PrivateBancorp, Inc. is a growing, diversified financial services company. We are executing a strategic growth plan to move toward our vision of being the bank of choice for middle-market commercial and commercial real estate companies, as well as business owners, executives, entrepreneurs and families in all of the markets and communities we serve. Learn More >>
Important FDIC Updates: The PrivateBank participates in the Transaction Account Guarantee Program. Learn More
The PrivateBank is participating in the FDIC's Transaction Account Guarantee Program. Under that program, through June 30, 2010 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.
On October 3, 2008, FDIC deposit insurance temporarily increased from $100,000 to $250,000 per depositor through June 30, 2010. Effective May 20, 2009, President Obama signed legislation that extended the time period for this increased insurance coverage. The "Helping Families Save Their Homes Act" extends the temporary increase in the standard maximum deposit insurance amount (SMDIA) to $250,000 through December 31, 2013. The recent legislation states that the SMDIA will return to $100,000 on January 1, 2014. This legislation does not extend the June 30, 2010 deadline for unlimited FDIC insurance coverage granted to non-interest bearing account clients. This deadline remains unchanged.
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