Notice of Changes in FDIC Insurance Coverage for Transaction Accounts
By federal law, as of 1/1/2013, funds in a noninterest-bearing transaction account (including an IOLTA) will no longer receive unlimited deposit insurance coverage, but will be FDIC-insured to the legal maximum of $250,000 for each ownership category. For more information about FDIC insurance coverage of transaction accounts, visit www.fdic.gov.
In 1883 the world’s first rodeo was held in Pecos, Texas, there were 38 states in the United States, and the Bank of Salem was founded with authorized capital of $13,000.
Today, over 130 years later, the Bank has operating capital in excess of $8,000,000, and is still owned and operated by descendants of the original bank organizers. The Bank continues to offer old fashioned, personal service while keeping up with the latest products and services in the financial industry.
The Bank of Salem has strong capital, stable ownership, experienced management, and an unmatched commitment to our customers and our community. We invite you to become part of our banking tradition.
Your security is
important to us!
There has been a lot in the news lately about security breaches, and the compromising of personal financial information (Target, Walgreens, Michael's, etc.). It is encouraging to note that no breaches have happened at banks. We want you to know that at the Bank of Salem, the security of your personal information is of utmost importance! We go to great lengths to keep your information protected by using the lastes technologies; firewalls, anit-virus software, intrusion prevention services, malware software, complex passwords, digital certificates, data encryption, etc.
We also want to ensure you that neither the Bank (nor its software providers) utilize OpenSSL encryption technology, which recently was discovered to have vulnerabilities (the Heartbleed bug).
There are also measures you should take to protect your information. You should keep your personal computers and laptops up to date with the latest secure operating systems and anti-virus software. Microsoft announced that support for its Windows XP operation system ended on April 8, 2014. Be aware that continued use of Windows XP poses a security risk to your devices. Please see this link for additional information http://windows.microsoft.com/en-us/windows/end-support-help.
The Bank of Salem will continue to do all in its power to keep your personal, financial information secure and private. If you have any questions about security issues, please call our IT department at (573) 729-3137.