Non-deposit Services

Repurchase Agreements

These collateralized obligations of the bank are backed by U.S. government securities and have terms of one day to one year or longer. They offer rates of return based on current market conditions and are suitable for customers whose account balances exceed FDIC insurance limits. Minimum investment required is $50,000.

Sweep Account

This account, intended for businesses that maintain a high daily balance, provides for the overnight investment of excess funds in interest-paying repurchase agreements.

A repurchase agreement is not insured by the Federal Deposit Insurance Corporation, nor is it guaranteed by the United States government or any agency or instrumentality thereof. A repurchase agreement is not a deposit; is not guaranteed by the bank; and is subject to investment risks, including possible loss of the principal invested.

To request more information, click here or email rbishop@passumpsicbank.com