Answer:
FDIC will continue to provide insurance coverage for the full amount for at least 6 months following the merger. They have provided a complete answer here.
First published on BankersOnline.com 8/06/07
Deposit Insurance Coverage After Bank Merger
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Question:
One of our customers had two CDs each placed with two separate minority owned banks. The two banks recently merged and now the total deposits exceeds $100,000. Does the fact that the CDs were originally in these two separate financial institutions have any bearing on insured deposit coverage?
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