A federal government shutdown occurs when lawmakers are unable to agree on new appropriations legislation before the current year’s appropriations ends. This results in a furlough of federal employees for an undetermined time causing financial hardship and uncertainty.
Sandy Spring Bank has a long-standing commitment to improve the quality of life for those that live in the communities we serve. Continuing with this commitment, Sandy Spring Bank will implement a Client Assistance Program to offer financial support to those facing potential hardship as a result of a furlough.
Program offerings may include:
The loan offers and payment assistance options will be made available once a shutdown furlough occurs and are subject to program criteria and credit approval. Please bookmark this page and visit again for more details.
What about Sandy Spring Bank? Will the bank close due to a federal government shutdown?
No, a government shutdown has no direct impact on our bank's operations. We are open for business and fully functioning.
What about my accounts? Are they still insured by the FDIC?
Sandy Spring Bank and the banking sector are strong despite a government shutdown and FDIC-insured deposits are still fully protected and readily available. In the 90-year history of the FDIC, no one has ever lost a penny of an insured deposit.
I have an active loan/mortgage loan application. Will it be affected?
Although Sandy Spring Bank is not affected by a government shutdown, agencies with lending programs and/or verification resources are affected. That means certain loans that require their approvals and mortgage loans requiring tax transcripts may not be processed until after a shutdown has ended.