Press Releases FDIC Enhances Failed Bank Data On Its Web Site
FOR IMMEDIATE RELEASE PR-62-2004 (6-7-2004)
Media Contact: David Barr (202-898-6992)
The Federal Deposit Insurance Corporation (FDIC) today announced that it has added to its Web site balance sheet summaries on all failed banks that have been placed in FDIC receivership since October 2000. These summaries will be updated quarterly.
ďThis move allows claimants against failed banks to monitor the financial status of the receivership and estimate their potential recoveries,Ē said Mitchell Glassman, Director of the FDICís Division of Resolutions and Receiverships. ďWe are providing our stakeholders with this information as part of our continuing commitment to be transparent in the way we do business.Ē
Among the financial information provided in the summaries are receivership balances on: assets in liquidation, the estimated loss on assets in liquidation, and uninsured depositor claims.
Along with the newly added balance sheet summary, the FDICís Web site provides information about the bank failure, the acquiring financial institution, the continuation of banking services after failure, special information for loan customers and claimants against the failed bank, and dividends paid to uninsured depositors and general trade claimants.
Congress created the Federal Deposit Insurance Corporation in 1933 to restore public confidence in the nationís banking system. The FDIC insures deposits at the nationís 9,116 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. The FDIC receives no federal tax dollars Ė insured financial institutions fund its operations.
FDIC press releases and other information are available on the Internet at www.fdic.gov or through the FDICís Public Information Center (877-275-3342 or (703) 562-2200).