On January 12, 2026, Dogwood and TowneBank became a single deposit institution under the FDIC. As a grace period, the FDIC permits separate insurance coverage for six months following mergers.
After that time, deposits held under each trade name - Dogwood and TowneBank - are NOT separately insured but combined to determine whether a depositor has exceeded the $250,000 federal deposit insurance limit.
The FDIC has special rules that determine how long a Dogwood CD may continue to receive separate deposit insurance coverage following the merger.
| If... | And... | Then... |
|---|---|---|
| Dogwood CD matures within 6 months after January 12, 2026 | Is renewed for the SAME amount and for the same term... | CD remains separately insured until the first maturity date after the 6-month period. |
| Dogwood CD matures within 6 months after January 12, 2026 | Is renewed for a DIFFERENT amount or term... | Separate coverage is provided only for the six months following the merger date. |
| Dogwood CD does not mature within 6 months after January 12, 2026 | The CD will be separately insured until its maturity. | |
If you have deposit accounts at both Dogwood State Bank and TowneBank that exceed the standard insurance amount of $250,000, please talk with your Dogwood State Bank banker or visit the FDIC website and select Deposit Insurance.
Accountholders should note that they may qualify for additional FDIC insurance coverage, well above the $250,000 standard, if certain requirements are met.
Visit FDIC.govWe are pleased to offer additional FDIC coverage through the IntraFi® Network. If you have IntraFi® Network Deposits at both Dogwood and TowneBank, please talk with your relationship banker or visit the FDIC website to ensure optimum coverage.
Visit www.fdic.gov →Find answers to common questions about FDIC insurance, deposit coverage, and the transition from Dogwood to TowneBank.
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Yes. If you had deposit accounts at both Dogwood State Bank and TowneBank that exceed the standard insurance amount of $250,000, please talk with your local banker or visit www.fdic.gov and select ‘Deposit Insurance.’
Account holders should note that they may qualify for additional FDIC insurance coverage, well above the $250,000 standard, if certain requirements are met. -
No. Your CD will continue with the interest rate and maturity date you had at Dogwood State Bank. TowneBank will honor the existing terms of your Certificate of Deposit.
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Renewed CDs and IRAs will have interest calculated using the simple interest method.
CDs and IRAs that renew will use the actual number of days to calculate interest. Every fourth year, there are 366 days instead of 365, resulting in a fraction of a difference of interest paid in that year.
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Interest on your CDs and IRAs will be calculated using the accrual method, accruing daily based on the principal balance and interest rate. If you received an interest check in the mail or if your interest was transferred to your account, this will continue on the same schedule as before. At maturity, renewed CDs and IRAs will continue to have interest calculated using the simple interest method.
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If you had deposit accounts at both Dogwood State Bank and TowneBank that exceed the standard insurance amount of $250,000, please talk with your local banker or visit www.fdic.gov and select ‘Deposit Insurance.’ Account holders should note that they may qualify for additional FDIC insurance coverage, well above the $250,000 standard, if certain requirements are met.
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After the six-month period, deposits held under the Dogwood and TowneBank names are no longer separately insured. Deposits will be combined when determining whether a depositor exceeds the $250,000 federal deposit insurance limit.
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Additional FDIC coverage remains available through the IntraFi® Network. If you have IntraFi® Network Deposits at both Dogwood and TowneBank that exceed the standard insurance amount of $250,000, please talk with your Dogwood State Bank banker or visit www.fdic.gov and select ‘Deposit Insurance.’ Account holders should note that they may qualify for additional FDIC insurance coverage, well above the $250,000 standard, if certain requirements are met.
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No. Early withdrawal penalties will remain the same as those outlined in your original account agreement until maturity. After maturity, TowneBank early withdrawal penalties will apply.
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Yes. A renewal notice will be sent when your certificate nears maturity.
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Yes. If you received an interest check by mail or have interest transferred to another account, those payments will continue on the same schedule.
For account questions, please contact your local banker or TowneBank office. For online banking questions, please contact one of our support teams:
Please contact your local banker or TowneBank office for questions specific to your account.