Following closing of the proposed acquisition, Berkshire Bank will voluntarily terminate the insurance of its deposits by the Federal Deposit Insurance Corporation (the “FDIC”). The FDIC will not insure any new deposits or additions to existing deposits made by you in Hudson Valley Credit Union. This notice of termination of Berkshire Bank’s FDIC insurance is being provided pursuant to 12 CFR 307.3.
Pursuant to 12 CFR 745 upon completion of the acquisition, Hudson Valley Credit Union will federally insure your deposits through the National Credit Union’s Share Insurance Fund (“NCUSIF”) and not by the FDIC. All of your current deposits will continue to be federally insured up to $250,000 for each account category through the National Credit Union Administration (NCUA). There will be no time during this process that your funds are uninsured. Refer to the chart below for a comparison of NCUA and FDIC insurance coverage. Hudson Valley Credit Union is always available to provide additional information regarding this notice or the insured status of your account(s). You can also visit the NCUA’s website or FDIC’s website for more detailed information about deposit insurance.
| NCUA Insured | FDIC Insured | |
|---|---|---|
| Single Account (one owner) |
$250,000 per owner
|
$250,000 per owner
|
| Joint Account (more than one owner) |
$250,000 per co-owner
|
$250,000 per co-owner
|
| Retirement Accounts (includes IRAs) |
$250,000 per owner $250,000 for Keogh All IRA coverage is separate and in addition to coverage for other credit union accounts |
$250,000 per owner
|
| Revocable Trust Accounts | $250,000 per owner per beneficiary up to 5 beneficiaries (includes Coverdell Education Savings Accounts)
|
$250,000 per owner per beneficiary up to 5 beneficiaries
|
| Corporation, Partnership, and Unincorporated Association Accounts | $250,000 per corporation, partnership or unincorporated association
|
$250,000 per corporation, partnership or unincorporated association
|
| Government Accounts | $250,000 per public unit
|
$250,000 per public unit
|