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MABIS OFFERS BANK DEPOSIT INSURANCE OVER FDIC $100,000 LIMIT

 ROCK ISLAND, Ill., Aug. 25 /PRNewswire/ -- Until now, depositors with over $100,000 in savings had to split their funds among different banks to avoid exceeding the FDIC's federal $100,000 deposit insurance limit. However, a new private insurance program now allows IRAs, trust accounts, retirement accounts, non-profit organizations and any other account with high deposits complete coverage of funds up to $10 million.
 After months of lobbying, Kansas Bankers Surety Company (KBS) of Topeka, Kan., got approval to sell insurance for deposits in excess of $100,000 to banks in Illinois and several other midwestern states.
 KBS is offering this package through Mid-America Banking Insurance Services, Inc. (MABIS).
 "There are obvious benefits to this service for both bankers and their customers," said Bill Mihm, assistant vice president at MABIS. "Bankers have access to funds for lending that previously had to be redirected to other banks. Their customers get savings that are completely safe, and conveniently located in one bank."
 The bank pays the insurance premium, around $1,500 to $2,000 per million dollars, up to $10 million. KBS provides a Bank Deposit Guaranty Bond for the customer. In the unlikely event the bank should fail, the depositor would get the full deposit back -- $100,000 in FDIC insurance, and the balance of the deposit from KBS.
 "Too many people are putting their excesses in mutual funds, which don't make loans to area farmers or small businesses," said Don Towle, president of KBS. "This way, we can keep that money in local banks."
 Mid-America Banking Insurance Services, Inc., offers a full line of high-quality insurance products tailored specifically for bank employees and customers.
 -0- 8/25/93
 /NOTE TO EDITORS: For interviews, call Bill Mihm at contact below/
 /CONTACT: Bill Mihm of MABIS, 309-794-0537/


CO: Mid-America Banking Insurance Services, Inc. ST: Illinois IN: FIN SU: PDT

MP -- NY043 -- 0357 08/25/93 12:50 EDT
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Publication:PR Newswire
Date:Aug 25, 1993
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