Alert 1998-10| March 23, 1998

Unauthorized Banking: Bank of Business Western Samoa

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 subject entity may be operating a banking business in the United States without authorization. Further, the State Oregon Department of Insurance & Finance has advised that the subject entity has not been granted permission to operate in Oregon. Further, the government of Samoa stated that no banking license has been issued to this entity.

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