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Special Alerts

SA-342-2006
December 28, 2006


TO: CHIEF EXECUTIVE OFFICER (also of interest to Security Officer)
SUBJECT: Banking License of Pacific Savings Bank, Ltd., Republic of Palau, Revoked
Summary: The Office of the Comptroller of the Currency has notified the FDIC that the Financial Institutions Commission, Republic of Palau, has revoked the banking license of Pacific Savings Bank, Ltd., and placed the bank into receivership.

The Office of the Comptroller of the Currency has notified the Federal Deposit Insurance Corporation (FDIC) that the Financial Institutions Commission, Republic of Palau, revoked the banking license of Pacific Savings Bank, Ltd., and placed the bank into receivership on November 7, 2006. Mr. Kaleb Udui, Jr. was appointed as the receiver for the bank. Pacific Savings Bank, Ltd., had an address of NECO Plaza, P.O. Box 399, Koror, Republic of Palau 96940.

Any information or questions concerning this matter should be brought to the attention of the Financial Institutions Commission at:

Mail: G. Semdiu Decherong, Commissioner
Financial Institutions Commission
P.O. Box 10243
Koror, Republic of Palau96940
Telephone: (680) 488-3560
Fax: (680) 488-3564
E-mail: fic@palaunet.com

Additional information concerning this matter may be brought to the attention of the OCC at:

Mail: Office of the Comptroller of the Currency
Special Supervision Division MS 6-4
250 E Street, SW
Washington, DC20219
Fax: (202) 874-5214
E-mail: occalertresponses@occ.treas.gov
Internet: http://www.occ.gov

Information about counterfeit items, cyber-fraud incidents and other fraudulent activity may be forwarded to the FDIC's Cyber-Fraud and Financial Crimes Section, 550 17th Street, N.W., Room F-4004, Washington, D.C. 20429, or transmitted electronically to alert@fdic.gov.

Information related to federal deposit insurance or consumer issues should be submitted to the FDIC using an online form that can be accessed at http://www2.fdic.gov/starsmail/index.asp.

For your reference, FDIC Special Alerts may be accessed from the FDIC's website at http://www.fdic.gov/news/news/SpecialAlert/2006/index.html. To learn how to automatically receive FDIC Special Alerts through e-mail, please visit www.fdic.gov/about/subscriptions/index.html.

Sandra L. Thompson
Director
Division of Supervision and Consumer Protection

Distribution: FDIC-Supervised Banks (Commercial and Savings)

NOTE: Paper copies of FDIC Special Alerts may be obtained through the FDIC's Public Information Center (1-877-275-3342).




Last Updated 12/28/2006 communications@fdic.gov