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Alert 2000-7 | June 28, 2000

Unauthorized Banking: Allied Boston Bank, Inc. (Palau)


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

Information has been received that the subject is conducting banking business in the United States without authorization. The subject is reported to have a bank charter issued by the Republic of Palau, with an office in San Francisco, California. It is advertising on the Internet for depository business and the address in Koror, Palau, is stated to be the location of its headquarters office.

Subject entity has no license or charter from the Office of the Comptroller of the Currency, nor the state of California. The state of California, Department of Financial Institutions, issued a cease-and- desist order to subject on June 23, 2000.

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

Mail: Office of the Comptroller of the Currency Enforcement & Compliance Division,
250 E Street, SW,
Washington, DC 20219
Fax: (202) 874-5301


Mail: California Department of Financial Institutions
111 Pine Street, Suite 1100,
San Francisco, CA 94111-5613
Fax: (415) 288-8830

Daniel P. Stipano 
Enforcement and Compliance Division