very cautious and we anticipate it to be our most challenging year. We will continue to dedicate ourselves to providing each of you with quality service, and anticipate adding new relationships to our banking family through the premier efforts of every employee while maintaining careful, sound, prudent banking practices.At MetroBank technology is embraced as it evolves which allows us to reach our customers electronically. The number of customers that utilize our MetroOnline banking service, cash management services, and Remote Deposit Capture functions increases daily. We offer every customer the ability to access his/her account information 24 hours a day. We are fortunate that 56% of our customer-base has electronic services when the industry average is approximately 30%.
In spite of the economic turmoil we have endured, our dedication to you, our shareholders and customers, was the continued result of our focus on long-term relationships and our flexibility in meeting our customers’ needs.
As always, we thank our customers for their continued support and patronage – it is always our pleasure and privilege to serve you!
President's Message
from Charles E. Brier
Despite all the challenges and uncertainties in the market as well as tremendous margin compression coupled with increased expenses – we were still able to produce above peer performance results for 2007. Additionally, and of greater importance, we were able to capitalize on the acquisition of a well-known, local community bank and attract several key employees who have allowed us to diversify our clientele and geographic service area. As a result of adding these new employees, we are planting the seeds for future growth by working on plans for an additional branch in order to continue expanding our customer base and outreach.
