How will my deposits be insured by the FDIC if I have accounts at both Coastal Federal Bank and BB&T?
If you have deposits at both Coastal Federal Bank and BB&T at the time of the merger, your deposits will continue to be insured separately for a period of six months after the merger. After the six-month transition period, your deposits at Coastal Federal Bank and at BB&T will be added together for the purposes of determining the amount of your FDIC coverage. If you have more than $100,000 in total deposits, or more than $250,000 in IRAs, deposited at the combined banks, please call the FDIC directly at 1-877-275-3342 for more information about how your funds may be insured at BB&T.
