Nebraska Single Bank Pooled Collateral Program (SBPC)
Nebraska State statute requires Nebraska banks to pledge approved collateral for public entity deposits in excess of FDIC insured limits. The Nebraska Department of Banking and Finance (NDBF) has appointed the Nebraska Bankers Insurance and Services Company (NBISCO), the for-profit subsidiary of the Nebraska Bankers Association, to administer the Nebraska Single-Bank Pooled Collateral Program (SBPC) pursuant to Neb.Rev.Stat. Section 77-2398(2) (b) (ii).
This program allows participating banks to aggregate their total public deposits and to pledge collateral against its entire portfolio of public deposits rather than pledging per entity. As the program administrator, NBISCO collects, confirms and reports bank compliance with mandated pledging requirement on a monthly basis. Collateral is pledged to NBISCO. In the event of a bank closure, the pledged collateral would be assigned to the NDBF for liquidation and payment to impacted political subdivisions.
This program allows participating banks to aggregate their total public deposits and to pledge collateral against its entire portfolio of public deposits rather than pledging per entity. As the program administrator, NBISCO collects, confirms and reports bank compliance with mandated pledging requirement on a monthly basis. Collateral is pledged to NBISCO. In the event of a bank closure, the pledged collateral would be assigned to the NDBF for liquidation and payment to impacted political subdivisions.
Public Entities with Covered Deposits
Program Contacts
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Misty Stoner
NBISCO Financial Program Administrator nepooledcollateral@nebankers.org 402-904-7060 (NBA direct) |