    [United States Government Manual]
    [May 30, 1997]
    [Pages 529-533]
    [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 Helfer
    Vice Chairman                                     Andrew C. Hove, Jr.
    Directors:
        (Comptroller of the Currency)                 Eugene A. Ludwig
        (Director, Office of Thrift                   Nicolas P. Retsinas
                Supervision)
        Appointive Director                           Joseph H. Neely

    Officials:

    Deputy to the Chairman and Chief Operating        Dennis F. Geer
            Officer
    Deputy to the Chairman for Policy                 Leslie A. Woolley
    Chief Financial Officer                           Paul L. Sachtleben,
                                                              Acting
    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)               A. David Meadows
    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 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

    [[Page 530]]

    Director, Division of Resolutions and             John F. Bovenzi
            Receiverships
    Director, Division of Supervision                 Nicholas J. Ketcha,
                                                              Jr.
    Director, Office of Corporate Communications      Robert M. Garsson, Jr.
    Director, Office of Diversity and Economic        Jo-Ann Henry
            Opportunity
    Director, Office of Internal Control Management   Vijay Deshpande
    Director, Office of Legislative Affairs           Alice C. Goodman
    Director, Office of Ombudsman                     Arleas Upton Kea
    Director, Office of Policy Development            Sharon Powers
                                                              Sivertsen
    Inspector General                                 Gaston L. Gianni, Jr.

    ------------------------------------------------------------------------

    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. The Corporation began insuring banks on January 1,
    1934. 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 6,000 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

    [[Page 531]]

    [[Page 532]]

    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                          Telephone
    ------------------------------------------------------------------------
    Supervision/Compliance and Consumer Affairs

    Atlanta, GA (Suite 1600, 1201 W. Peachtree St. NE.,
     30309).................................................    404-817-1300
    Boston, MA (Suite 3100, 200 Lowder Brook Dr., Westwood,
     MA 02090)..............................................    617-320-1600
    Chicago, IL (Suite 3600, 500 W. Monroe St., 60661)......    312-382-7500
    Dallas, TX (Suite 1900, 1910 Pacific Ave., 75201).......    214-220-3342
    Kansas City, MO (Suite 1500, 2345 Grand Ave., 64108)....    816-234-8000
    Memphis, TN (Suite 1900, 5100 Poplar Ave., 38137).......    901-685-1603
    New York, NY (19th Fl., 452 5th Ave., 10018)............    212-704-1200
    San Francisco, CA (Suite 2300, 25 Ecker St., 94105).....    415-546-0160

    Resolutions and Receiverships

    NORTHEAST (101 E. River Dr., E. Hartford, CT 06108).....    860-291-4000
    SOUTHEAST (Suite 1800, 1201 W. Peachtree St. NE.,
     Atlanta, GA 30309).....................................    404-817-2500
    SOUTHWEST (Suite 1000E, 5080 Spectrum Dr., Dallas, TX
     75248).................................................    972-991-0039
    WESTERN (4 Park Plz., Jamboree Ctr., Irvine, CA 92714)..    714-263-7100
    ------------------------------------------------------------------------

    Sources of Information

    Consumer Information  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, 800-934-3342. For a copy of a bank's quarterly Report of
    Condition, call 800-945-2186.

    General Inquiries  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.

    Public Records  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.

    Publications  Publications, press releases, congressional testimony,
    directives to financial institutions, and other documents are available
    through the Public Information Center (phone, 800-276-6003) or
    electronically through the Internet, at http://www.fdic.gov/.

    [[Page 533]]

    For further information, contact the Corporate Communications Office,
    Federal Deposit Insurance Corporation, 550 Seventeenth Street NW.,
    Washington, DC 20429. Phone, 202-898-6993.

    ------------------------------------------------------------------------