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Dear Member:
With all of the recent media coverage focused on the troubled financial market you probably have questions about what the current economic climate means for you. Perhaps, most of all you are wondering – is my money safe?
The answer is yes – Your money is safe at Fox Chase Bank. Your bank exceeds the levels of capital required to satisfy the regulatory definitions of “well-capitalized” by a significant margin (see chart below). Our strong capital position means your money is in good hands.
In addition, recent changes in insurance limits provided by the Federal Deposit Insurance Corporation (FDIC) have provided additional levels of security for your deposits. On October 3, 2008, the Emergency Economic Stabilization Act of 2008, increased FDIC deposit insurance from $100,000 to $250,000 per depositor through December 31, 2009. For businesses, each of your legal entities now has FDIC insurance coverage up to $250,000. Detailed information about FDIC insurance, as well as a calculator that you can use to estimate your coverage, is available at the FDIC Web site, www.fdic.gov, in the Consumer Resource area.
During the last two months we have seen a significant deterioration in the nation’s economic and financial market conditions. While many financial institutions are seeking to bolster their balance sheet, our strong financial position affords us the ability to focus on you, our customer, while other banks restructure. Fox Chase Bank’s continuing strength is due in large part to our understanding that adhering to sound banking fundamentals is essential to safe, conservative and time –proven lending policies. Our lending staff stands ready and we invite you to call us to discuss your personal and business borrowing needs.
Thank you for choosing Fox Chase Bank. Your business is important to us and so is your trust. We will continue to keep your money safe and secure.
Sincerely,
Tom Petro
President and CEO
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