The Federal Deposit Insurance Corporation was founded in 1933 and is an independent agency of the United States government.  The FDIC protects you against the loss of your deposits if an FDIC-insured bank fails.  The insurance fund is funded by financial institutions.

On July 21, 2010, the FDIC standard deposit insurance level was permantly raised to $250,000. 

(The standard insurance level was temporarily raised from $100,000 to $250,000 in October 2008, but was set to revert back to the $100,000 level 12/31/2013)  Deposits held in different ownership categories, such a single or joint accounts, are separately insured. In reality, a family can have much more than the base level of fully insured deposits if they structure accounts properly.  Self-directed retirement accounts, such as Individual Retirement Accounts (IRAs), are insured separately for up to $250,000. 

If you have questions about maximizing your FDIC insurance coverage, speak with a State Bank of Park Rapids staff member today or log onto the FDIC's website and use their Electronic Deposit Insurance Estimator (EDIE) at https://www.fdic.gov/edie/index.html   (NOTE, you will be leaving State Bank of Park Rapids' website if you click on this link.  You will be routed to the FDIC's website)