Inactive Financial Institution Letters
Guidance to Help Financial Institutions and Facilitate Recovery in Areas of South Dakota Affected by Severe Weather
November 5, 2010
FIL-75-2010 - PDF (PDF Help)
|| The FDIC has announced a series of steps intended to provide regulatory relief to financial institutions and facilitate recovery in areas of South Dakota affected by severe storms and flooding.
Severe storms and flooding during September 22-23, 2010, caused significant property damage in areas of South Dakota.
A federal disaster was declared on November 2, 2010, for selected counties and the Flandreau Santee Sioux Tribe in South Dakota.
The FDIC is encouraging banks to work constructively with borrowers experiencing difficulties beyond their control because of damage caused by the severe weather.
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 also will consider regulatory relief from certain filing and publishing requirements.
FDIC-Supervised Banks (Commercial and Savings)
in South Dakota
Chief Executive Officer
Chief Lending Officer
Supervisory Practices Regarding Depository Institutions and Borrowers Affected by Severe Storms and Flooding in Areas of South Dakota
Assistant Regional Director Daniel Holmgren at (816) 234-8134 or DHolmgren@fdic.gov
FDIC financial institution letters (FILs) may be accessed from the FDIC's Web site at www.fdic.gov/news/news/financial/2010/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).