Subject: Unauthorized Banking
Date: February 5, 2003
Description: Allied Boston Bank, Inc., Banking License Denial, Republic of Palau
Unauthorized Banking: Allied Boston Bank, Inc., Banking License Denial, Republic of Palau
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
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:
Brian C. McCormally Director,