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Insurance is unlikely an issue for ; Mass. banks Commonwealth's coverage system has ample reserves
- Article from:
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The Boston Globe
- Article date:
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September 2, 2008
- Author:
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Copyright informationCopyright 2008 The Boston Globe. (Hide copyright information)
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Massachusetts' state-chartered banks and credit unions are
unlikely to face higher deposit insurance rates this fall, officials
said, in a sign that local institutions are largely weathering the
financial storms buffeting banks elsewhere.
Unusual insurance programs in Massachusetts provide extra
coverage for deposits at state-chartered savings banks, cooperative
banks, and credit unions. The system fully insures deposits over and
above the better-known Federal Deposit Insurance Corp.'s coverage of
$100,000 per depositor.
Insurance coverage is a hot topic: The failure of IndyMac Bank in
California in July left depositors with about $600 million in
uninsured holdings. With banks nationwide ...
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