ALERT 97- 11
Type:  Suspicious Transactions  Subject: The Freedom Star
                                        National Bank of Arizona 

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 Administrators; District
     Counsel and Examining Personnel



Information has been received that The Freedom Star National Bank
of Arizona, P.O. Box 66781, Phoenix, AZ 85082, is soliciting
deposits on the Internet offering high rate interest.  Such
deposits do not have the protection of the Federal Deposit
Insurance Corporation.  Further, the subject entity has not been
granted a national bank charter by the Office of the Comptroller
of the Currency.  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, S.W.
                    Washington, D.C.  202l9
                    Fax (202) 874-5301



                                       
Daniel P. Stipano
Director
Enforcement & Compliance Division                                 
   
Date: May 15, 1997