Subject: Request for Change of Assessment Risk Classification
By letter dated June 26, 2001, you requested a change to the assessment
risk classification assigned to [Bank] (“Bank”), for the second semiannual
assessment period, which began on July 1, 2001.
At its meeting held on November 19, 2001, the Federal Deposit Insurance
Corporation’s (“FDIC”) Assessment Appeals Committee (“Committee”) considered
your request and determined that it should be granted. Based upon your
letter and additional information provided by the Bank at staff’s request,
the Committee determined that the Bank should be treated as, in substance, a
de novo institution as a result of the acquisition and merger that
occurred on May 17, 2001. Specifically, as a result of the acquisition and
1. A new management team was installed;
2. A new strategic plan was implemented;
3. A substantial capital infusion and balance sheet restructuring
4. New parent companies committed to maintain the Bank as a well
capitalized and well managed institution.
Therefore, the risk classification assigned to the Bank will be changed
from “3C” to “1A” for the semiannual assessment period beginning July 1,
You may contact Ms. Cheryl Timmons, Chief, Assessment Operations Section
of the FDIC’s Division of Finance at (202) 416-7546 with questions on the
method and timing of any refunds or credits that result from this action.