Alert 1997-33 | December 9, 1997

Unauthorized Banking: The Excelsior Bank/The Excelsior International Bank Corp

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; Conference of State Bank Supervisors; Deputy Comptrollers (Districts); District Counsel and Examining Personnel

Information has been received that The Excelsior Bank/The Excelsior International Bank Corp., an offshore registration in Barbados, West Indies, is soliciting deposits on the Internet. Such deposits do not have the protection of the Federal Deposit Insurance Company. The subject entity's advertisement indicates that it is a Class A bank and that deposits are insured. Both are false and misleading statements. Further, the subject entity is not authorized, supervised, or regulated by any U.S. financial regulatory agency. The Idaho Department of Finance has issued a Cease and Desist Order.

It is urged that careful due diligence be conducted before any involvement occurs relative to this subject matter.

Any information which you may have concerning this matter should be brought to the attention of:

Office of the Comptroller of the Currency
Enforcement & Compliance Division
250 E Street, SW
Washington, DC 202l9
Fax (202) 874-5301

Daniel P. Stipano
Director
Enforcement & Compliance Division

Topic(s):

Unauthorized Banking