Bank Safe, Bank Smart® with Multi-Million Dollar FDIC Insurance

With F&M Bank and the Insured Cash Sweep® (ICS) service, you can earn interest on public or private funds placed into demand deposit accounts, money market deposit accounts, or both, and rest assured knowing that your ICS funds are eligible for multi-million-dollar FDIC insurance.

You can also enjoy unlimited program withdrawals or up to six program withdrawals per month. Simply put, with ICS, you can have it all.

What Can I do with ICS?

• Enjoy peace of mind. ICS funds are eligible for multi-million-dollar FDIC insurance that’s backed by the full faith and credit of the United States government.

• Earn interest. Put excess cash balances to work in demand accounts, money market deposit accounts, or both.

• Save time. By providing access to FDIC insurance through a single bank relationship, ICS can help your public unit comply with investment policy mandates. And with access to FDIC insurance, you can reduce any ongoing collateral-tracking requirements. This means you can spend more time accomplishing your public unit’s goals.

• Access funds. Enjoy unlimited program withdrawals using the ICS demand option or up to six program withdrawals per month using the ICS savings option.

• Support your community. Feel good knowing that the full amount of your funds placed through ICS can stay local to support lending opportunities that build a stronger community.
How Does ICS Work?

When our bank places funds for you using ICS, your deposit is sent from your transaction account at our bank into deposit accounts at other ICS Network banks in amounts below the standard FDIC insurance maximum ($250,000). This makes your funds eligible for FDIC protection. As a result, you can access FDIC insurance coverage from many institutions while working directly with just us, an institution you already know and trust.
It’s that easy.

What Else Do You Need to Know?

You receive a regular monthly statement from us for each option showing your ICS balances and other key information. And you can check your ICS balances and track other important information of interest to you, 24/7, through a specially designed Depositor Control Panel.

Your confidential information remains protected.

ICS can eliminate the ongoing tracking burdens associated with collateralization and the need to footnote uninsured deposits in financial statements if you are accustomed to these practices.


Contact Us to Learn More


Placement of your funds through the ICS service is subject to the terms, conditions, and disclosures set forth in the agreements, including the ICS Deposit Placement Agreement, that you enter into with us. Limits and customer eligibility criteria apply. Unlimited program withdrawals are available with ICS only when using the ICS demand option. ICS, Insured Cash Sweep, and Bank Safe, Bank Smart are registered service marks of Promontory Interfinancial Network, LLC.

For Public Funds:

Section 2.2-4518 of the Code of Virginia is Amended effective July 1, 2010, to read as follows:
§ 2.2-4518.  Investment of funds in deposits.

A. Notwithstanding any provision of law to the contrary, the Commonwealth and all public officers,     municipal corporations, other political subdivisions, and all other public bodies of the Commonwealth,     each referred to in this section as a “public entity,” may invest any or all of the moneys belonging to them or within their control in accordance with the following conditions:

1.    The moneys are initially invested through any federally insured bank or savings institution selected by the public entity that is qualified by the Virginia Treasury Board to accept public deposits;
2.    The selected bank or savings institution arranges for the deposit of the moneys in one or more federally insured banks or savings institutions, wherever located, for the account of the public entity;
3.    The full amount of principal and any accrued interest of each such deposit is covered by federal deposit insurance;
4.    The selected bank or savings institution acts as custodian for the public entity with respect to each deposit issued for the public entity’s account; and
5.    At the same time that the public entity’s moneys are deposited, the selected bank or savings institution receives an amount of deposits from customers of other financial institutions wherever located equal to or greater than the amount of moneys invested by the public entity through the selected bank or savings institution.

B. After deposits are made in accordance with the conditions prescribed in subsection A, such deposits     shall not be subject to the provisions of Chapter 44 (§ 2.2-4400 et seq.), § 2.2-4515, or any security or     collateral requirements that may otherwise be applicable to the investment or deposit of public moneys     by government investors.