TRANSACTION GUARANTEE PROGRAM
AnchorBank is participating in the FDIC’s Transaction Account Guarantee Program. Under that program, the FDIC is providing depositors with unlimited coverage for non-interest bearing transaction accounts if their bank is a participant in the FDIC’s Temporary Liquidity Guarantee Program. Non-interest bearing checking accounts include Demand Deposit Accounts (DDAs) and any transaction account that has unlimited withdrawals and that cannot earn interest. On April 13, 2010, the FDIC extended the TAG program through at least December 31, 2010, and reduced the maximum interest rate limit for NOW accounts guaranteed under the TAG Program to 0.25 percent, effective July 1, 2010. The Interim Rule also gives the FDIC's Board of Directors the authority to grant an additional 12-month extension of the Program, through December 31, 2011, without further rulemaking.
