Safety & Soundness


Midland National Bank:  Safe. Strong. Secure.

At Midland, it has been our mission from the very beginning to make sure our bank is being operated with the highest safety and security of our customers' financial situation in mind...and we have never waivered from this goal. As a common sense lender, Midland National Bank is highly capitalized, well-regulated and more averse to risk than many other banks. In fact, the vast majority of our nation's banks, especially community banks, even in the midst of these difficult times, are still safe, strong and secure.

In other words, our depositorsí money is safe with us.

Recent headlines would lead you to believe that money for mortgages and other loans has dried up. The truth is Midland National Bank has money to lend. We offer the same consumer, commercial and mortgage loans we always have. Midland National Bank will weather the credit storm.

We are conservative lenders. While in recent years, some lenders have been more concerned with which loan was best for them, at Midland National Bank we have always been concerned with which loan is best for our customer.

In a time when many financial instutions are finding themselves in trouble, it should be very reassuring to the people of Harvey County and particularly to our customers, that Midland National Bank is extremely well-capitalized, fiscally responsible, and will continue to strive to meet the high standards set forth by the Office of the Comptroller of the Currency.

Do you have questions about Midland National Bank? Please contact our Customer Service Department or call us at 313-283-1700.

 

Know Myth from Fact...

Myth: Your money is safer in big banks.
Fact:
No one has ever lost a penny of FDIC-insured deposits held in community banks. The FDIC insures deposits up to $100,000 per depositor and $250,000 for certain retirement accounts. If you have more than $100,000 at a community bank, 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. The FDIC's Electronic Deposit Insurance Estimator can determine your coverage. Community banks focus on the needs of local families, businesses and farmers, and their top executives are generally available on site to answer your questions directly and make timely decisions. Many of the nation's largest banks are structured to serve large corporations and have CEOs headquartered in office suites, not local banks.

Myth: Your money is stored in a vault at the bank.
Fact: Community bank deposits are reinvested in your local economy. Your money on deposit will be used to make loans in the community that help your neighbors start a nearby business, purchase a home, or send a son or daughter to college. Continuing to hold deposits in community banks ensures the neighborhoods where you live and work will continue to grow and thrive.

Myth: Community banks are undercapitalized.
Fact: The vast majority of our nation's banks, especially community banks, are strong, safe and stable. Community bankers are common sense lenders that don't engage in high-risk activities. Instead, they stick to the longstanding fundamentals of responsible banking, and always seek to serve the long-term interests of their customers and communities.

Myth: Community banks are involved in problems with subprime mortgage lending.
Fact: Community banks are common-sense lenders that have avoided subprime lending. There is no mortgage-lending crisis for community banks because they are well-run, highly capitalized, tightly regulated and more risk-averse than big banks. Community banks have money to lend homeowners for new purchases and to refinance existing mortgages. In spite of talk of a credit crunch, community banks are open for business.

The FDIC insures deposits and protects depositors' funds in banks and savings associations. FDIC deposit insurance covers each depositor's account, dollar-for-dollar, up to the insurance limit, including principal and any accrued interest. Customers should look for an official FDIC sign at each teller window or teller station in their local community bank to know their institution is covered by FDIC insurance.

According to the FDIC, insurance covers all types of deposits received by a financial institution in its usual course of business, including savings and checking accounts, NOW accounts, Christmas club accounts, and time deposits like certificates of deposit.  Cashiers' checks, officers' checks, expense checks, loan disbursement checks, interest checks, outstanding drafts, negotiable instruments and money orders drawn on the institution are also considered deposits, and are protected by the FDIC.

The FDIC's Electronic Deposit Insurance Estimator (EDIE) is an interactive application that can help you learn about deposit insurance and calculate the insurance coverage of your accounts.

 

Do you have questions about Midland National Bank?
Please
contact our Customer Service Department or call us at 313-283-1700
or for more information, go to
ICBA's Resource Page on the Safety of Community Bank Deposits.
 

 


 



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