Welcome to Modern Bank ®
Modern Bank stands at the intersection of business and private banking, providing entrepreneurs in New York's leading industries with customized commercial and personal financing solutions. Our segment-focused teams, backed by comprehensive financial and intellectual capital, work directly with our clients to build their businesses.
Commercial banking, personalized.®
Focused SolutionsCommercial Markets
Commercial Real Estate
U.S. and International Private Clients
Member FDIC - Banking deposits are FDIC insured up to maximum amount allowable by law.
NOTICE OF EXPIRATION OF THE TEMPORARY FULL FDIC INSURANCE COVERAGE FOR NONINTEREST-BEARING TRANSACTION ACCOUNTS
By operation of federal law, beginning January 1, 2013, funds deposited in a noninterest-bearing transaction account (including an Interest on Lawyer Trust Account) no longer will receive unlimited deposit insurance coverage by the Federal Deposit Insurance Corporation (FDIC). Beginning January 1, 2013, all of a depositor's accounts at an insured depository institution, including all noninterest-bearing transaction accounts, will be insured by the FDIC up to the standard maximum deposit insurance amount ($250,000), for each deposit insurance ownership category.
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 FDIC insurance coverage of transaction accounts, visit www.fdic.gov