Canton Co-operative president elected to DIF board of directors

By Canton Citizen

Created by an act of the Massachusetts legislature in 1932 — one year before the Federal Deposit Insurance Corporation (FDIC) — the Depositors Insurance Fund (DIF) is a private insurance fund that insures all deposit accounts at member banks above the FDIC limits. Massachusetts is the only state to have this unique combined insurance protection.

Nick Maffeo

Canton Co-operative Bank President & CEO Nicholas Maffeo was elected to the DIF’s board of directors at their Annual Meeting on April 2.

“Customers definitely look for the combination of FDIC and DIF insurance coverage,” Maffeo said. “It gives them peace of mind. With the combination of FDIC and DIF coverage, no depositor has ever lost a penny in any Massachusetts savings or co-operative bank.”

“The DIF served as a model for the FDIC almost 100 years ago, and to this day, no other state has anything like the DIF,” Maffeo added. “I am honored to serve as a director of the DIF.”

A Canton resident, Maffeo joined Canton Co-operative as vice president in 2003, and in 2014 he was named the bank’s president and CEO. Prior to joining Canton Co-op, he spent 10 years as an examiner with the FDIC.

Located next to the Post Office, Canton Co-operative Bank has been Canton’s hometown bank since 1891. The bank has earned a five-star rating for strength and stability from bank-rating service BauerFinancial, and all deposits are insured by the FDIC and the Depositors Insurance Fund (DIF). Canton Co-operative is an Equal Housing Lender (NMLS #721437). The phone number is 781-828-8811.

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