Highlights:
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Severe storms, tornadoes and flooding have caused significant damage to areas of South Dakota.
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The counties of Beadle, Brown, Clark, Davison, Hanson, Hutchinson, Miner, Sanborn, Spink and Yankton were declared Federal Disaster Areas on May 22, 2007.
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The FDIC is encouraging banks to work constructively with borrowers who are experiencing difficulties beyond their control because of damage caused by the storms and floods.
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Extending repayment terms, restructuring existing loans or easing terms for new loans, if done in a manner consistent with sound banking practices, can contribute to the health of the community and serve the long-term interests of the lending institution.
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The FDIC will also consider regulatory relief from certain filing and publishing requirements for banks in the affected areas.
Distribution:
FDIC-Supervised Banks (Commercial and Savings) in South Dakota
Suggested Routing:
Chief Executive Officer
Compliance Officer
Chief Lending Officer
Related Topics:
Lending
Investments
Publishing Requirements
Consumer Laws
Attachment:
Supervisory Practices Regarding Depository Institutions and Borrowers in Areas Affected by Severe Storms and Flooding in South Dakota
Contact:
Assistant Regional Director Mark S. Moylan, Kansas City Regional Office, on (816) 234-9029 or MMoylan@fdic.gov
Printable Format:
FIL-42-2007 - PDF 31k (PDF Help)
Note:
FDIC financial institution letters (FILs) may be accessed from the FDIC's Web site at www.fdic.gov/news/news/financial/2007/index.html.
To receive FILs electronically, please visit http://www.fdic.gov/about/subscriptions/fil.html.
Paper copies of FDIC financial institution letters may be obtained through the FDIC's Public Information Center, 3501 Fairfax Drive, E-1002, Arlington, VA 22226 (1-877-275-3342 or 703-562-2200).
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