The conversion booklets have been mailed to First Century clients. Be on the lookout for these in the mail as
they outline important dates and account information. Click here to see an electronic copy.
Below is the conversion timeline starting on Saturday, April 22nd (as listed on page 3 of the conversion
Notice Concerning FDIC Deposit Insurance
As of April 1, 2017, Summit Community Bank will acquire First Century Bank. All deposits will continue to be FDIC insured up to the maximum amount allowed. In addition, for six months after the acquisition, through October 2, 2017, your accounts with Summit Community Bank and First Century Bank will be insured separately. This grace period gives a depositor the opportunity to restructure his or her accounts, if necessary.
Any Certificate of Deposit or Individual Retirement Account (CD/IRA) you have at First Century Bank will be insured separately until the earliest maturity date from any deposits you may have at Summit for a full six months, through October 2, 2017. If your CD/IRA from First Century Bank is scheduled to mature during the six-month period and is automatically renewed for the same terms and in the same dollar amount (either with or without accrued interest), it will continue to be insured separately from any Summit deposits until its next maturity date after the six-month period. If your CD/IRA from First Century Bank matures during the six-month grace period and is renewed for any other terms before October 2, 2017, it will continue to be insured separately until the end of the six-month period, October 2, 2017.