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Notice Concerning FDIC Deposit Insurance
As of April 24, 2020, Summit Community Bank acquired four branches of MVB 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 23, 2020, your accounts with Summit Community Bank and MVB 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 MVB 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 23, 2020. If your CD/IRA from MVB 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 MVB Bank matures during the six-month grace period and is renewed for any other term before October 23, 2020, it will continue to be insured separately until the end of the six-month period, October 23, 2020.
The conversion from MVB Bank to Summit Community Bank will occur on the weekend of April 24-27, 2020. We are committed to making this as seamless as possible, but please be aware of the following dates when planning your financial activities.
- Friday, April 17th
• You will have access to MVB’s Online Bill Pay until 5:00pm Friday, April 17th.
• Online Bill Pay will be unavailable from 5:00pm Friday, April 17th until Monday, April 27th at 8:00am.
• Any bill due after Friday, April 17th through Friday 24th must be scheduled to be paid before April 17th or after April 26th.
• Any recurring transfers that are setup to be processed during those dates will not be processed so those individual transfers will need to be competed.
• Your Bill Pay information will be converted to the Summit Bill Pay System.
• If you have merchant/payee information already established on your current MVB Online Banking System, it will automatically carry over to the Summit Online Bill Pay System.
- Tuesday, April 21st - Monday, April 27th
• Our ATMs will be unavailable from 3:00pm Tuesday, April 21st until 8:00am Monday, April 27th.
Clients may use the Summit Community Bank ATM/ITM located at 1321 Edwin Miller Blvd, Martinsburg, WV, or at any other Summit locations. Sheetz also offers fee free ATMs. We apologize for any inconvenience.
- PRIOR TO Friday, April 24th
No statements prior to conversion will be available.
Please print/save at least 2 months of statements prior to April 24th.
For Quickbooks, Quicken and Mint users – Please note, you will need to download your documents before the system update prior to 5:00pm on Friday, April 24th. You will not be able to update the system for Friday’s transactions and must manually post Friday’s transactions to the program. You will be able to download Monday’s transactions on Tuesday, April 28th. All future transactions will also be available after Tuesday, April 28th.
• Your complimentary supply of checks and deposit slips will be delivered prior to April 24, 2020.
• Your new Summit Community Bank MasterCard® debit card will be delivered prior to April 24, 2020.
- Friday, April 24th
• The acquired branches of MVB Bank will close at 3:00pm on Friday, April 24th.
• This is the last day for new enrollments through MVB Online Banking.
• MVB Online Banking access will not be avalible after 5:00pm on Friday, April 24th.
• Your MVB account numbers will be updated – Do not use your MVB checks after April 24th.
- Saturday, April 25th
• Acquired MVB branches will be closed for conversion.
• You may continue to use your current MVB Bank Debit Card until 8:00am on Monday, April 27th.
- Monday, April 27th
• Branches open as Summit Community Bank at 9:00am on Monday, April 27th.
• You can activate and begin using your new Summit Debit Card at 5:00am on April 27th.
• Summit Online Banking and Business Online Banking become available.
• Summit’s DANI (Day and Night Information) System telephone banking line becomes available at 1-800-648-2265.