FDIC-Insured - Backed by the full faith and credit of the U.S. Government
FDIC-Insured - Backed by the full faith and credit of the U.S. Government
The U.S. Treasury Department has been officially instructed to end the production of the penny. Due to this decision, Southside Bank (along with other banks) may be limited to fulfilling change order requests for pennies based on our availability to acquire them.
According to the US Mint, the penny currently costs 4 cents per penny made. The US Treasury expects an immediate annual savings of $56 million. The impacts to consumers and businesses is still uncertain at this time.
We appreciate your understanding during this transition. We will provide further information as we receive it. If you have any questions, please reach out to your relationship banker or Customer Care at 877.639.3511.
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