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Special Alerts

March 17, 2005

TO: CHIEF EXECUTIVE OFFICER (also of interest to Security Officer)
SUBJECT: Deceptive Claims of FDIC Insurance Coverage
Summary: Asiacentury Bank is falsely representing to potential customers on its Web site that it is a member of the FDIC.

The Federal Deposit Insurance Corporation (FDIC) was recently notified of an entity that is unlawfully advertising FDIC membership on its Internet Web site. It appears that the Web site is operated by Asiacentury Bank. The Web site indicates that the main office of this institution is located in Hong Kong. Specifically, the Web site includes the phrase "Member FDIC." Please be advised that the FDIC does not insure this entity or any products or services it may offer.

Additionally, the Hong Kong Monetary Authority (HKMA) has issued an alert that Asiacentury Bank is not authorized under its banking ordinance to conduct banking business or accept deposits. The HKMA warning notice may be found at http://www.info.gov.hk/hkma/eng/press/2004/20040224e5.htm.

Information about this entity may be forwarded to the FDIC's Special Activities Section, 550 17th Street, N.W., Room F-4040, Washington, D.C. 20429, or transmitted electronically to alert@fdic.gov. Information related to federal deposit insurance or consumer issues should be submitted to the FDIC using an online form that can be accessed at http://www2.fdic.gov/starsmail/index.asp.

For your reference, FDIC Special Alerts may be accessed from the FDIC's Web site at www.fdic.gov/news/news/SpecialAlert/2005/index.html. To learn how to automatically receive FDIC Special Alerts through e-mail, please visit www.fdic.gov/about/subscriptions/index.html.

Michael J. Zamorski
Division of Supervision and Consumer Protection

Distribution: FDIC-Supervised Banks (Commercial and Savings)

NOTE: Paper copies of FDIC Special Alerts may be obtained through the FDIC's Public Information Center, 801 17th Street, NW, Room 100, Washington, DC 20434 (1-877-275-3342 or (703) 562-2200).

Last Updated 03/17/2005 communications@fdic.gov