Farmers & Merchants Bank, a member of the Independent Community Bankers of America (ICBA), which represents nearly 5,000 community banks nationwide, said today that community banks are, and always have been, common-sense lenders focused on doing what is best for their customers and their communities.  ICBA also said that community banks, which are pivotal to Main Street’s economic vitality, continue to lend to their customers in cities and towns throughout America.   

“We at Farmers & Merchants Bank take our responsibility and commitment to the Putnam County community seriously each and every day.  Its part of our mission,” said Joe Hudson, Executive Vice President of FMB.  “Even in difficult times we continue to invest a portion of our profits back into our local community through things like The Plaza Arts Center, Putnam General Hospital, Putnam County’s school systems and many other worthwhile causes.”   

Whether someone needs a home loan, a small business loan, an education loan or any other form of financing, community banks work with their customers to find the right loan that makes sense for their individual circumstances. It’s this relationship-based business model that is unique to community banks.  And despite the ebb and flow of the economy, community banks continue to lend to their customers.  “We all know that real estate prices everywhere have declined, and this hurts the homeowner as well as the commercial real estate investor.  But when you are a community bank, you know your customers, and you try to work with them in ways which will benefit both the customer and the bank in the long run.  That’s just the way we do business,” Hudson continues.

FACT: Community bank deposits are FDIC insured.

The FDIC insures deposits up to $250,000 per depositor and $250,000 for certain retirement accounts. No one has ever lost a penny of FDIC insured funds. If you have more than $250,000 at a community bank, however, you can still be fully insured if your accounts meet certain requirements. For example, accounts owned by a single person are separately insured from joint accounts or retirement accounts owned by that person. Two individuals can each have $250,000 insured in separate accounts with one name each and have another $500,000 insured in an account that bears both their names. The FDIC has information on its Web site (www.fdic.gov) about how deposit-insurance coverage works.

The Farmers & Merchants Bank serves Putnam County with offices in downtown Eatonton and Lake Oconee in Harmony Crossing.  For more information on how Farmers & Merchants Bank can assist you in your financial needs, please call (706) 485-9941 or visit www.ibankfmb.com.