[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

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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.

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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 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

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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
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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/.

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

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