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Special Alerts

November 12, 2003

TO: CHIEF EXECUTIVE OFFICER (also may be of interest to Security Officer)
SUBJECT: Deceptive Claims of FDIC Insurance Coverage
Summary: An entity - International Trust Bank Offshore, Andorra - is falsely representing to potential customers on its Web site that it is a member of the FDIC.

Please be advised that the Federal Deposit Insurance Corporation (FDIC) was recently notified an entity is unlawfully advertising FDIC membership on its Internet Web site. The Web site is reportedly operated by International Trust Bank Offshore. The Web site indicates that the main office of this institution is located in Andorra, with a branch office in Madrid, Spain. Specifically, the Web site includes the phrase "FDIC Insured." The FDIC does not insure this entity or any products or services it may offer.

Any information about this entity may be forwarded to the FDIC's Special Activities Section, 550 17th Street, NW, Room F-4040, Washington, DC 20429, or forwarded electronically to alert@fdic.gov.

For your reference, FDIC Special Alerts may be accessed from the FDIC's Web site at www.fdic.gov/news/news/SpecialAlert/2003/index.html. To learn how to automatically receive FDIC Special Alerts, Financial Institution Letters and other announcements through e-mail, please visit www.fdic.gov/news/news/announcements/index.html.

Michael J. Zamorski

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, option 5, or (703) 562-2200).

Last Updated 11/12/2003 communications@fdic.gov