Fall 2008 • Volume 26, Number 3

You’re First.

Congress increases
FDIC protection through 2009
The October signing of the Emergency Economic Stabilization Act temporarily raises the
basic limit on federal deposit insurance coverage from $100,000 to $250,000 per depositor. The
temporary increase in deposit insurance coverage became in October and provides that the
Staff at First Federal’s new location within
basic deposit insurance limit will return to $100,000 after December 31, 2009. Lowes Foods in Grande Dunes include:
“This temporary increase in deposit insurance coverage should go far to help consumers Stephanie Taylor, Jaime Siratt, Assistant
maintain confidence in the banking system and the marketplace,” said FDIC Chairman Sheila Manager Krystle Patel, Senior Sales Associate
Brittany Johnson and Manager Pat O'Connor.
C. Bair. “And clearly the public’s confidence is key to a healthy and stable economy.”
The legislation did not increase coverage for retirement accounts; it continues to be First Federal offers extended hours,
$250,000. opens additional 7-day office this fall
FDIC insurance covers funds in deposit accounts, including checking and savings accounts,
money market deposit accounts and certificates of deposit (CDs). FDIC insurance does not, First Federal is pleased to announce
however, cover other financial products and services that insured banks may offer, such as expanded convenience and access with
stocks, bonds, mutual fund shares, life insurance policies, annuities or municipal securities. extended hours in our Customer Call Center,
There is no need for depositors to apply for FDIC insurance or even to request it. Coverage is and an additional office open seven days a
automatic. To ensure funds are fully protected, depositors should understand their deposit week. Both are new this fall, and we hope you’ll
insurance coverage limits. The FDIC provides separate insurance coverage for deposits held in reap the benefits of both.
different ownership categories such as single accounts, joint accounts, Individual Retirement Extended Customer Service
Accounts (IRAs) and trust accounts. The First Federal Customer Service
Department has recently extended its hours to
NEW Basic FDIC Deposit Insurance Coverage (effective through December 31, 2009) 7 a.m. - 7 p.m. Monday - Friday to better serve
Single Accounts (owned by one person) $250,000 per owner clients.
Joint Accounts (two or more persons) $250,000 per co-owner The Customer Service Call Center is based
IRAs and certain other retirement accounts $250,000 per owner in the First Federal Corporate Center and
Trust Accounts $250,000 per owner per beneficiary subject to provides assistance and information on a wide
specific limitations and requirements range of bank products and services including
checking, savings and money market accounts
These deposit insurance coverage limits refer to the total of all deposits that an as well as certificates of deposit, ATM and debit
accountholder (or accountholders) has at each FDIC-insured bank. The listing above shows cards and First Federal personal Online
only the most common ownership categories that apply to individual and family deposits, and Banking. Extended hours make the Call Center
assumes that all FDIC requirements are met. more accessible, and we’re pleased to offer our
Previously passed FDIC changes in qualifying beneficiaries for Payable-on-Death (POD) new hours to you.
accounts are also worth noting. Under the old FDIC rules, the beneficiary(s) had to be the You can reach Customer Service by calling
owners spouse, child, grandchild, parent or sibling to qualify for the maximum coverage. The 843-529-5555, toll free at 888-529-2220 or by
new rules allow the owner to name “any” person as well as a charitable or non-profit email at ffcustomerservice@firstfederal.com.
organization that qualifies under the IRS codes. Check IRS codes or contact the IRS directly for
specific qualifications. See 7-Day continued on page 2
See FDIC continued on page 2
Connections • Page 1
 Equity AccessLine provides solutions
for debt consolidation, home improvements
If you’re a homeowner, First Federal’s Equity AccessLine (EAL) How can I use my EAL?
may be just the tool you need to consolidate debt, pay college tuition, Use a home equity loan for almost anything. Common uses
make home improvements or a variety of other borrowing needs. include debt consolidation (paying off high-interest credit card
An EAL utilizes the value of your home by serving as a personal debt), home improvements, making a down payment on a
line of credit. An Equity AccessLine can provide a minimum of second home, purchasing land, paying for education expenses,
$10,000 and up to $250,000. college tuition and buying luxury items.

What is an EAL? Can I pay off balances from other accounts?

An Equity AccessLine is a form of credit for which your home is Yes. You may use the proceeds to pay off high interest balances
pledged as collateral. Generally, an EAL offers a prime plus rate and from other accounts.
a fixed monthly payment.
You can estimate your home equity by adding the balance of all For more information on First Federal’s EAL, please contact
the debts secured by your home, then subtracting the total from the First Federal office nearest you, or visit our website at
your home’s value. www.firstfederal.com.

What are the primary advantages?

The two major advantages are lower interest rates and potential
tax savings: Thereafter, pay as low as
Equity AccessLine
• The interest rate you will pay on the EAL is generally lower than With a below-prime rate of
the interest rate you will pay on the average credit card or any
other type of non-secured debt.
6.00% APR 5.25% APR
Up to $250 toward closing costs.
• You can generally deduct the interest you pay. The interest you
For the first 12 months!
pay on credit cards and other types of personal loans is generally
not tax-deductible.
Introductory Annual Percentage Rate is 5.25% as of October 1, 2008, and will remain in effect for 12 month s after opening. Th ereafter, th e variable periodic rate and
corresponding Annual Percentage Rate will convert to th e contract rate wh ich will be indexed to th e Wall Street Journal Prime Rate as publish ed on th e last day of each
month . Over th e life of th e loan, th e minimum APR will be 6.00% and th e maximum APR will be no h igh er th an 18.00%. Please see representative for specific loan
details. Depending on th e Equity AccessLine option you ch oose, th e approved minimum opening line amount is eith er $10,000 or $15,000. A balloon payment may be
required on any unpaid balance at th e end of th e initial 15-year period. Property insurance is required. A credit of up to $250 will be applied toward your closing costs
wh ich are estimated to range from $300 to $475. $35 annual fee for non-usage. Subject to credit approval. Limited time offer and subject to ch ange.

FDIC continued from page 1 7-Day continued from page 1

CDARS provides up to $50 million money. When a customer opens a CD using Seven-day banking
in FDIC coverage CDARS, they sign just one agreement with at Lowes Foods, Grande Dunes
While the new FDIC changes provide First Federal, earn one interest rate, and Residents on the north end of the Grand
meaningful increases in coverage, high- receive one statement. For more Strand have an additional location for seven-
balance depositors may want even more information, please visit our website at day banking with First Federal’s new office in
protection. First Federal’s participation in the www.firstfederal.com and click on the Lowes Foods in Grande Dunes.
Certificate of Deposit Account Registry Service certificates of deposit section. The office is one of 14 First Federal in-store
(CDARS) makes it possible for customers to If you have additional questions, contact offices within Wal-Mart Supercenters and a
access full FDIC insurance on CD deposits First Federal Customer Service at Kroger Grocery Store. All offer 7-day banking
up to $50 million. 843-529-5555, or the FDIC at and extended of 10 a.m. - 7 p.m. Monday -
CDARS participation helps those clients www.myFDICinsurance.gov or by calling toll Friday, 10 a.m. - 6 p.m. on Saturdays, and on
avoid spreading their deposits over multiple free 1-877-ASK-FDIC. Sundays from 1 p.m. - 5 p.m. Patrick
banks to get FDIC coverage for all their O’Connor is the manager at the Lowes location.

Connections • Page 2
First Federal is
out and about this season
October 15 - November 1: Man of LaMancha
Theatre of the Republic, Conway
First Federal is proud to sponsor all
performances of this season’s production.

October 21 - November 3: Waccamaw Arts & Crafts First Federal

Guild Fall Exhibit brings the bank
First Federal lobby
4331 Robert M. Grissom Parkway, to 69 coastal schools
Myrtle Beach With the start of a new school year, 69 elementary
Visit during business hours to view the work schools in seven coastal counties are getting an early
of 100 of the best arts and craftspeople in lesson in the value of thrift and savings thanks to
the region and vote for the People’s Choice partnerships with First Federal.
award until October 28. This year First Federal’s Bank In School program is
offering monthly banking services to elementary schools
December 18: Night of a Thousand Candles in Beaufort, Berkeley, Charleston, Dorchester, Florence,
4:30 p.m. - 9 p.m. Georgetown, and Horry counties. The program gives
Brookgreen Gardens, Pawleys Island children the opportunity to open a savings account or
First Federal will sponsor an entertainment make a deposit to an existing account. With each account,
tent featuring five holiday performances and the child is an automatic member of the First Federal
storytellers. Squirrels Club, which comes with numerous benefits like
free admission to sporting events, prizes and birthday gifts.
January 9 -11: Grand Strand Boat Show “Our mission is to make sure children within our
Myrtle Beach Convention Center service area know the importance of learning to save and
Visit the First Federal booth for all your manage money early in life,” said Debbie Mullins, First
marine lending needs, and register to win Federal’s youth programs coordinator. “We send a bank
daily prizes. representative to the schools each month so it’s easy on
the schools, and the results are extremely positive.”
February 27 - March 1: Hilton Head Island Children and parents applaud the Bank In School
Homebuilders Association program as a wonderful tool for teaching financial
Home & Garden Show responsibility early on. “The feedback is so positive, and
The Mall at Shelter Cove, hilton Head Island the children love the opportunity to watch their money
Visit the First Federal booth for all your grow,” Mullins said. “The parents and students always
residential lending needs, and register to look forward to it.”
win daily prizes. Children who open a savings account at Bank In
School can do so for $5, and deposits are welcome in any
March 6 - 8: Savannah International amount. “We have children who empty the change out of
Boat Show their pockets, as well as those whose parents send them
Savannah International Trade & with larger amounts,” Mullins said. “Regardless of the
Convention Center, Savannah, GA amount, the children are always proud of themselves, and
Visit the First Federal booth for all your they’re learning valuable lessons.”
marine lending needs, and register to win For more information on Bank In School, please
daily prizes. contact Debbie Mullins at 843-529-5610 or visit the
Squirrels Club website at www.firstfederal.com.

Connections • Page 3
Bank Notes
Steadman joins Heart Association recognizes First Federal
Commercial Lending as 2008 Fit-Friendly Company
First Federal is among five Charleston-
Veteran banker
area companies that top the American Heart
William F.
Association’s list of 2008 Fit-Friendly
Steadman has
Companies. The list also includes the City of
joined First Federal
Charleston, William M. Bird & Company,
as a senior
Inc., Motley Rice, LLC, and Trident Health
commercial loan
System.
officer on Hilton
First Federal demonstrates commitment
Head Island.
to the physical and mental health of
Steadman has a
employees by promoting a fit-friendly
wealth of William F. Steadman workplace that incorporates an active
experience with 29
wellness program integrated into the daily
years in the financial services industry,
fabric of the bank’s culture. The program
most recently as a regional president with
includes Weight Watchers at Work, an on-
Southcoast Bank. In addition, he is a
going walking/exercise program with
member of the South Carolina Bankers
measurement tools and rewards and other
Association, the Hilton Head Island
activities.
Chamber of Commerce and Rotary, and is
The American Heart Association’s Start! CT Wallace, First Federal merchandising
a graduate of the University of South
Fit-Friendly Companies Recognition coordinator, and Tom Hood, First Federal
Carolina.
program calls for employers to encourage president and CEO, enjoy the Charleston
Steadman can be reached at 843-842- Heart Walk September 20 at Liberty
workplace wellness and create a work
2376 or wsteadman@firstfederal.com. Square in Charleston. First Federal was the
environment conducive to physical activity,
Welcome Home Sponsor of the event.
specifically walking.

Florence bank staff participated in the United Way Day of Caring in First Federal volunteers participated in the Trident United Way
September. Pictured here are:Jamie Lawson, Julie Brunson, Chip Day of Caring painting the staff offices at Big Brothers/Big Sisters
Holbrooks, Jimmy Wilson and Jamie Carsten and beautifying the grounds of the Florence Crittenton Home.

Connections is published by the Marketing Department of First Federal, located at 2440 Mall Drive, Suite 100, North Charleston, SC 29406; phone number 843/529-5930. Reproduction of any part without
express written consent of the publisher is prohibited. The articles and opinions in this publication are for general information only and are not intended to provide specific advice. We hope you’ll consult your
attorney, accountant, or financial or tax advisor regarding your individual needs.