Rodney N. Sargent, President and CEO of BancInsure, Inc., announced today that BancInsure intends to continue offering Excess Deposit Guaranty Bonds to the nations community banks and financial institutions.
"The vast majority of community banks in this country are run with discipline and diligence. We remain confident in the American banker. This product protects banks and protects consumers and we will continue to offer it for the foreseeable future." says Rod Sargent, President and CEO of BancInsure, Inc.
Excess Deposit Guaranty Bonds insures consumer deposits in excess of $100,000 dollars. The Federal Deposit Insurance Corporation (FDIC) insures amounts up to $100,000 dollars per depositor. Private insurance, like that offered by BancInsure, is offered to cover amounts in excess of $100,000 dollars.
"Access to private deposit insurance is critical to the operations of virtually every bank in Oklahoma," said Roger Beverage, President and CEO of the Oklahoma Bankers Association. "BancInsure was formed by bankers for bankers to do just that, and it's just another reason why nothing's safer than money in the bank."
As the only full-line independent insurer focused on financial institutions, BancInsure's understanding of financial institutions and their intricate operations is unmatched in the marketplace. This translates to extraordinary value through complete risk mitigation and risk management solutions. Headquartered in Oklahoma City, BancInsure holds an A- (Excellent) A.M. Best rating with a stable outlook. The Company is endorsed by eighteen banking organizations and is licensed in 48 states.
