ALERT 2003-1
OCC ALERT	

Subject:      Unauthorized Banking
Description:  Allied Boston Bank, Inc., Banking License Denial, 
              Republic of Palau

Date:         February 5, 2003  

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); Assistant Deputy Comptrollers; 
     District Counsel and Examining Personnel

RE:  Allied Boston Bank, Inc. denied banking license

The Financial Institutions Commission, Republic of Palau, has 
advised the OCC that Allied Boston Bank, Inc. (Allied) was denied an 
application for a banking license on September 30, 2002.  Therefore, 
Allied has never had a license to practice and/or perform banking 
and related financial activities.  The Commission further advised 
the OCC that Allied is in the process of relinquishing its corporate 
charter. 

For additional information on Allied, please see Alert 2000-7.

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

Mail:	G. Semdiu Decherong, Executive Commissioner
	Financial Institutions Commission
	PO Box 10243, 
	Koror, Republic of Palau  96940
Phone:	680 488-3560  Fax: 680- 488-3564
E-mail:	fic@palaunet.com
                        and
Mail:	Office of the Comptroller of the Currency
	Enforcement & Compliance Division, MS 8-10
	250 E Street, SW, Washington, DC   20219
Fax:	(202) 874-5301
Internet:	http://www.occ.treas.gov
E-mail:	occalertresponses@occ.treas.gov




Brian C. McCormally
Director, 
Enforcement & Compliance Division