Commissioner: Montana Banks are Safe and Sound

By Beacon Staff

HELENA – Montana’s 64 state-chartered banks are safe and well-capitalized, according to Annie M. Goodwin, the state commissioner of banking and financial institutions.

Goodwin issued a statement Tuesday assuring Montanans that their banks are doing well “despite the challenges that many financial institutions are facing in this current difficult economic climate.”

She said Montana banks are regularly monitored, and deposits in them are covered by FDIC insurance.

“Montana banks will continue to be the bedrock of our communities,” Goodwin said.

Last week, Congress passed the Emergency Economic Stabilization Act of 2008, which temporarily raises the basic limit on federal deposit insurance coverage from $100,000 to $250,000 per depositor. Under this legislation, the basic deposit insurance will return to $100,000 on Dec. 31, 2009.

Montanans can learn more about FDIC insurance at www.myfdicinsurance.gov/, Goodwin’s statement said. Information about deposit insurance is available at www.fdic.gov/deposit/deposits.

The Division of Banking and Financial Institutions is the regulator for all Montana state-chartered banks, state-chartered credit unions and non-depository financial institutions, including consumer loan and sales finance companies, title lenders, deferred deposit lenders, escrow businesses, residential mortgage lenders, mortgage brokers and loan originators.

The division’s mission is to protect the public interest by regulating the business of the state-chartered and licensed financial institutions under its supervision.

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