Canton, Mass. – Created by an act of the Massachusetts legislature in 1932 – one year before the Federal Deposit Insurance Corporation (FDIC) – the Depositors Insurance Fund (DIF) is a private insurance fund that insures all deposit accounts at member banks above the FDIC limits. Massachusetts is the only state to have this unique combined insurance protection.
Canton Co-operative Bank President & CEO Nicholas (Nick) Maffeo was elected to the DIF’s Board of Directors at their Annual Meeting on April 2nd.
“Customers definitely look for the combination of FDIC and DIF insurance coverage,” Nick Maffeo said. “It gives them peace of mind. With the combination of FDIC and DIF coverage, no depositor has ever lost a penny in any Massachusetts savings or co-operative bank.”
“The DIF served as a model for the FDIC almost 100 years ago and to this day no other state has anything like the DIF. I am honored to serve as a Director of the DIF,” Maffeo said.
A Canton resident, Nick Maffeo joined Canton Co-operative Bank as Vice-President in 2003. He became President & CEO of the Bank in 2014. Prior to joining Canton Co-operative, he was an examiner with the Federal Deposit Insurance Corporation (FDIC) for 10 years.
Right next to the Post Office, Canton Co-operative has been Canton’s hometown bank since 1891 and is rated “5-Star for Strength & Stability” as “one of the strongest banks in the country,” according to bank-rating service BauerFinancial of Coral Gables, Florida. All deposits are insured in full without limit by the FDIC and the Depositors Insurance Fund (DIF). The phone number is 781-828-8811.