Effective March 17, 2020, The Co-operative Central Bank (CCB) and its Share Insurance Fund (SIF) have merged into the Depositors Insurance Fund (DIF). As a result of this merger, all co-operative banks, including MutualOne Bank will now become members of the DIF. The deposit insurance coverage for amounts above the FDIC limit shall now be provided by the DIF.
Importantly, this merger does not change the amount of deposit insurance coverage provided to depositors of co-operative banks. All deposits at MutualOne Bank and other Massachusetts co-operative banks continue to be insured in full.
Each depositor is insured to at least $250,000 by the FDIC. Effective March 17, 2020, all deposits above the FDIC limit will now be insured by the DIF. This merger will benefit depositors by creating a deposit insurance fund with greater resources to protect deposits in member banks.
Like the Share Insurance Fund, the Depositors Insurance Fund has a long history of protecting deposits in member Massachusetts chartered banks. Since 1934, when the SIF and DIF insurance funds were created, no depositor has lost a cent in a member bank.
To learn more about the DIF’s history, operations, and deposit insurance coverage, please visit the Frequently Asked Questions page on the DIF’s website, or call the DIF at 781-938-1984.