The Federal Deposit Insurance Corporation (FDIC) is an independent agency created by Congress in 1933 in response to the thousands of bank failures that occurred in the 1920s and early 1930s. The mission of the FDIC is to "maintain the stability of and public confidence in the nation's financial system." The FDIC supervises certain banks, insures deposits and helps maintain a stable and sound banking system. Since the inception of the FDIC, no depositor has lost a single cent of insured funds.
The FDIC receives no Congressional funding, but is supported by premiums that banks, such as First CornerStone, and thrift institutions pay for deposit insurance coverage, as well as earnings on investments in U.S. Treasury securities. Today, the FDIC insures more than $3 trillion in deposits in virtually every bank and thrift in the country.