Restricted Cash Balances

12 Months Ended

Dec. 31, 2020

Restricted Cash Balances

Restricted Cash Balances Text Block

NOTE 3: RESTRICTED CASH BALANCES

Regulation D of the Federal Reserve Act requires that banks maintain reserve balances with the Federal Reserve Bank

(“FRB”) based principally on the type and amount of their deposits. Effective March 26, 2020, the FRB no longer requires

banks to maintain reserve balances on deposit with the FRB. The Bank did not have a required reserve balance at the FRB

at December 31, 2019.