Subject: Unauthorized Banking
Date: October 1, 2003
Description: First Federal Banking Corp., Republic of Palau, License Revocation
Unauthorized Banking: First Federal Banking Corp., Republic of Palau, License Revocation
To: Chief Executive Officers of All National Banks; All State Banking Authorities; Chairman, Board of Governors of the Federal Reserve System; Chairman, Federal Deposit Insurance Corporation; Conference of State Bank Supervisors; Deputy Comptrollers (districts); Assistant Deputy Comptrollers; District Counsel and All Examining Personnel
The Financial Institutions Commission, Republic of Palau, has advised the Office of the Comptroller of the Currency that it revoked First Federal Banking Corporation’s (First) banking license on September 26, 2003. The Commission advised that First is barred from performing any banking and related financial activities, but has been granted 30 days from the date of license revocation to cease its operations.
Any information or questions that you may have concerning this matter should be brought to the attention of:
Brian C. McCormally