On
October 3, 2008 FDIC deposit insurance increased to $250,000.
On
September 26, 2008 FDIC changed the terminology for deposit
insurance for revocable trust accounts to include any person,
charitable organization or non profit as qualified beneficiaries.
Bank of
Cleveland is participating in the FDIC’s Transaction
Account Guarantee Program. Under that program, through December
31, 2009, 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.
BANK
OF CLEVELAND FACTS
Bank of Cleveland
opened its doors in May 1987. Since that time, is has grown to
be the largest and strongest locally owned and
managed bank in Bradley County.
Bank of Cleveland
is ranked the number one bank in the state of Tennessee for its
overall performance
by FMC Group of Louisville, KY. This ranking is based on return
on assets, return on equity, efficiency and other various categories.
Bank of Cleveland
is ranked number 29 in the nation as featured in the American
Bankers Association's Banking Journal. This
ranking is based on return on shareholder equity over a multi
year period.
Five
Star ranking from Bauer Financial, Inc has been awarded to Bank of Cleveland
based on call report data and historical
performance. Five Stars is the highest level that can be
achieved and is considered a "superior ranking".
Bank
of Cleveland's deposits, up to $250,000 per account, are
insured by
FDIC. These limits can be increased based on how each account
is titled.
Bank of Cleveland
has $28.7 million in capital as of 9/30/08. The FDIC considers
a bank well capitalized if it has
a capital
to asset ratio of 8.00%. Bank of Cleveland's capital
to asset ratio is 10.86% as of 9/30/08. This is 36% more than
the FDIC
considers well capitalized.
We have not
and will not do subprime lending.
Bank
of Cleveland does not offer brokerage
services
or insurance services. We are a traditional community
bank. We accept deposits and make loans in our local market.
To
receive financial information on any FDIC insured institution,
go to www.fdic.gov. Click on “Consumers and Communities”.
Click on “Bank Find”. You enter the bank name,
city and state. It will pull up the bank and you can click for
additional
public financial information on that bank. This
is a very useful tool.
