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10 Things You Need to Know About Summit Community Bank and the Banking Industry

1. There are serious economic issues in our state and across the country and these issues continue to place pressure on the financial industry because many people are losing jobs and in many cases cannot make their house payments. Although Summit Community Bank is not immune to these economic conditions, it is important to note that we are performing well as a bank.

2. Summit Community Bank is a strong and viable community bank with a highly experienced management team and stable workforce. In fact, collectively we have over 200 years of successful bank management expertise.

3. Because Summit Community Bank is locally owned and managed, we are not affected by some of the more global issues impacting the financial industry. Bad decisions made in California will not affect us here in Greater Lansing.

4. Summit Community Bank is focused on maintaining our strong community bank for our customers and the communities we serve now and in the future.

5. Banks in general, and Summit Community Bank in particular, are highly capitalized and well-positioned to handle economic fluctuations.

6. Customers’ deposits are protected. Deposits are insured by the FDIC for up to $100,000 per depositor per insured bank and up to $250,000 for retirement accounts. Depending on account ownership, particularly with married couples, insurance coverage can exceed $1 million. The FDIC’s Electronic Deposit Insurance Estimator (EDIE) is an interactive application that can help you learn more about deposit insurance and calculate the insurance coverage of your accounts.

7. Banks play an integral role in local economies across the nation. With $8.4 trillion in deposits, banks have plenty of resources to meet the lending needs in their communities. Banks like Summit Community Bank put these monies to work in their communities by providing loans and other financial services.

8. Many people are turning to their local bank to help refinance existing mortgages or consolidate other forms of debt. Banks made $200 billion in new loans in the fourth quarter of 2007, $80 billion of which were loans secured by real estate, demonstrating that local banks are still the best source for business and personal loans. For more information on community banks, visit www.icba.org.

9. Our diversified industry of more than 8,500 banks with 97,000 locations nationwide stands ready to serve our customers.

10. Banks are regularly and thoroughly examined by state and/or Federal regulators who focus on institutional performance, soundness and risk management.

 

If you have any questions, please call on us at 664.1912 in East Lansing and 853.5811 in Okemos. Thank you for banking with Summit Community Bank and supporting our communities.

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