Anchor

Anchor is a product that enables the transfer of insured deposits from one bank to another in the event of a bank failure, allowing depositors to maintain access to their funds. This process typically involves the FDIC assuming control of the failed bank's assets and liabilities, including its deposits, and transferring them to a new bank, such as Anchor Bank. The product is designed to minimize disruption to customers' banking relationships and ensure continuity of financial services.