BISMARCK -- The current financial crisis that grips our nation draws a distinction between Wall Street banks and the Main Street banks in your North Dakota community.
Community bankers in North Dakota have long been conservative lenders who believe in lending to the people, businesses and farmers of their local community. North Dakota citizens are generally conservative and for the most part live within their means and buy homes they can afford. That philosophy is in part why North Dakota's economy and its community banks remain strong and vibrant while other parts of our country struggle.
North Dakota community banks invest their depositors' money into local Main Street businesses, local homes and local farms. They also buy bonds that support local schools, local medical facilities and local governments. Because they are conservative lenders, they have not chased the rainbows of questionable subprime credit that tempted other financial institutions across the country.
Recently-passed legislation brings even more strength to your local community bank by increasing deposit insurance for the next year from $100,000 to $250,000. In addition, many customers may be eligible for a significant amount of additional insured coverage in a single bank by properly structuring your accounts.
Herald readers are invited to contact their local community bank for more details on FDIC insurance or visit the FDIC website at www.fdic.gov/edie/index.html .
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The Independent Community Banks of North Dakota are proud of our record of serving our local communities as common sense lenders. We remain sound, strong and willing to lend back to our communities.
Donald Forsberg
Forsberg is executive vice president of Independent Community Banks of North Dakota.
