CDs & Repurchase Agreements
Certificates of Deposit (CDs)
Your account number(s) will remain the same, unless you are otherwise notified. The interest rate and terms of your existing account will remain the same until the maturity date.
Prior to the maturity date, you’ll receive a renewal notice for your CD along with a disclosure containing other important account terms and conditions. You’ll have the opportunity to change your term at that time if you prefer.
If you currently have a Master Repurchase Agreement with Merchants Bank, the terms and conditions will remain unchanged.
Insured Cash Sweep (ICSTM)
If you participate in the Insured Cash Sweep (ICS™) program through Merchants Bank, please be aware that this program will be discontinued after the effective date of the merger. Your commercial or government banking representative will be contacting you prior to the merger date to find an alternative solution that benefits your needs.
FDIC Insurance for CDs
CDs that mature during the six-month grace period immediately following the merger, and that are renewed for the same dollar amount (with or without accrued interest added to the principal amount) and for the same term as the original deposit, will be separately insured until the first maturity date after the expiration of the six-month grace period. CDs that mature during the six-month grace period and are renewed on any other basis, or are not renewed and become savings or checking deposits, will be separately insured only until the end of the six-month grace period. CDs that mature after the end of the six-month grace period will be separately insured until the earliest maturity date of the CD.