FDI NEWS RELEASE
FEDERAL DEPOSIT INSURANCE CORPORATION
FOR IMMEDIATE RELEASE PR-27-86 (2-24-86)
FDIC SUSPENDS WITHDRAWAL PENALTIES FOR BANK DEPOSITORS
VICTIMIZED BY SEVERE STORMS IN THE STATE OF CALIFORNIA
Regional Director Anthony Scalzi of the Federal Deposit Insurance Corporation
today announced that the FDIC has granted bank depositors who suffered 1 asses
as a result of severe storms occurring the week of February 17, 1986, temporary
exemption from the interest rate regulations that penalize holders of time deposits
for withdrawal of funds prior to maturity. The waiver is limited to depositors
who have suffered losses in Lake, Marin, Napa, Sacramento, Santa Clara, Santa
Cruz, Solano, Sonoma and Yuba counties, which were designated major disaster areas
by Presidental declaration effective February 21, 1986.
Insured State-chartered banks that are not members of the Federal Reserve
System, whether or not they are located in the immediate disaster area, may allow
depositors who can show that they have been damaged as a result of the disaster
to withdraw all or part of their time deposits before maturity without paying
any penalty. Depositors seeking to avail themselves of the suspension will be
required to furnish the banks with proof of losses occasioned by this particular
disaster.
This suspension will be in effect for six months from February 22, 1986. This
will provide eligible depositors sufficient time to determine their losses and
their needs for funds.
# # #
FEDERAL DEPOSIT INSURANCE CORPORATION, 550 Seventeenth St. N.W., Washington, D.C. 20429 • 202-389-4221
FEDERAL DEPOSIT INSURANCE CORPORATION
FOR IMMEDIATE RELEASE PR-27-86 (2-24-86)
FDIC SUSPENDS WITHDRAWAL PENALTIES FOR BANK DEPOSITORS
VICTIMIZED BY SEVERE STORMS IN THE STATE OF CALIFORNIA
Regional Director Anthony Scalzi of the Federal Deposit Insurance Corporation
today announced that the FDIC has granted bank depositors who suffered 1 asses
as a result of severe storms occurring the week of February 17, 1986, temporary
exemption from the interest rate regulations that penalize holders of time deposits
for withdrawal of funds prior to maturity. The waiver is limited to depositors
who have suffered losses in Lake, Marin, Napa, Sacramento, Santa Clara, Santa
Cruz, Solano, Sonoma and Yuba counties, which were designated major disaster areas
by Presidental declaration effective February 21, 1986.
Insured State-chartered banks that are not members of the Federal Reserve
System, whether or not they are located in the immediate disaster area, may allow
depositors who can show that they have been damaged as a result of the disaster
to withdraw all or part of their time deposits before maturity without paying
any penalty. Depositors seeking to avail themselves of the suspension will be
required to furnish the banks with proof of losses occasioned by this particular
disaster.
This suspension will be in effect for six months from February 22, 1986. This
will provide eligible depositors sufficient time to determine their losses and
their needs for funds.
# # #
FEDERAL DEPOSIT INSURANCE CORPORATION, 550 Seventeenth St. N.W., Washington, D.C. 20429 • 202-389-4221