Private Mortgage
(RE)Insurance

First Monetary entered into a reinsurance treaty with MGIC in the third quarter of 2002.

Due to an Order entered into between MGIC and the Consumer Financial Protection Bureau (CFPB), MGIC has placed all of its remaining MI Captives including the treaty with First Monetary into run-off effective March 8, 2013.

This action will not impact loans which have been previously reinsured by First Monetary. 
Premium from those loans will continue to be ceded into the captive by MGIC as the program winds down through 2023. However, no new loans will be added to the First Monetary treaty by MGIC.

 

Professional Liability Package

The FM Wrap Around Professional Liability product provides coverage in three key areas:
      1.  $300,000 Primary CRA Mortgage & Lending Discrimination Coverage
      2.  $300,000 Primary IRA Liability Coverage
      3.  $300,000 Excess Directors' & Officers Liability

 

E-BOARD.COM

E-board.com is a 21st Century system powered by the Monetary System, that improves the Board and Management process. At its core, this flexible system provides hardware, software, secure web service and education to enable your institution to hold meetings and education sessions on a network of laptop computers.

 

InterNet Service

First Monetary Members are on the cutting edge of internet marketing and information services through the INTERmoNETary System.  Each Member Bank or its Subsidiary is entitled to an individual domain name (memberbank.com), a custom designed web site and hosting of the site - at no cost.

 

American Banker Online

First Monetary provides its community bank members with complimentary annual subscriptions to the American Banker Online, the full internet version of the leading daily financial services newspaper. Members enter through a special web site: http://americanbank.firstmonetary.com.

 

Annual Shareholders' Meeting

First Monetary annual shareholders' meeting is held in Bermuda each June. Unlike other Membership organizations, FM does not charge a fee to attend the meeting.
 

Company Investment Program

First Monetary invests its capital in $100,000 certificates of deposits with member institutions.

 

Risk Management Information

Members are informed of timely information relative to bank liability and insurance issues.

 
 
 
 
 

First Monetary Mutual Limited
F.B. Perry Building
40 Church Street
Hamilton HM 12, Bermuda
Information: 441.295.2185
INTERmoNETary System -
Information:
888.739.1837
Revised: Friday, November 20, 2015 11:50 AM [ga]