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Subject: Unauthorized Banking
Date: November 17, 2006
Description: Pacific Savings Bank, Ltd., Republic of Palau, License Revocation
Revocation of the banking license of Pacific Savings Bank, Ltd. NECO Plaza, PO Box 399 Koror, Republic of Palau 96940
To: Chief Executive Officers of All National Banks; All State Banking Authorities; Chairman, Board of Governors of the Federal Reserve System; Chairman, Federal Deposit Insurance Corporation; Director, Office of Thrift Supervision; Conference of State Bank Supervisors; Deputy Comptrollers (districts); Assistant Deputy Comptrollers; District Counsel; and All Examining Personnel
The Financial Institutions Commission, Republic of Palau, has advised the Office of the Comptroller of the Currency that it revoked the banking license of Pacific Savings Bank, Ltd. (Pacific) and placed the bank into receivership on November 7, 2006. Mr. Kaleb Udui Jr. was appointed as the receiver for Pacific by the Commission.
Any information or questions that you may have concerning this matter should be brought to the attention of the Financial Institutions Commission at:
Mail: G. Semdiu Decherong, Executive Commissioner
and the OCC at:
For additional information regarding other types of financial fraud, please visit the OCC's anti-fraud resource at: http://www.occ.gov/topics/consumer-protection/fraud-resources/index-fraud-resources.html.
Richard C. Stearns