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Financial Institution Letter
Reporting Requirements

SUBJECT: Required Reports of Indebtedness by Executive Officers and Principal Shareholders

The Federal Financial Institutions Examination Council (FFIEC) has revised the format of form FFIEC 004, "Report on Indebtedness of Executive Officers and Principal Shareholders and Their Related Interests to Correspondent Banks." The revised form is enclosed. Changes to form FFIEC 004 respond to banking industry suggestions for improvements. The revisions simplify the form and clarify its instructions, making it more user-friendly. The information to be reported on the form has not changed.

Form FFIEC 004 may be used to meet the reporting requirements of Title VIII of the Financial Institutions Regulatory and Interest Rate Control Act of 1978. The Act requires each bank's executive officers and principal shareholders to submit an annual report to their board of directors on their indebtedness, and that of their related interests, to correspondent banks. The use of form FFIEC 004 is optional in meeting Title VIII reporting requirements. The information requested on this form may be submitted to an insured institution's board of directors on any form containing identical information, including the previous version of form FFIEC 004.

In addition, Part 349 of the FDIC's rules and regulations requires a bank to disclose to the public, upon request, the names of its executive officers and principal shareholders who have indebtedness to their own bank, or to correspondent banks, that exceeds a specified amount. Form FFIEC 004 includes information that can be used to meet the disclosure requirement on indebtedness to correspondent banks.

The enclosed form FFIEC 004 may be used for calendar year 1996. Detailed instructions on preparing the form are included on the back. The reports should be retained by your bank, not forwarded to the FDIC. Please direct any questions to your FDIC Division of Supervision regional office.

Nicholas J. Ketcha Jr.

Distribution: Insured Commercial Banks and FDIC-Supervised Savings Banks

Note: Paper copies of FDIC financial institution letters may be obtained through the FDIC's Public Information Center, 801 17th Street, N.W., Room 100, Washington, D.C. 20434 ((703) 562-2200)

Last Updated: December 5, 1996