The U.S. Department of the Treasury announced in July it will end over-the-counter (OTC) sales of paper savings bonds on Dec. 31, 2011. This includes sales through financial institutions and applications mailed directly to the Federal Reserve Bank by customers. Electronic Series EE and Series I savings bonds remain available for purchase at www.treasurydirect.gov, a secure web-based system operated by the Bureau of the Public Debt. Discontinuing paper savings bond sales is expected to save taxpayers an estimated $70 million over the next five years.
Exchange Bank will continue redeeming the savings bonds that are currently in circulation.
