Bank Insurance
ICBB maintains adequate liability insurance coverage and financial institution bonding that covers all employees. Policy information can be found at the links below.
FDIC Insurance Coverage
ICBB maintains FDIC Insurance Coverage. Demand Deposit Accounts are FDIC insured up to $250,000.00.
Ownership
ICBB is State Chartered Financial Institution that was chartered in 1988. We are owned solely by Community Banks, and our ownership is independent of control by any group or affiliation. Our stock is not traded on an open exchange Stock Ownership is available to our Community Bank Customers although not required.
Regulatory Compliance and Audit
ICBB is a State Chartered Financial Institution examined and regulated by The Federal Reserve Bank of St Louis and the Kentucky Department of Financial Institutions. We comply with all applicable federal and state law and are subject to a regular regimen of external and internal audits.
Privacy Statement
ICBB will not share customer information with outside entities unless it is necessary to respond to a request by a customer or we are required to do so by law or court order.
Unlawful lnternet Gambling Enforcement Act
ICBB has implemented procedures to prevent or prohibit restricted transactions under the UIGEA.
Beneficial Ownership Rule
At ICBB, we are committed to complying with new regulatory mandates. May 11, 2018 was the effective date for the Customer Due Diligence (CDD) Requirements for Financial Institutions Rule (the “Beneficial Ownership Rule) issued by the Department of Treasury’s Financial Crimes Enforcement Network (“FinCEN).
Financial institutions, including banks, are required to obtain, verify, and record information regarding the beneficial owners of legal entity customers. ICBB has implemented the Beneficial Ownership Rule Requirements into its Account Opening Signature Card Packet for customer accounts opened on or after the mandated effective date of May 11, 2018.
ICBB Third Party Vendors
ICBB has a robust vendor management program, where existing Third-Party Vendor’s are reviewed on a regular basis. Prior to engaging the services of a new Third-Party Vendor, ICBB conducts a thorough analysis and risk weighting to ensure the vendor has met the required information security standards and is of sound reputational and financial condition. The Bank’s vendor management program is routinely examined by both the state and federal regulators as well as internal auditors.
The links below contain the ICBB Third Party Vendor Summaries:
Approved Upstream Banks
As Agent, ICBB determines and selects qualified major upstream financial institutions (FI’s) which meet the Bank’s credit and other financial requirements. ICBB conducts a monthly review of eligible upstream FI’s using available market information. A more frequent review occurs during times of stress in the banking system. Upstream FI’s may be removed from the Approved Upstream Bank Listing as Executive Management deems appropriate. The listing is approved by the bank’s Board of Directors on a monthly basis.