Merger

Services

Merger

We would like to welcome Commonwealth Bank customers to our Banking Family!

We are excited about our June 1, 2015 acquisition of Commonwealth Bank and the opportunity to expand our services to you, our customers located in and around Mt. Sterling, Kentucky. We will transition your accounts to our core processing system during the weekend of August 8-9, 2015. At the opening of business on Monday, August 10, 2015 you will have access to eight additional Town Square Bank banking offices. It should be noted this transition will also benefit the existing customer base of Town Square Bank by the addition of another banking office in Mt. Sterling to further service your needs.

Q&A: Deposit Account Information

Q Will the terms of my Commonwealth checking or savings account change?

A Yes, there are changes to the deposit products terms and conditions. Please refer to the product brochure to ascertain what changes will apply to your account. If you have any questions or need further clarification, please contact your local banking office.


Q Will my account number change?

A Not at this time you may use your existing supply of checks. There may be a time checks will need to be reissued when the routing number/ABA number change but you will be given prompt notification if this is the case. Town Square Bank produces check orders in-house, so the delivery time for check orders/re-orders will be cut down. You will even have the option to pick your checks up at your local branch. Upon re-order of your checks you will see the Town Square Bank name, logo and Routing Number/ABA number. Town Square bank offers a variety of personal and business style checks at a reasonable price.


Q I have my paycheck deposited directly to my Commonwealth Bank account. What do I have to do?

A Town Square Bank will be retaining the code number – known as the “routing number or ABA number” –used to identify Commonwealth Bank accounts for direct deposits. Therefore, the direct deposit of paychecks, government checks, and other payments to you will not be affected by the merger. Similarly, the merger will not affect any arrangements you might have made to have payments automatically deducted from your account.


Q How will the IRS Form 1099 for the interest I earn be handled at the end of the year?

A You will receive your Form 1099 from Town Square Bank in January 2016. It will correctly show all interest your accounts have earned for the entire year 2015.


Q Will there be a change to the timing and delivery of my deposit account statement?

A Yes. Currently Commonwealth Bank checking account statements are processed at various times during the month depending upon when you opened your account. All Town Square Bank checking statements are processed at month-end. As of August 10, 2015 your checking account statement will process and print at month-end. If you receive your checking account statement via e-mail it will be delivered to you via e-statement after month end processing. Savings accounts held at Town Square Bank are processed and mailed on a quarterly basis unless there are any EFT or automatic transactions during the month, in which case they are processed at month-end.


Q Will my Commonwealth Bank Check Card or ATM card be replaced?

A Yes, but not right away. Town Square Bank will issue a replacement card when necessary. Until you receive your new card, please continue to use your Commonwealth Bank card and your current Personal Identification Number (PIN). If you have a need for a replacement prior to the card being re-issued you may visit your local office and request a replacement. Town Square bank instant issues cards which means you would have your new card within a few days of ordering. Besides the standard design, which is at no cost, Town Square Bank offers specialty designs for low cost.


Q When will Commonwealth Bank account holders receive a Town Square Bank account statement?

A You will receive a final Commonwealth Bank statement dated August 7, 2015 with interest credited, if applicable, through that date. Your first Town Square Bank statement will show account activity, balances, interest earned, etc. after August 7, 2015 (please note that any transaction processed after 6 p.m. on Friday August 7, 2015 will be posted Monday, August 10, 2015 and will not be included on your final Commonwealth Bank statement). Your Town Square Bank statement date will be at the end of the month.


Q Will I still have my sweep set up from Savings to Checking to cover overdrafts?

A Yes. If you currently have a sweep set up from Savings to Checking to cover your overdrafts you will continue to have this sweep on August 10, 2015. Currently Commonwealth Bank charges $2.50 per sweep and transfers in $50.00 increments. Town Square Bank charges only $1.00 per sweep transaction and transfers the EXACT amount of the overdraft if it is available in the account to be swept from.


Q Will the dormancy fee change?

A Yes. Town Square Bank considers accounts dormant after 730 days (2 years). Once the account is considered dormant there is a $10.00 per month dormant fee assessed at the end of each month. In order for your account to NOT be considered dormant and assessed the dormant fee, please contact your local office to acknowledge the account or make a deposit or withdrawal.


Q Will I still be able to make ATM deposits at Foreign ATM machines?

A No. Town Square Bank does not allow deposits to be made at foreign ATM machines (ATM machines not operated or owned by Town Square Bank). However, while the ATM machine at the Mt. Sterling location does not accept deposits at this time, you now have access to other Town Square Bank locations that do accept deposits.


Q Will overdraft and NSF charges change?

A Yes. Please refer to the Fee Schedule for fees. Town Square Bank also has a per day charge after staying overdrawn for 5 consecutive days.


Q What is the order in which Town Square Bank processes items to my checking account?

A Please refer to the account disclosure within the information booklet.


Q Are there any other fees associated with my deposit account?

A Please refer to the Fee Schedule for ancillary fees and services as outlined in the information booklet.


Q Will there be a change to the business day cut-off time?

A Yes. Town Square Bank’s business day cut-off is 4:00 p.m.


Q What about telephone banking?

A Beginning August 10, 2015 the new 24 hour banking telephone number will be 1-877-994-4375. When you place your first call to the new number, you will receive detailed instructions to set up your PIN number. Your temporary PIN will be the last 4 digits of your Social Security Number.


Q I have a Commonwealth Bank CD/IRA. Do I have to do anything?

A No. Town Square Bank will honor all rates and terms for the existing Commonwealth CD/IRA accounts. The only difference you should notice is that if you have chosen to receive your CD interest by check, those checks will have Town Square Bank’s name on them.


Q Will I be notified when my CD/IRA is ready to mature?

A Yes. You will be sent a maturity notice prior to the maturity date of your account. You will continue to have a 7 day grace period. New terms and conditions for your maturing CD/IRA will be included with your maturity notice. Please check with your local office for current rates/annual percentage yields that apply.


Q Will my Safe Deposit Box annual fee remain the same?

A No. Please refer to the Fee Schedule for ancillary services included in the information booklet to determine your annual fee amount as it pertains to your box size. If you are currently set up for automatic payment from your deposit account to your safe deposit box each year, this will continue to be the same after August 10, 2015.


Q How will I access my internet banking account?

A On August 10, 2015 you will be able to visit our new website, www.townsquarebank.com to log on to your internet banking account. Click on the “Access Your Account” icon. Your User Name will remain the same but will be in all lowercase letters. Your Password WILL change temporarily to the LAST FIVE DIGITS OF YOUR SOCIAL SECURITY NUMBER OR EIN/TIN. You will be asked to change this password. Terms and Conditions will be presented and will need to be accepted before proceeding into the internet banking site.

Within internet banking you can sign up for e-statements, set up Text Alerts, set up Bill pay, check balances, transfer money, and view your account history.


Q Will my Bill Payments set up in internet banking change?

A Yes. If you currently have bill payments set up within the Commonwealth Bank internet banking, those payments and records will not convert to the new internet banking site on August 7, 2015. A Town Square Bank representative will be happy to assist you in setting these bill payment vendors up in the new internet banking site. Please make a copy of your bill payment vendors that includes the vendor name, account number, address, phone number and if it is a recurring payment with amount. Bring this information in on or after August 10, 2015 and we will assist in setting these vendors up for you.



Q&A Loan Information

Q Will the terms of my Commonwealth Bank loan change?

A No. Town Square Bank will honor all rates, terms, and conditions on existing Commonwealth Bank loans.


Q Will my loan account number change?

A In some cases yes. You will be provided with a monthly billing invoice with your Town Square Bank loan number.


Q Should I continue to use my Commonwealth Bank loan coupons?

A Any prior coupon books provided by Commonwealth Bank should be destroyed and payments should be submitted using the monthly billing statements provided by Town Square Bank.


Q Will I continue to receive statements for my line of credit?

A Yes, with the new account number information.


Q How will the IRS Form 1098 for the interest I paid on my home loan be handled?

A You will receive your Form 1098 from Town Square Bank in January 2016. It will be inclusive of all interest paid on your mortgage loan for the entire tax year 2015. You will not receive two separate 1098 forms.