AAC-2002-02 (April 23, 2002)
Decision
Subject: Request for Change of Assessment Risk Classification
By letter dated November 30, 2001, you requested a change to the capital group of the assessment risk classification assigned to [Bank] (“Bank”), for the seminannual assessment period that began on January 1, 2002.
At its meeting held on April 15, 2002, the Federal Deposit Insurance Corporation’s (“FDIC”) Assessment Appeals Committee (“Committee”) considered your request and determined that it should be granted. The Committee determined that were it not for the tragic events of September 11, 2001, the Bank would have been able to consummate two significant funding transactions that would have allowed the Bank to maintain a well capitalized position as of September 30, 2001.
Therefore, the assessment risk classification assigned to the Bank will be changed from “2A” to “1A” for the semiannual assessment period beginning January 1, 2002.
You may contact Ms. Cheryl Timmons, Chief, Assessment Operations Section of the FDIC’s Division of Finance at (202) 416-7546 with questions on the method and timing of any refunds or credits that result from this action.
By direction of the Assessment Appeals Committee.