[United States Government Manual]
[July 01, 1995]
[Pages 542-546]
[From the U.S. Government Publishing Office, www.gpo.gov]




FEDERAL DEPOSIT INSURANCE CORPORATION

550 Seventeenth Street NW., Washington, DC 20429
Phone, 202-393-8400
Board of Directors:

Chairman                                         Ricki T. Helfer
Vice Chairman                                    Andrew C. Hove, Jr.
Directors:                                         
  (Comptroller of the Currency)                  Eugene A. Ludwig
  (Director, Office of Thrift                    Jonathan L. Fiechter, 
      Supervision)                                   Acting
  Appointive Director                            (vacancy)

Officials:                                         

  Chief Operating Officer and                    Dennis F. Geer, Acting
      Deputy to the Chairman
  Chief Financial Officer and                    William A. Longbrake
      Deputy to the Chairman for 
      Financial Policy
  Deputy to the Chairman for Policy              Leslie A. Woolley
  Deputy to the Vice Chairman                    Roger A. Hood
  Deputy to the Director                         Thomas E. Zemke
      (Comptroller of the Currency)
  Deputy to the Director (Office of              Walter B. Mason
      Thrift Supervision)
  Deputy to the Director                         (vacancy)
      (Appointive)
  Executive Secretary                            Robert E. Feldman, 
                                                     Acting
  General Counsel                                William F. Kroener III
  Executive Director, Division of                John W. Stone
      Compliance, Resolutions, and 
      Supervision
  Director, Division of Compliance               Paul L. Sachtleben
      and Consumer Affairs
  Director, Division of Resolutions              Robert H. Hartheimer, 
                                                     Acting
  Director, Division of Supervision              Stanley J. Poling

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  Director, Division of Depositor                John F. Bovenzi
      and Asset Services
  Director, Division of Finance                  Steven A. Seelig
  Director, Division of Information              Carmen J. Sullivan
      Resources Management
  Director, Division of Research                 William R. Watson
      and Statistics
    Director, Office of Corporate                Alan J. Whitney
        Communications
    Director, Office of Legislative              Alice C. Goodman
        Affairs
    Director, Office of Personnel                Alfred P. Squerrini
        Management
    Director, Office of Equal                    Johnnie B. Booker
        Employment Opportunity
    Director, Office of Training                 Jane L. Sartori
        and Educational Services
    Director, Office of Corporate                James A. Watkins
        Services
    Inspector General, Office of                 James A. Renick, Acting
        Inspector General
________________________________________________________________________
  
The Federal Deposit Insurance Corporation promotes and preserves public 
confidence in U.S. financial institutions by insuring bank and thrift 
deposits up to the legal limit of $100,000; by periodically examining 
State-chartered banks that are not members of the Federal Reserve System 
for safety and soundness as well as compliance with consumer protection 
laws; and by liquidating assets of failed institutions to reimburse the 
insurance funds for the cost of failures.

The Federal Deposit Insurance Corporation (FDIC) was established under 
the Banking Act of 1933 in response to numerous bank failures after the 
Great Depression. FDIC began operations on September 9, 1934, with $150 
million from the U.S. Treasury and capital stock subscribed by the 12 
Federal Reserve Banks. Congress has increased the limit on deposit 
insurance five times since 1934, the most current level being $100,000.
    The Corporation does not operate on funds appropriated by Congress. 
Its income is derived from assessments on deposits held by insured banks 
and from interest on the required investment of its surplus funds in 
Government securities. It also has authority to borrow from the Treasury 
up to $30 billion for insurance purposes.
    Management of FDIC consists of a Board of Directors that includes 
the Chairman, Vice Chairman, and Appointive Director. The Comptroller of 
the Currency, whose office supervises federally chartered or national 
banks, and the Director of the Office of Thrift Supervision, which 
supervises federally chartered savings associations, are also members of 
the Board. All five Board members are appointed by the President and 
confirmed by the Senate, with no more than three being from the same 
political party.

Activities

FDIC insures about $2 trillion of U.S. bank and thrift deposits. The 
insurance funds are composed of insurance premiums paid by banks and 
savings associations and the interest on the investment of those 
premiums in U.S. Government securities, as required by law. FDIC uses 
the insurance funds, not funds appropriated by Congress, for its 
operations. Banks pay premiums to the Bank Insurance Fund (BIF), while 
savings associations pay premiums to the Savings Association Insurance 
Fund (SAIF). Premiums are determined by an institution's level of 
capitalization and potential risk to its insurance fund.
    FDIC examines about 7,000 commercial and savings banks that are not 
members of the Federal Reserve System, and are therefore called State-
chartered nonmember banks. The

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Corporation also has back-up authority to examine other types of 
financial institutions. The two types of examinations conducted are for 
safety and soundness, and for compliance with applicable consumer laws 
such as Truth in Lending, the Home Mortgage Disclosure Act, and the 
Community Reinvestment Act. Examinations are performed on the 
institution's premises and off-site through computer data analysis.
    A failed bank is generally closed by its chartering authority, and 
FDIC is named receiver. In that capacity, FDIC attempts to locate a 
healthy institution to acquire the failed entity. If an acquirer cannot 
be found, FDIC pays depositors the amount of their insured funds, 
usually within 1 or 2 business days following the closing. Depositors 
with funds that exceed the insurance limit often receive an advance 
dividend, which is a portion of their uninsured funds that is determined 
by an estimate of the future proceeds from liquidating the failed bank's 
remaining assets. Depositors with funds in a failed bank that exceed the 
insurance limit receive a receivership certificate for those funds and 
partial payments of their uninsured funds as asset liquidation permits.
    In addition to its insurance, supervisory, and liquidation 
responsibilities, FDIC performs other functions relating to State 
nonmember banks, including:
    --approval or disapproval of mergers, consolidations, and 
acquisitions where the resulting bank is an insured State nonmember;
    --approval or disapproval of a proposal by a bank to establish and 
operate a new branch, close an existing branch, or move its main office 
from one location to another;
    --issuance of enforcement actions, including cease-and-desist 
orders, for specific violations or practices requiring corrective 
action, and
    --reporting changes in ownership or control of a bank, and reporting 
any loan secured by 25 percent or more of the bank's stock.

                             Regional Offices--Federal Deposit Insurance Corporation                            
----------------------------------------------------------------------------------------------------------------
                  Region/Address                                      Director                       Telephone  
----------------------------------------------------------------------------------------------------------------
                                                                                                                
                                                   Supervision                                                  
                                                                                                                
Atlanta, GA (1 Atlantic Ctr., Suite 1600, 1201 W.  Lyle V. Helgerson............................    404-817-1300
 Peachtree St. NE., 30309).                                                                                     
Boston, MA (Westwood Executive Ctr., 200 Lowder    Paul H. Wiechman.............................    617-320-1600
 Brook Dr., Westwood, MA 02090).                                                                                
Chicago, IL (Suite 3600, 500 W. Monroe St.,        Simona L. Frank..............................    312-382-7500
 60661).                                                                                                        
Dallas, TX (Suite 1900, 1910 Pacific Ave., 75201)  Kenneth L. Walker............................    214-220-3342
Kansas City, MO (Suite 1500, 2345 Grand Ave.,      James O. Leese...............................    816-234-8000
 64108).                                                                                                        
Memphis, TN (Suite 1900, 5100 Poplar Ave., 38137)  Cottrell L. Webster..........................    901-685-1603
New York, NY (19th Fl., 452 5th Ave., 10018).....  Nicholas J. Ketcha, Jr.......................    212-704-1200
San Francisco, CA (Suite 2300, 25 Ecker St.,       George J. Masa...............................    415-546-0160
 94105).                                                                                                        
                                                                                                                
                                            Depositor/Asset Services                                            
                                                                                                                
NORTHEAST (111 Founder's Plz., East Hartford, CT   Gary P. Bowen................................    203-290-2000
 06108).                                                                                                        
SOUTHEAST (Suite 1300, 1 Atlantic Ctr., 1201 W.    Keith W. Seibold.............................    404-817-2500
 Peachtree St. NE., Atlanta GA 30309).                                                                          
MIDWEST (Suite 3200, 500 W. Monroe St., Chicago,   Bart L. Federici.............................    312-382-6000
 IL 60661).                                                                                                     
SOUTHWEST (Suite 1000E, 5080 Spectrum Dr.,         G. Michael Newton............................    214-991-0039
 Dallas, TX 75248).                                                                                             
WESTERN (4 Park Plz., Jamboree Center, Irvine, CA  Sandra Waldrop...............................    714-263-7765
 92714).                                                                                                        
----------------------------------------------------------------------------------------------------------------

Sources of Information

Written requests for general information may be directed to the Office 
of Corporate Communications, Federal Deposit Insurance Corporation, 550 
Seventeenth Street NW., Washington, DC 20429. Information about deposit 
insurance and other consumer matters is available from the Division of 
Compliance and Consumer Affairs (DCA) at the same address or any 
regional office, or DCA's hotline, 1-800-934-3442. For a copy of a 
bank's quarterly Report of Condition, call 1-800-945-2186. Inquiries 
about the types of records available to the public, including records 
available under the Freedom of 

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Information Act, should be directed to the Office of the Executive 
Secretary (phone, 202-898-3811) or any regional office.

For further information, contact the Corporate Communications Office, 
Federal Deposit Insurance Corporation, 550 Seventeenth Street NW., 
Washington, DC 20429. Phone, 202-898-6996.

________________________________________________________________________