Severe storms and flooding that began on March 16, 2009, have caused significant property damage in parts of western Minnesota.
A federal disaster was declared on April 9, 2009, which was amended on April 10 to include individual assistance for the counties of Clay, Norman, Traverse, and Wilkin.
The FDIC is encouraging banks to work constructively with borrowers who are experiencing difficulties beyond their control because of damage caused by the severe storms and flooding.
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.
The FDIC will also consider regulatory relief from certain filing and publishing requirements.
FDIC-Supervised Banks (Commercial and Savings)
Chief Executive Officer
Chief Lending Officer
Supervisory Practices Regarding Depository Institutions And Borrowers Affected By Severe Storms and Flooding in Minnesota
Acting Deputy Regional Director Kurt R. Hagedorn at (816) 234-8161 or KHagedorn@fdic.gov
FIL-17-2009 - PDF (PDF Help)
FDIC financial institution letters (FILs) may be accessed from the FDIC's Web site at www.fdic.gov/news/news/financial/2009/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).