[United States Government Manual]
[May 31, 1996]
[Pages 527-530]
[From the U.S. Government Publishing Office, www.gpo.gov]


[[Page 527]]

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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                            Joseph H. Neely

Officials:                                         

Chief Operating Officer and Deputy to the        Dennis F. Geer
    Chairman
Chief Financial Officer and Deputy to the        William A. Longbrake
    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 (Comptroller of the       Thomas E. Zemke
    Currency)
Deputy to the Director (Office of Thrift         Walter B. Mason
    Supervision)
Deputy to the Director (Appointive)              (vacancy)
Executive Secretary                              Jerry L. Langley
General Counsel                                  William F. Kroener III
Director, Division of Administration             Jane L. Sartori
Director, Division of Compliance and Consumer    Carmen J. Sullivan
    Affairs
Director, Division of Depositor and Asset        John F. Bovenzi
    Services
Director, Division of Finance                    Paul L. Sachtleben
Director, Division of Information Resources      Donald C. Demitros
    Management
Director, Division of Insurance                  Arthur J. Murton
Director, Division of Research and Statistics    William R. Watson
Director, Division of Resolutions                Gail Patelunas
Director, Division of Supervision                Nicholas J. Ketcha, Jr.
Director, Office of Corporate Communications     Robert M. Garsson, Jr.
Director, Office of Corporate Services           James A. Watkins
Director, Office of Equal Employment             Johnnie B. Booker
    Opportunity
Director, Office of Legislative Affairs          Alice C. Goodman
Director, Office of Ombudsman                    Leslie R. Crawford
Director, Office of Policy Development           Sharon Powers Sivertsen
Inspector General, Office of Inspector General   Gaston L. Gianni
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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

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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. The Corporation 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

The Federal Deposit Insurance Corporation 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. 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.
    The Corporation examines about 7,000 commercial and savings banks 
that are not members of the Federal Reserve System, called State-
chartered nonmember banks. The 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

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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                            
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                  Region/Address                                      Director                       Telephone  
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                                                   Supervision                                                  
                                                                                                                
Atlanta, GA (Suite 1600, 1 Atlantic Ctr., 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).....  Michael J. Zamorski..........................    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., E. 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 Ctr., Irvine, CA    Sandra Waldrop...............................    714-263-7765
 92714).                                                                                                        
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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, 800-934-3442. For a copy of a bank's 
quarterly Report of Condition, call 800-945-2186. Inquiries about the 
types of records available to the public, including records available 
under the Freedom of 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.

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