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NEW FDIC SERVICE ON THE INTERNET
GIVES THE PUBLIC KEY INFORMATION ABOUT INDIVIDUAL
BANKS AND SAVINGS INSTITUTIONS
FOR IMMEDIATE RELEASE
PR-94-96 (12-10-96)
Media Contact:
Robert M. Garsson (202) 898-6993
Jay Rosenstein (202) 898-7303

The FDIC today unveiled a new service that enables the public to obtain information about individual banks and savings institutions via the Internet.

With the new FDIC service -- called "Institution Directory" or "ID" service -- Internet users can "point and click" to get statistics about income, expenses, reserves, loans and other key data for individual institutions.

For years, federal regulators have made this kind of information publicly available on paper or on magnetic tape, and for a fee. Today, however, the FDIC becomes the first of the four federal banking and thrift regulatory agencies to provide the data electronically on the Internet, and at no charge.

"This new FDIC service offers individuals easy access to a wealth of information about insured financial institutions," said FDIC Chairman Ricki Helfer. "It will benefit all those who want to know more about the financial services industry -- researchers, bankers, journalists and consumers alike."

The ID system is expected to be helpful to anyone who wants quick and easy access to information about an individual institution. It provides information about each of the 11,670 FDIC-insured commercial banks, savings banks and savings and loan associations, including:

  • Several years of quarterly and annual statistics on income, expenses and other figures;
  • Key ratios of profitability and condition, such as return on assets (ROA) and return on equity (ROE); and
  • Other information about the institution, such as its address and the name of its primary federal regulator.

The various statistics and ratios provided also can be compared with other figures that appear on the FDIC's Internet site, including the agency's "Quarterly Banking Profile," which shows and analyzes industry-wide condition and income data for FDIC-insured commercial banks and savings institutions.

The information on the ID system is based primarily on the reports of condition and income that individual institutions file each quarter with the federal government. Each institution's listing will be updated periodically -- at least once each quarter -- to ensure that new or revised data is publicly available.

The financial information provided on the ID system is derived solely from publicly available data. It does not include ratings of an institution's health or performance, or any other indication of approval or disapproval by federal regulators. However, the data can be helpful to knowledgeable users attempting to form their own conclusions about an institution's financial condition or performance.

To access the ID system, go to the FDIC's home page on the Internet (www.fdic.gov), then click on "ID System." Users can search for individual institutions by name or by category -- such as those of a particular size that are based in a certain city or state.

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Congress created the Federal Deposit Insurance Corporation in 1933 to restore public confidence in the nation's banking system. The FDIC insures deposits at the nation's 11,670 banks and savings associations and it promotes the safety and soundness of these institutions by identifying, monitoring and addressing risks to which they are exposed.

FDIC press releases and other information are available on the Internet via the World Wide Web at www.fdic.gov or through Gopher at gopher.fdic.gov.

Last Updated 07/14/1999 communications@fdic.gov