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.
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.
