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A Message from the President
“The best way to survive and prosper in the current environment is to work together – and work as hard as possible”
If you have been listening to the news lately, you probably have questions about the impact of today’s economy on your own financial security.
In spite of the headlines about the challenges facing Wall Street financial institutions, Bank of Auburn Hills is well capitalized, safe, secure, and ready to help you navigate the current economic challenges. In addition, our customers can bank with confidence knowing their money is safe because it is insured by the Federal Deposit Insurance Corporation® (FDIC).
Bank of Auburn Hills offers deposit insurance coverage from the FDIC, which currently provides unlimited insurance on all demand deposit (transactional) accounts, and $250,000 of insurance protection for each individual, trust or business entity. And for accounts exceeding these limits, Bank of Auburn Hills can protect its depositors’ funds up to $50 million through its membership in the Certificate of Deposit Account Registry Service (CDARS). CDARS is a secure savings and investment, deposit placement service. As a member of the CDARS network, Bank of Auburn Hills arranges for the placement of funds into CDs issued by other network banks – in increments of less than $250,000 to ensure that both principal and interest are eligible for full FDIC protection. And we do this without additional effort on your part – delivering one certificate and one 1099 – making it easier for you to manage your finances and providing maximum protection.
Bank of Auburn Hills is exercising prudence when making residential mortgage loans, and we continue to review and adjust our lending practices to be consistent with evolving economic conditions. Additionally, our largest shareholder is Capitol Bancorp, Limited. (NYSE:CBC), a bank development company with over $5.8 billion in assets that maintains solid levels of capital and liquidity. While Wall Street firms and large financial institutions are receiving unprecedented governmental assistance, the community banks continue to support their local markets, work directly with their clients, and spend their funds locally with local providers. I hope that you will recognize the benefits of your local bank, and together we will weather this economic storm.
If you have family or friends with questions about their bank, to which Bank of Auburn Hills could offer the confidence of relationship banking during these difficult times, please call me personally at (248) 370-8200.
At Bank of Auburn Hills, we work hard every day to provide a safe haven to protect the financial interests of our clients.
Sincerely,
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