    [United States Government Manual]
    [June 01, 1999]
    [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. Internet, http://www.fdic.gov/.
    Board of Directors:

    Chairman                                          Donna Tanoue
    Vice Chairman                                     Andrew C. Hove, Jr.
    Directors:
        (Comptroller of the Currency)                 John D. Hawke, Jr.
        (Director, Office of Thrift                   Ellen S. Seidman
                Supervision)
        Appointive Director                           (vacancy)

    Officials:

    Deputy to the Chairman and Chief Operating        Dennis F. Geer
            Officer
    Deputy to the Chairman                            Jadine Nielsen
    Chief Financial Officer                           Frederick S. Selby,
                                                              Acting
    Deputy to the Vice Chairman                       Robert W. Russell
    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)
    Chief Information Officer                         Donald C. Demitros
    Executive Secretary                               Robert E. Feldman
    General Counsel                                   William F. Kroener III
    Director, Division of Administration              John W. Lynn, Acting
    Director, Division of Compliance and Consumer     Ronald F. Bieker,
            Affairs                                           Acting
    Director, Division of Finance                     Frederick S. Selby,
                                                              Acting
    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 and             John F. Bovenzi
            Receiverships
    Director, Division of Supervision                 James L. Sexton

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    Director, Office of Corporate Communications      Phil Battey
    Director, Office of Diversity and Economic        Vijay G. Deshpande,
            Opportunity                                       Acting
    Director, Office of Internal Control Management   Robert M. Cittadino,
                                                              Acting
    Director, Office of Legislative Affairs           Alice C. Goodman
    Director, Office of Ombudsman                     Arleas Upton Kea
    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 during the
    Great Depression. FDIC 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.
        FDIC does not operate on funds appropriated by Congress. Its income
    is derived from insurance premiums on deposits held by insured banks and
    savings associations and from interest on the required investment of the
    premiums in U.S. 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 or State-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 $2.8 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.
        FDIC examines about 5,900 commercial and savings banks that are not
    members of the Federal Reserve System, called State-chartered nonmember
    banks. FDIC also has back-up authority to examine other types of FDIC-
    insured 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 or savings association is generally closed by its
    chartering authority, and FDIC is named receiver. FDIC is required to
    resolve the closed institution in a manner that is least costly to FDIC.
    Ordinarily, 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 by the next business day
    following the closing. Depositors with funds that exceed the

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    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 institution's remaining assets.
    Depositors with funds in a failed institution 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
        --review of changes in ownership or control of a bank.

             Regional Offices--Federal Deposit Insurance Corporation
    ------------------------------------------------------------------------
                         Region/Address                          Telephone
    ------------------------------------------------------------------------
    Supervision/Compliance and Consumer Affairs.............

    Atlanta, GA (Suite 1600, 1201 W. Peachtree St. NE.,         404-817-1300
     30309).................................................
    Boston, MA (15 Braintree Hill Office Park, Braintree, MA    781-794-5500
     02184).................................................
    Chicago, IL (Suite 3600, 500 W. Monroe St., 60661)......    312-382-7500
    Dallas, TX (Suite 1900, 1910 Pacific Ave., 75201).......    972-761-8475
    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
    SOUTHWEST (1910 Pacific Ave., Dallas, TX 75201).........    214-754-0098
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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. E-mail, consumer@fdic.gov.
    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. E-mail,
    publicinfo@fdic.gov. Internet, http://www.fdic.gov/.

    For further information, contact the Corporate Communications Office,
    Federal Deposit Insurance Corporation, 550 Seventeenth Street NW.,
    Washington, DC 20429. Phone, 202-898-6993. Internet, http://
    www.fdic.gov/.

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