The Bank Of Salem

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Notice of Changes in Temporary FDIC Insurance Coverage for Transaction Accounts

All funds in a "noninterest-bearing transaction account" are insured in full by the Federal Deposit Insurance Corporation from December 31, 2010, through December 31, 2012. This temporary unlimited coverage is in addition to, and separate from, the coverage of at least $250,000 available to depositors under the FDIC's general deposit insurance rules.

The term "noninterest-bearing transaction account" includes a traditional checking account or demand deposit account on which the insured depository institution pays no interest. It does not include other accounts, such as traditional checking or demand deposit accounts that may earn interest, NOW accounts, and money-market deposit accounts.

For more information about temporary FDIC insurance coverage of transaction accounts, visit www.fdic.gov.

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Individual Retirement Accounts (IRAs)

Initial contribution may be tax deductible (consult your tax advisor).
IRA income is deferred.
Roth and Traditional IRA’s can be purchased in amounts of $1,000.00 or greater.
Terms from 3 to 60 months are allowed and may be automatically renewable at the option of the depositor.
Rates are fixed until maturity.
Structured as certificates of deposit.
Interest may be compounded quarterly, semi-annually or annually, depending on the term of the deposit.
A substantial interest penalty is required for early withdrawal of time certificates of deposit and there may also be tax disadvantages (consult your tax advisor).