Between April 20 and 22, 2010, the Deepwater Horizon Mobile Offshore Drilling
Unit in the Gulf of Mexico exploded and sank, resulting in a significant oil
spill that has caused substantial business disruption and property damage in the
Gulf Coast Region.
A SONS was declared on April 30, 2010, by the U.S. Department of Homeland
Security and is defined as "a spill that, due to its severity, size, location,
actual or potential impact on the public health and welfare or the environment,
or the necessary response effort, is so complex that it requires extraordinary
coordination of federal, state, local, and responsible party resources to
contain and clean up the discharge." The SONS designation allows greater federal
The FDIC is encouraging banks to work constructively with borrowers experiencing
difficulties beyond their control because of damage caused by this SONS.
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.
FDIC-Supervised Banks (Commercial and Savings)
Chief Executive Officer
Chief Lending Officer
Supervisory Practices Regarding Depository Institutions and Borrowers Affected
by the Spill of National Significance in the Gulf Coast Region - PDF (PDF Help)
Atlanta Regional Office: Assistant Regional Director Nikita Smith at (678) 916-2367
Memphis Area Office: Assistant Regional Director Wayne Nichols at (901) 821-5203 or
FDIC financial institution letters (FILs) may be accessed from the FDIC's Web site
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).