The Federal Deposit Insurance Corporation (FDIC) recently became aware that the Office of the Superintendent of Financial Institutions, Province of British Columbia (Canada), issued an order on February 9, 1999, requiring certain entities to cease from either directly or indirectly carrying on deposit business in British Columbia. The order also requires the entities to cease using the words "trust," "deposit," "insurance" and other words in a way likely to deceive or mislead the public about their ability to undertake "trust business," "deposit business," or "insurance business," or to give the false impression that any of the entities are a trust company or an insurance company.

The following entities are covered by the order:

Broadway Financial Group Ltd. (1)
Fidelity Management and Trust Ltd.
First International Bank of Grenada Limited
First International Trust of Grenada
International Depositors' Reinsurance Corporation
d/b/a International Deposit Insurance Corporation (2) (3)
Stephen Michael Reynolds

(1) Broadway Financial Group Ltd. is not associated in any manner with Broadway Financial Corporation, Los Angeles, California, the parent company of Broadway Federal Bank, FSB, a financial institution regulated by the Office of Thrift Supervision.

(2) The International Deposit Insurance Corporation (IDIC) is not associated in any manner with the Federal Deposit Insurance Corporation (FDIC).

(3) On January 27, 1999, the Nevis Island Administration, Ministry of Finance and Development, Nevis Financial Services Department, served notice on the International Depositors' Reinsurance Corporation, operating as the International Deposit Insurance Corporation, that all operations and business in Nevis must cease effective immediately. The action was taken after a thorough review by the Ministry of Finance and because the International Depositors' Reinsurance Corporation is not licensed by the Nevis Island Administration to conduct business of any form in or from Nevis.

These entities also may be conducting unauthorized banking transactions in the United States. Any proposed transactions involving these entities should be viewed with extreme caution.

Any information about these entities should be forwarded to the FDIC's Special Activities Section, 550 17th Street, NW, Room F-6012, Washington, DC 20429. For your reference, all FDIC Financial Institution Letters published since January of 1995 may be found on the FDIC's Web site at www.fdic.gov under "News, Events & FOIA."

Distribution: FDIC-Supervised Banks (Commercial and Savings)

NOTE: Paper copies of FDIC financial institution letters may be obtained through the FDIC's Public Information Center, 801 17th Street, NW, Room 100, Washington, DC 20434 (800-276-6003 or (703) 562-2200).