Subject: Unauthorized Banking
Date: February 24, 2003
Description: First Century Financial, Internet Financing
Unauthorized Banking: First Century Financial, Internet Financing
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
Based on information received by the OCC and a search of records within the United States and Canada, First Century Financial (FCF) is not authorized to conduct the business of banking in the United States. The OCC has been unable to contact FCF at the Sioux Falls address noted on the organization's Web site. In addition, certain companies listed as affiliated with FCF are not affiliated with the organization, nor have those companies granted FCF permission to reference their names on FCF’s Web site.
FCF's Web site states that it "was established in 1929 and is located in Sioux Falls, South Dakota," and, "is a member of FDIC (Federal Deposit Insurance Corporation). We serve well over two million accounts today." The FDIC does not provide deposit insurance coverage to FCF, and there is no known business address for the company in Sioux Falls. In a separate listing, FCF indicates that contact with the organization may be made through a post office box in Montreal, Canada, or by a toll-free telephone number.
The FCF Web site contains a list of purportedly affiliated companies, prefaced by the name Banc One. Please be advised that no affiliation exists between Bank One Corporation (f/n/a Banc One Corporation) and FCF.
In addition, various sections of the Web site contain false or misleading information, such as the following:
Any information that you may have concerning this matter should be brought to the attention of:
Brian C. McCormally