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Alert 2006-67
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
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 the OCC at:

E-mail: occalertresponses@occ.treas.gov
Mail: Office of the Comptroller of the Currency
Special Supervision Division, MS 6-4
250 E Street, SW, Washington, DC 20219
Fax: (202) 874-5214
Internet: http://www.occ.gov

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.

/signed/

Richard C. Stearns
Director for Enforcement & Compliance