Mechanics Cooperative Bank | "Let's Keep It Local"

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"Let's Keep It Local"

Presidents Message:

It’s no secret that housing is one of the most troubled sectors in today’s economy. Much of the nation is still reeling from the housing bust, and no one could blame homeowners for being cautious of the current marketplace. A major symptom of the recession since 2008 has been sluggish or falling home prices in many regions of our country. Understandably, this has made homeowners wary and has forced some into staying put and delaying their plans to sell and/or buy.

However, the mortgage market has seen signs of improvement including the fact that home prices have begun to increase slightly in recent weeks. Earlier this month, national mortgage rates have hit yet another record low for 30-year products and homeowners have also begun to warm up to the idea of refinancing with that section of the market currently at its highest level since May 2009.

Mechanics Cooperative Bank is well positioned to support local homeowners during this current rate environment. We will continue to provide competitive rates, a large variety of product options, and quality personal service to ensure each customer has the knowledge and understanding to make informed decisions. I invite you to contact a Mechanics Cooperative Bank Home Loan Specialist to see how we can help make your mortgage work better for you, and better for your family.

LETS KEEP IT LOCAL !

Sincerely,

Joseph T. Baptista Jr.
President/CEO

Notice Of Change In Temporary FDIC Insurance Coverage for Transactions 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 also includes Interest on Lawyers Trust Accounts ("IOLTAs"). 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.

Member SIF

The Share Insurance Fund (SIF) is a private fund owned by the member co-operative banks, which insures all deposits at co-operative banks in Massachusetts above Federal Deposit Insurance Corporation (FDIC) limits.

The unique combined insurance coverage afforded by the FDIC and the Share Insurance Fund provides the best deposit insurance available, whether deposit balances are held in passbook, statement or certificate type accounts, or in any combination of these accounts. At a Massachusetts co-operative bank, your deposits are always fully protected.

Since its inception, the Share Insurance Fund has preserved the enviable claim of member co-operative banks that “no depositor has ever lost a dollar in any Massachusetts co-operative bank.”

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