VI. Appendixes

Appendix A –

Key Statistics

For the year ended December 31

2004 2003 2002

Bank Insurance Fund

Financial Results 

Revenue $ 1,676 $ 1,626 $ 1,796

Operating Expenses 822 805 821

Insurance and other expenses (263) (921) (70)

Net Income 1,117 1,742 1,045

Comprehensive Income 1,005 1,732 1,611

Insurance Fund Balance $ 34,787 $ 33,782 $ 32,050

Fund as a Percentage of Insured Deposits 1.32% 1.32% 1.27%

Selected Statistics

Total BIF-Member Institutions●7,875 7,995 8,125

Problem Institutions 86 102 116

Total Assets of Problem Institutions $ 24,446 $ 28,812 $ 32,176

Institution Failures 3 3 10

Total Assets of Current Year Failed Institutions $ 151 $ 1,097 $ 2,508

Number of Active Failed Institution Receiverships 31 31 37

Savings Association Insurance Fund

Financial Results 

Revenue $ 564 $ 547 $ 589

Operating Expenses 120 130 124

Insurance and other expenses (72) (83) (155)

Net Income 516 500 620

Comprehensive Income 480 493 812

Insurance Fund Balance $ 12,720 $ 12,240 $ 11,747

Fund as a Percentage of Insured Deposits 1.33% 1.37% 1.37%

Selected Statistics

Total SAIF-Member Institutions ■1,150 1,186 1,229

Problem Institutions 9 14 20

Total Assets of Problem Institutions $ 625 $ 1,105 $ 6,751

Institution Failures 1 0 1

Total Assets of Current Year Failed Institutions $ 15 $ 0 $ 50

Number of Active Failed Institution Receiverships 3 2 3

▼ As of September 30, 2004.

● Commercial banks and savings institutions. Does not include U.S. branches of foreign banks.

■ Savings institutions and commercial banks.

Selected Statistics

Dollars in millions

▼

▼

▼

▼

▼

▼

▼

▼
107

Number of Insured Banks Deposits of Insured Banks

1

Without With Without With

Disbursements Disbursements Disbursements Disbursements

Year Total by FDIC by FDIC Total by FDIC by FDIC Assets

Number and Deposits of BIF-Insured Banks Closed Because of Financial Difficulties, 1934 through 20041

Dollars in Thousands

Total 2,116 19 2,097 $ 217,856,719 $ 4,298,814 $ 213,557,905 $ 408,937,918

2004 3 – 3 132,880 – 132,880 150,519,500

2003 3 – 3 903,504 – 903,504 1,096,724

2002 10 – 10 2,124,501 – 2,124,501 2,507,565

2001 3 – 3 49,926 – 49,926 54,470

2000 6 – 6 311,950 – 311,950 378,088

1999 7 – 7 1,268,151 – 1,268,151 1,423,819

1998 3 – 3 335,076 – 335,076 370,400

1997 1 – 1 26,800 – 26,800 25,921

1996 5 – 5 168,228 – 168,228 182,502

1995 6 – 6 632,700 – 632,700 753,024

1994 13 1 12 1,236,488 – 1,236,488 1,392,140

1993 41 – 41 3,132,177 – 3,132,177 3,539,373

1992 120 10 110 41,150,898 4,257,667 36,893,231 44,197,009

1991 124 – 124 53,751,763 – 53,751,763 63,119,870

1990 168 – 168 14,473,300 – 14,473,300 15,660,800

1989 206 – 206 24,090,551 – 24,090,551 29,168,596

1988 200 – 200 24,931,302 – 24,931,302 35,697,789

1987 184 – 184 6,281,500 – 6,281,500 6,850,700

1986 138 – 138 6,471,100 – 6,471,100 6,991,600

1985 120 – 120 8,059,441 – 8,059,441 8,741,268

1984 79 – 79 2,883,162 – 2,883,162 3,276,411

1983 48 – 48 5,441,608 – 5,441,608 7,026,923

1982 42 – 42 9,908,379 – 9,908,379 11,632,415

1981 10 – 10 3,826,022 – 3,826,022 4,859,060

1980 10 – 10 216,300 – 216,300 236,164

1979 10 – 10 110,696 – 110,696 132,988

1978 7 – 7 854,154 – 854,154 994,035

1977 6 – 6 205,208 – 205,208 232,612

1976 16 – 16 864,859 – 864,859 1,039,293

1975 13 – 13 339,574 – 339,574 419, 950

1974 4 – 4 1,575,832 – 1,575,832 3,822,596

1973 6 – 6 971,296 – 971,296 1,309,675

1972 1 – 1 20,480 – 20,480 22,054

1971 6 – 6 132,058 – 132,058 196,520

1970 7 – 7 54,806 – 54,806 62,147

1969 9 – 9 40,134 – 40,134 43,572

1968 3 – 3 22,524 – 22,524 25,154

1967 4 – 4 10,878 – 10,878 11,993

1966 7 – 7 103,523 – 103,523 120,647

1965 5 – 5 43,861 – 43,861 58,750

1964 7 – 7 23,438 – 23,438 25,849

1963 2 – 2 23,444 – 23,444 26,179

1962 1 1 0 3,011 3,011 0 N/A

1961 5 – 5 8,936 – 8,936 9,820

1960 1 – 1 6,930 – 6,930 7,506

1959 3 – 3 2,593 – 2,593 2,858

1958 4 – 4 8,240 – 8,240 8,905

1957 2 1 1 11,247 10,084 1,163 1,253

1956 2 – 2 11,330 – 11,330 12,914

1955 5 – 5 11,953 – 11,953 11,985

1954 2 – 2 998 – 998 1,138

1953 4 2 2 44,711 26,449 18,262 18,811

1952 3 – 3 3,170 – 3,170 2,388

1951 2 – 2 3,408 – 3,408 3,050

1950 4 – 4 5,513 – 5,513 4,005

1949 5 1 4 6,665 1,190 5,475 4,886

1948 3 – 3 10,674 – 10,674 10,360

1947 5 – 5 7,040 – 7,040 6,798

1946 1 – 1 347 – 347 351

1945 1 – 1 5,695 – 5,695 6,392

1944 2 – 2 1,915 – 1,915 2,098

1943 5 – 5 12,525 – 12,525 14,058

1942 20 – 20 19,185 – 19,185 22,254

1941 15 – 15 29,717 – 29,717 34,804

1940 43 – 43 142,430 – 142,430 161,898

1939 60 – 60 157,772 – 157,772 181,514

1938 74 – 74 59,684 – 59,684 69,513

1937 77 2 75 33,677 328 33,349 40,370

1936 69 – 69 27,508 – 27,508 31,941

1935 26 1 25 13,405 85 13,320 17,242

1934 9 – 9 1,968 – 1,968 2,661

Does not include institutions that received FDIC assistance and were not closed. Also does not include institutions insured by the Savings Association Insurance Fund (SAIF), which was 

established by the Financial Institutions Reform, Recovery, and Enforcement Act of 1989.
108

Deposit Payoff Cases2

Number Estimated Number Estimated

of Additional Estimated of Additional Estimated

Year Banks Disbursements Recoveries Recoveries Losses Banks Disbursements Recoveries Recoveries Losses

Recoveries and Losses by the Bank Insurance Fund on Disbursements for the Protection of Depositors, 

1934 through 2004

Dollars in Thousands

continued on next page

Total 2,224 111,269,132 72,628,327 362,681 38,278,124 608 16,131,723 11,303,684 96,052 4,731,987

2004 3 132,781 121,446 1,965 9,370 0000 0

2003 3 883,797 680,186 127,272 76,339 0000 0

2002 10 2,019,523 1,345,196 127,395 546,932 5 1,573,393 1,076,675 96,052 400,666

2001 3 25,080 19,288 0 5,792 0000 0

2000 6 268,730 235,925 1,359 31,446 0000 0

1999 7 1,244,450 494,612 94,155 655,683 0000 0

1998 3 286,598 52,821 8,545 225,232 0000 0

1997 1 25,546 20,520 0 5,026 0000 0

1996 5 169,386 130,727 0 38,659 0000 0

1995 6 609,045 524,573 0 84,472 0000 0

1994 13 1,224,769 1,045,718 0 179,051 0000 0

1993 41 1,797,312 1,151,128 82 646,102 5 261,203 159,268 0 101,935

1992 122 14,172,917 10,504,048 839 3,668,030 25 1,890,869 1,398,731 0 492,138

1991 127 21,413,224 15,402,252 3,034 6,007,938 21 1,468,407 1,000,733 0 467,674

1990 169 10,817,419 8,040,426 0 2,776,993 20 2,183,400 1,647,044 0 536,356

1989 207 11,445,829 5,248,247 0 6,197,582 32 2,116,556 1,262,140 0 854,416

1988 280 12,163,006 5,244,866 0 6,918,140 36 1,252,160 822,612 0 429,548

1987 203 5,037,871 3,015,215 0 2,022,656 51 2,103,792 1,401,000 0 702,792

1986 145 4,790,969 3,015,252 0 1,775,717 40 1,155,981 739,659 0 416,322

1985 120 2,920,687 1,913,452 0 1,007,235 29 523,789 411,175 0 112,614

1984 80 7,696,215 6,056,061 0 1,640,154 16 791,838 699,483 0 92,355

1983 48 3,807,082 2,400,044 0 1,407,038 9 148,423 122,484 0 25,939

1982 42 2,275,150 1,106,579 0 1,168,571 7 277,240 206,247 0 70,993

1981 10 888,999 107,221 0 781,778 2 35,736 34,598 0 1,138

1980 11 152,355 121,675 0 30,680 3 13,732 11,427 0 2,305

1979 10 90,489 74,372 0 16,117 3 9,936 9,003 0 933

1978 7 548,568 512,927 0 35,641 1 817 613 0 204

1977 6 26,650 20,654 0 5,996 0000 0

1976 17 599,397 561,532 0 37,865 3 11,416 9,660 0 1,756

1975 13 332,046 292,431 0 39,615 3 25,918 25,849 0 69

1974 5 2,403,277 2,259,633 0 143,644 0000 0

1973 6 435,238 368,852 0 66,386 3 16,771 16,771 0 0

1972 2 16,189 14,501 0 1,688 1 16,189 14,501 0 1,688

1971 7 171,646 171,430 0 216 5 53,767 53,574 0 193

1970 7 51,566 51,294 0 272 4 29,265 28,993 0 272

1969 9 42,072 41,910 0 162 4 7,596 7,513 0 83

1968 3 6,476 6,464 0 12 0000 0

1967 4 8,097 7,087 0 1,010 4 8,097 7,087 0 1,010

1966 7 10,020 9,541 0 479 1 735 735 0 0

1965 5 11,479 10,816 0 663 3 10,908 10,391 0 517

1964 7 13,712 12,171 0 1,541 7 13,712 12,171 0 1,541

1963 2 19,172 18,886 0 286 2 19,172 18,886 0 286

1962 000000000 0

1961 5 6,201 4,700 0 1,501 5 6,201 4,700 0 1,501

1960 1 4,765 4,765 0 0 1 4,765 4,765 0 0

1959 3 1,835 1,738 0 97 3 1,835 1,738 0 97

1958 4 3,051 3,023 0 28 3 2,796 2,768 0 28

1957 1 1,031 1,031 0 0 1 1,031 1,031 0 0

1956 2 3,499 3,286 0 213 1 2,795 2,582 0 213

1955 5 7,315 7,085 0 230 4 4,438 4,208 0 230

1954 2 1,029 771 0 258 0000 0

1953 2 5,359 5,359 000000 0

1952 3 1,525 733 0 792 0000 0

1951 2 1,986 1,986 000000 0

1950 4 4,404 3,019 0 1,385 0000 0

1949 4 2,685 2,316 0 369 0000 0

1948 3 3,150 2,509 0 641 0000 0

1947 5 2,038 1,979 0 59 0000 0

1946 1 274 274 000000 0

1945 1 1,845 1,845 000000 0

1944 2 1,532 1,492 0 40 1 404 364 0 40

1943 5 7,230 7,107 0 123 4 5,500 5,377 0 123

1942 20 11,684 10,996 0 688 6 1,612 1,320 0 292

1941 15 25,061 24,470 0 591 8 12,278 12,065 0 213

1940 43 87,899 84,103 0 3,796 19 4,895 4,313 0 582

1939 60 81,828 74,676 0 7,152 32 26,196 20,399 0 5,797

1938 74 34,394 31,969 0 2,425 50 9,092 7,908 0 1,184

1937 75 20,204 16,532 0 3,672 50 12,365 9,718 0 2,647

1936 69 15,206 12,873 0 2,333 42 7,735 6,397 0 1,338

1935 25 9,108 6,423 0 2,685 24 6,026 4,274 0 1,752

1934 9 941 734 0 207 9 941 734 0 207

All Cases1
109

Assistance Transactions1 Deposit Assumption Cases

Number Estimated Number Estimated

of Additional Estimated of Additional Estimated

Year Banks Disbursements Recoveries Recoveries Losses Banks Disbursements Recoveries Recoveries Losses

Recoveries and Losses by the Bank Insurance Fund on Disbursements for the Protection of Depositors, 

1934 through 2004 (continued)

Dollars in Thousands

1

2

Total 1,475 83,507,053 55,124,768 266,629 28,115,656 141 11,630,356 6,199,875 0 5,430,481

2004 3 132,781 121,446 1,965 9,370 0000 0

2003 3 883,797 680,186 127,272 76,339 0000 0

2002 5 446,130 268,521 31,343 146,266 0000 0

2001 3 25,080 19,288 0 5,792 0000 0

2000 6 268,730 235,925 1,359 31,446 0000 0

1999 7 1,244,450 494,612 94,155 655,683 0000 0

1998 3 286,598 52,821 8,545 225,232 0000 0

1997 1 25,546 20,520 0 5,026 0000 0

1996 5 169,386 130,727 0 38,659 0000 0

1995 6 609,045 524,573 0 84,472 0000 0

1994 13 1,224,769 1,045,718 0 179,051 0000 0

1993 36 1,536,109 991,860 82 544,167 0000 0

1992 95 12,280,562 9,104,081 839 3,175,642 2 1,486 1,236 0 250

1991 103 19,938,700 14,398,426 3,034 5,537,240 3 6,117 3,093 0 3,024

1990 148 8,629,084 6,390,785 0 2,238,299 1 4,935 2,597 0 2,338

1989 174 9,326,725 3,985,855 0 5,340,870 1 2,548 252 0 2,296

1988 164 9,180,495 4,232,545 0 4,947,950 80 1,730,351 189,709 0 1,540,642

1987 133 2,773,202 1,613,502 0 1,159,700 19 160,877 713 0 160,164

1986 98 3,476,140 2,209,924 0 1,266,216 7 158,848 65,669 0 93,179

1985 87 1,631,166 1,095,601 0 535,565 4 765,732 406,676 0 359,056

1984 62 1,373,198 941,674 0 431,524 2 5,531,179 4,414,904 0 1,116,275

1983 35 2,893,969 1,850,553 0 1,043,416 4 764,690 427,007 0 337,683

1982 25 268,372 213,578 0 54,794 10 1,729,538 686,754 0 1,042,784

1981 5 79,208 71,358 0 7,850 3 774,055 1,265 0 772,790

1980 7 138,623 110,248 0 28,375 1000 0

1979 7 80,553 65,369 0 15,184 0000 0

1978 6 547,751 512,314 0 35,437 0000 0

1977 6 26,650 20,654 0 5,996 0000 0

1976 13 587,981 551,872 0 36,109 1000 0

1975 10 306,128 266,582 0 39,546 0000 0

1974 4 2,403,277 2,259,633 0 143,644 1000 0

1973 3 418,467 352,081 0 66,386 0000 0

1972 000001000 0

1971 1 117,879 117,856 0 23 1000 0

1970 3 22,301 22,301 000000 0

1969 5 34,476 34,397 0 79 0000 0

1968 3 6,476 6,464 0 12 0000 0

1967 000000000 0

1966 6 9,285 8,806 0 479 0000 0

1965 2 571 425 0 146 0000 0

1964 000000000 0

1963 000000000 0

1962 000000000 0

1961 000000000 0

1960 000000000 0

1959 000000000 0

1958 1 255 255 000000 0

1957 000000000 0

1956 1 704 704 000000 0

1955 1 2,877 2,877 000000 0

1954 2 1,029 771 0 258 0000 0

1953 2 5,359 5,359 000000 0

1952 3 1,525 733 0 792 0000 0

1951 2 1,986 1,986 000000 0

1950 4 4,404 3,019 0 1,385 0000 0

1949 4 2,685 2,316 0 369 0000 0

1948 3 3,150 2,509 0 641 0000 0

1947 5 2,038 1,979 0 59 0000 0

1946 1 274 274 000000 0

1945 1 1,845 1,845 000000 0

1944 1 1,128 1,128 000000 0

1943 1 1,730 1,730 000000 0

1942 14 10,072 9,676 0 396 0000 0

1941 7 12,783 12,405 0 378 0000 0

1940 24 83,004 79,790 0 3,214 0000 0

1939 28 55,632 54,277 0 1,355 0000 0

1938 24 25,302 24,061 0 1,241 0000 0

1937 25 7,839 6,814 0 1,025 0000 0

1936 27 7,471 6,476 0 995 0000 0

1935 1 3,082 2,149 0 933 0000 0

1934 000000000 0

Totals do not include dollar amounts for the five open bank assistance transactions between 1971 and 1980. Excludes eight transactions prior to 1962 that required no disbursements. 

Also, disbursements, recoveries, and estimated additional recoveries do not include working capital advances to and repayments by receiverships.

Includes insured deposit transfer cases.

Note: Beginning with the 1997 Annual Report the number of banks in the Assistance Transactions column for 1988 was changed from 21 to 80 and the number of banks in the All Cases 

column was changed from 221 to 280 to reflect that one assistance transaction encompassed 60 institutions. Also, certain 1982, 1983, 1989 and 1992 resolutions previously reported 

in either the Deposit Payoff or Deposit Assumption categories were reclassified.
110

Income Expenses and Losses

Investment Effective Provision Administrative Interest and

Assessment Assessment and Other Assessment for and Operating Other Insur. Net Income/

Year Total Income Credits Sources Rate1 Total Losses Expenses2 Expenses (Loss)

Income and Expenses, Bank Insurance Fund, from Beginning of Operations, 

September 11, 1933, through December 31, 2004

Dollars in Millions

continued on next page

Total $ 88,804.5 $ 53,520.1 $ 6,709.1 $ 41,993.5 $ 54,707.5 $ 35,923.1 $ 11,788.5 $ 7,001.9 $ 34,097.0

2004 1,675.4 95.3 0.0 1,580.1 0.0022% 558.6 (269.4) 822.4 5.6 1,116.8

2003 1,626.0 80.2 0.0 1,545.8 0.0020% (115.7) (928.5) 805.5 7.3 1,741.7

2002 1,795.9 84.0 0.0 1,711.9 0.0022% 750.6 (87.0) 821.1 16.5 1,045.3

2001 1,996.7 47.8 0.0 1,948.9 0.0014% 2,559.4 1,756.3 785.9 17.2 (562.7)

2000 1,905.9 45.1 0.0 1,860.8 0.0014% 645.2 (153.0) 772.9 25.3 1,260.7

1999 1,815.6 33.3 0.0 1,782.3 0.0011% 1,922.0 1,168.7 730.4 22.9 (106.4)

1998 2,000.3 21.7 0.0 1,978.6 0.0008% 691.5 (37.7) 697.6 31.6 1,308.8

1997 1,615.6 24.7 0.0 1,590.9 0.0008% 177.3 (503.7) 605.2 75.8 1,438.3

1996 1,655.3 72.7 0.0 1,582.6 0.0024% 254.6 (325.2) 505.3 74.5 1,400.7

1995 4,089.1 2,906.9 0.0 1,182.2 0.1240% 483.2 (33.2) 470.6 45.8 3,605.9

1994 6,467.0 5,590.6 0.0 876.4 0.2360% (2,259.1) (2,873.4) 423,2 191.1 8,726.1

1993 6,430.8 5,784.3 0.0 646.5 0.2440% (6,791.4) (7,677.4) 388.5 497.5 13,222.2

1992 6,301.5 5,587.8 0.0 713.7 0.2300% (625.8) (2,259.7) 570.8 1,063.1 6,927.3

1991 5,790.0 5,160.5 0.0 629.5 0.2125% 16,862.3 15,476.2 284.1 1,102.0 (11,072.3)

1990 3,838.3 2,855.3 0.0 983.0 0.1200% 13,003.3 12,133.1 219.6 650.6 (9,165.0)

1989 3,494.6 1,885.0 0.0 1609.6 0.0833% 4,346.2 3,811.3 213.9 321.0 (851.6)

1988 3,347.7 1,773.0 0.0 1,574.7 0.0833% 7,588.4 6,298.3 223.9 1,066.2 (4,240.7)

1987 3,319.4 1,696.0 0.0 1,623.4 0.0833% 3,270.9 2,996.9 204.9 69.1 48.5

1986 3,260.1 1,516.9 0.0 1,743.2 0.0833% 2,963.7 2,827.7 180.3 (44.3) 296.4

1985 3,385.4 1,433.4 0.0 1,952.0 0.0833% 1,957.9 1,569.0 179.2 209.7 1,427.5

1984 3,099.5 1,321.5 0.0 1,778.0 0.0800% 1,999.2 1,633.4 151.2 214.6 1,100.3

1983 2,628.1 1,214.9 164.0 1,577.2 0.0714% 969.9 675.1 135.7 159.1 1,658.2

1982 2,524.6 1,108.9 96.2 1,511.9 0.0769% 999.8 126.4 129.9 743.5 1,524.8

1981 2,074.7 1,039.0 117.1 1,152.8 0.0714% 848.1 320.4 127.2 400.5 1,226.6

1980 1,310.4 951.9 521.1 879.6 0.0370% 83.6 (38.1) 118.2 3.5 1,226.8

1979 1,090.4 881.0 524.6 734.0 0.0333% 93.7 (17.2) 106.8 4.1 996.7

1978 952.1 810.1 443.1 585.1 0.0385% 148.9 36.5 103.3 9.1 803.2

1977 837.8 731.3 411.9 518.4 0.0370% 113.6 20.8 89.3 3.5 724.2

1976 764.9 676.1 379.6 468.4 0.0370% 212.3 28.0 180.4 3.9 552.6

1975 689.3 641.3 362.4 410.4 0.0357% 97.5 27.6 67.7 2.2 591.8

1974 668.1 587.4 285.4 366.1 0.0435% 159.2 97.9 59.2 2.1 508.9

1973 561.0 529.4 283.4 315.0 0.0385% 108.2 52.5 54.4 1.3 452.8

1972 467.0 468.8 280.3 278.5 0.0333% 59.7 10.1 49.6 6.0 407.3

1971 415.3 417.2 241.4 239.5 0.0345% 60.3 13.4 46.9 0.0 355.0

1970 382.7 369.3 210.0 223.4 0.0357% 46.0 3.8 42.2 0.0 336.7

1969 335.8 364.2 220.2 191.8 0.0333% 34.5 1.0 33.5 0.0 301.3

1968 295.0 334.5 202.1 162.6 0.0333% 29.1 0.1 29.0 0.0 265.9

1967 263.0 303.1 182.4 142.3 0.0333% 27.3 2.9 24.4 0.0 235.7

1966 241.0 284.3 172.6 129.3 0.0323% 19.9 0.1 19.8 0.0 221.1

1965 214.6 260.5 158.3 112.4 0.0323% 22.9 5.2 17.7 0.0 191.7

1964 197.1 238.2 145.2 104.1 0.0323% 18.4 2.9 15.5 0.0 178.7

1963 181.9 220.6 136.4 97.7 0.0313% 15.1 0.7 14.4 0.0 166.8

1962 161.1 203.4 126.9 84.6 0.0313% 13.8 0.1 13.7 0.0 147.3

4

3

5
111

Income Expenses and Losses

Income and Expenses, Bank Insurance Fund, from Beginning of Operations, 

September 11, 1933, through December 31, 2004 (continued)

Dollars in Millions

The effective rates from 1950 through 1984 vary from the statutory rate of 0.0833 percent due to assessment credits provided in those years. The statutory rate increased to 0.12 

percent in 1990 and to a minimum of 0.15 percent in 1991. The effective rates in 1991 and 1992 vary because the FDIC exercised new authority to increase assessments above the 

statutory rate when needed. Beginning in 1993, the effective rate is based on a risk-related premium system under which institutions pay assessments in the range of 0.23 percent 

to 0.31 percent. In May 1995, the BIF reached the mandatory recapitalization level of 1.25%. As a result, the assessment rate was reduced to 4.4 cents per $100 of insured deposits 

and assessment premiums totaling $1.5 billion were refunded in September 1995.

These expenses, which are presented as operating expenses in the Statements of Income and Fund Balance, pertain to the FDIC in its corporate capacity only and do not include costs 

that are charged to the failed bank receiverships that are managed by the FDIC. The receivership expenses are presented as part of the "Receivables from Bank Resolutions, net" line 

on the Balance Sheets. The narrative and graph presented in the "Corporate Planning and Budget" section of this report (next page) show the aggregate (corporate and receivership) 

expenditures of the FDIC.

Includes $210 million for the cumulative effect of an accounting change for certain postretirement benefits.

Includes $105.6 million net loss on government securities.

This amount represents interest and other insurance expenses from 1933 to 1972.

Includes the aggregate amount of $80.6 million of interest paid on Capital Stock between 1933 and 1948.

1

2

3

4

5

6

1

6

Total $ 88,804.5 $ 53,520.1 $ 6,709.1 $ 41,993.5 $ 54,707.5 $ 35,923.1 $ 11,788.5 $ 7,001.9 $ 34,097.0

1961 147.3 188.9 115.5 73.9 0.0323% 14.8 1.6 13.2 0.0 132.5

1960 144.6 180.4 100.8 65.0 0.0370% 12.5 0.1 12.4 0.0 132.1

1959 136.5 178.2 99.6 57.9 0.0370% 12.1 0.2 11.9 0.0 124.4

1958 126.8 166.8 93.0 53.0 0.0370% 11.6 0.0 11.6 0.0 115.2

1957 117.3 159.3 90.2 48.2 0.0357% 9.7 0.1 9.6 0.0 107.6

1956 111.9 155.5 87.3 43.7 0.0370% 9.4 0.3 9.1 0.0 102.5

1955 105.8 151.5 85.4 39.7 0.0370% 9.0 0.3 8.7 0.0 96.8

1954 99.7 144.2 81.8 37.3 0.0357% 7.8 0.1 7.7 0.0 91.9

1953 94.2 138.7 78.5 34.0 0.0357% 7.3 0.1 7.2 0.0 86.9

1952 88.6 131.0 73.7 31.3 0.0370% 7.8 0.8 7.0 0.0 80.8

1951 83.5 124.3 70.0 29.2 0.0370% 6.6 0.0 6.6 0.0 76.9

1950 84.8 122.9 68.7 30.6 0.0370% 7.8 1.4 6.4 0.0 77.0

1949 151.1 122.7 0.0 28.4 0.0833% 6.4 0.3 6.1 0.0 144.7

1948 145.6 119.3 0.0 26.3 0.0833% 7.0 0.7 6.3 0.0 138.6

1947 157.5 114.4 0.0 43.1 0.0833% 9.9 0.1 9.8 0.0 147.6

1946 130.7 107.0 0.0 23.7 0.0833% 10.0 0.1 9.9 0.0 120.7

1945 121.0 93.7 0.0 27.3 0.0833% 9.4 0.1 9.3 0.0 111.6

1944 99.3 80.9 0.0 18.4 0.0833% 9.3 0.1 9.2 0.0 90.0

1943 86.6 70.0 0.0 16.6 0.0833% 9.8 0.2 9.6 0.0 76.8

1942 69.1 56.5 0.0 12.6 0.0833% 10.1 0.5 9.6 0.0 59.0

1941 62.0 51.4 0.0 10.6 0.0833% 10.1 0.6 9.5 0.0 51.9

1940 55.9 46.2 0.0 9.7 0.0833% 12.9 3.5 9.4 0.0 43.0

1939 51.2 40.7 0.0 10.5 0.0833% 16.4 7.2 9.2 0.0 34.8

1938 47.7 38.3 0.0 9.4 0.0833% 11.3 2.5 8.8 0.0 36.4

1937 48.2 38.8 0.0 9.4 0.0833% 12.2 3.7 8.5 0.0 36.0

1936 43.8 35.6 0.0 8.2 0.0833% 10.9 2.6 8.3 0.0 32.9

1935 20.8 11.5 0.0 9.3 0.0833% 11.3 2.8 8.5 0.0 9.5

1933/4 7.0 0.0 0.0 7.0 N/A 10.0 0.2 9.8 0.0 (3.0)

Investment Effective Provision Administrative Interest and

Assessment Assessment and Other Assessment for and Operating Other Insur. Net Income/

Year Total Income Credits Sources Rate Total Losses Expenses2 Expenses (Loss)
112

FDIC

RTC

2,000

1,500

1,000

500

0

1995 96 97 98 99 2000 01 02 03 04

FDIC Expenditures 1995-2004

The FDIC’s Strategic Plan and Annual Performance Plan provide

the basis for annual planning and budgeting for needed resources.

The 2004 aggregate budget (for corporate, receivership and

investment spending) was $1.21 billion, while actual expenditures

for the year were $1.11 billion, about $77 million more than 

2003 expenditures.

Over the past 10 years, the FDIC’s expenditures have varied 

in response to workload. During the past decade, expenditures

generally declined due to decreasing resolution and receivership

activity, although they temporarily increased in 1996 in conjunction

with the absorption of the Resolution Trust Corporation (RTC) and

its residual operations and workload. Total expenditures increased

in 2002 due to an increase in receivership-related expenses. 

The largest component of FDIC spending is the costs associated

with staffing. Staffing decreased by just over 4 percent in 2004,

from 5,311 employees at the beginning of the year to 5,078 at

the end of the year.

Corporate Planning and Budget

Dollars in Millions

Note:

Resolution Trust Corporation (RTC) expenditures became the responsibility of the FDIC on January 1, 1996.
113

Deposits in Insured Banks ($ millions) Insurance Fund as a Percentage of

1

2004 $ 100,000 $ 4,387,949 $ 2,612,740 59.5 $ 34,467.1 0.79 1.32

2003 100,000 4,139,287 2,554,624 61.7 33,782.2 0.82 1.32

2002 100,000 3,867,096 2,527,948 65.4 32,050.3 0.83 1.27

2001 100,000 3,584,610 2,408,878 67.2 30,438.8 0.85 1.26

2000 100,000 3,326,745 2,301,604 69.2 30,975.2 0.93 1.35

1999 100,000 3,038,385 2,157,536 71.0 29,414.2 0.97 1.36

1998 100,000 2,996,396 2,141,268 71.5 29,612.3 0.99 1.38

1997 100,000 2,785,990 2,055,874 73.8 28,292.5 1.02 1.38

1996 100,000 2,642,107 2,007,447 76.0 26,854.4 1.02 1.34

1995 100,000 2,575,966 1,952,543 75.8 25,453.7 0.99 1.30

1994 100,000 2,463,813 1,896,060 77.0 21,847.8 0.89 1.15

1993 100,000 2,493,636 1,906,885 76.5 13,121.6 0.53 0.69

1992 100,000 2,512,278 1.945,623 77.4 (100.6) (0.00) (0.01)

1991 100,000 2,520,074 1,957,722 77.7 (7,027.9) (0.28) (0.36)

1990 100,000 2,540,930 1,929,612 75.9 4,044.5 0.16 0.21

1989 100,000 2,465,922 1,873,837 76.0 13,209.5 0.54 0.70

1988 100,000 2,330,768 1,750,259 75.1 14,061.1 0.60 0.80

1987 100,000 2,201,549 1,658,802 75.3 18,301.8 0.83 1.10

1986 100,000 2,167,596 1,634,302 75.4 18,253.3 0.84 1.12

1985 100,000 1,974,512 1,503,393 76.1 17,956.9 0.91 1.19

1984 100,000 1,806,520 1,389,874 76.9 16,529.4 0.92 1.19

1983 100,000 1,690,576 1,268,332 75.0 15,429.1 0.91 1.22

1982 100,000 1,544,697 1,134,221 73.4 13,770.9 0.89 1.21

1981 100,000 1,409,322 988,898 70.2 12,246.1 0.87 1.24

1980 100,000 1,324,463 948,717 71.6 11,019.5 0.83 1.16

1979 40,000 1,226,943 808,555 65.9 9,792.7 0.80 1.21

1978 40,000 1,145,835 760,706 66.4 8,796.0 0.77 1.16

1977 40,000 1,050,435 692,533 65.9 7,992.8 0.76 1.15

1976 40,000 941,923 628,263 66.7 7,268.8 0.77 1.16

1975 40,000 875,985 569,101 65.0 6,716.0 0.77 1.18

1974 40,000 833,277 520,309 62.5 6,124.2 0.73 1.18

1973 20,000 766,509 465,600 60.7 5,615.3 0.73 1.21

1972 20,000 697,480 419,756 60.2 5,158.7 0.74 1.23

1971 20,000 610,685 374,568 61.3 4,739.9 0.78 1.27

1970 20,000 545,198 349,581 64.1 4,379.6 0.80 1.25

1969 20,000 495,858 313,085 63.1 4,051.1 0.82 1.29

1968 15,000 491,513 296,701 60.2 3,749.2 0.76 1.26

1967 15,000 448,709 261,149 58.2 3,485.5 0.78 1.33

1966 15,000 401,096 234,150 58.4 3,252.0 0.81 1.39

1965 10,000 377,400 209,690 55.6 3,036.3 0.80 1.45

1964 10,000 348,981 191,787 55.0 2,844.7 0.82 1.48

1963 10,000 313,304 177,381 56.6 2,667.9 0.85 1.50

1962 10,000 297,548 170,210 57.2 2,502.0 0.84 1.47

1961 10,000 281,304 160,309 57.0 2,353.8 0.84 1.47

1960 10,000 260,495 149,684 57.5 2,222.2 0.85 1.48

1959 10,000 247,589 142,131 57.4 2,089.8 0.84 1.47

1958 10,000 242,445 137,698 56.8 1,965.4 0.81 1.43

1957 10,000 225,507 127,055 56.3 1,850.5 0.82 1.46

1956 10,000 219,393 121,008 55.2 1,742.1 0.79 1.44

1955 10,000 212,226 116,380 54.8 1,639.6 0.77 1.41

1954 10,000 203,195 110,973 54.6 1,542.7 0.76 1.39

1953 10,000 193,466 105,610 54.6 1,450.7 0.75 1.37

1952 10,000 188,142 101,841 54.1 1,363.5 0.72 1.34

1951 10,000 178,540 96,713 54.2 1,282.2 0.72 1.33

1950 10,000 167,818 91,359 54.4 1,243.9 0.74 1.36

1949 5,000 156,786 76,589 48.8 1,203.9 0.77 1.57

1948 5,000 153,454 75,320 49.1 1,065.9 0.69 1.42

1947 5,000 154,096 76,254 49.5 1,006.1 0.65 1.32

1946 5,000 148,458 73,759 49.7 1,058.5 0.71 1.44

1945 5,000 157,174 67,021 42.4 929.2 0.59 1.39

1944 5,000 134,662 56,398 41.9 804.3 0.60 1.43

1943 5,000 111,650 48,440 43.4 703.1 0.63 1.45

1942 5,000 89,869 32,837 36.5 616.9 0.69 1.88

1941 5,000 71,209 28,249 39.7 553.5 0.78 1.96

1940 5,000 65,288 26,638 40.8 496.0 0.76 1.86

1939 5,000 57,485 24,650 42.9 452.7 0.79 1.84

1938 5,000 50,791 23,121 45.5 420.5 0.83 1.82

1937 5,000 48,228 22,557 46.8 383.1 0.79 1.70

1936 5,000 50,281 22,330 44.4 343.4 0.68 1.54

1935 5,000 45,125 20,158 44.7 306.0 0.68 1.52

1934 5,000 40,060 18,075 45.1 291.7 0.73 1.61

Total Estimated Percentage Deposit Total Estimated

Insurance Domestic Insured of Insured Insurance Domestic Insured

Year Coverage Deposits Deposits Deposits Fund Deposits Deposits

Estimated Insured Deposits and the Bank Insurance Fund, December 31,1934, through September 30, 2004 

2 3

4

2

3

4

1

For 2004, the numbers are as of September 30, and prior years reflect December 31 data.

Starting in 1990, deposits in insured banks exclude those deposits held by Bank Insurance Fund members that are insured by the Savings Association Insurance Fund and include those

deposits held by Savings Association Insurance Fund members that are insured by the Bank Insurance Fund.

Estimated insured deposits reflect deposit information as reported in the fourth quarter FDIC Quarterly Banking Profile. Before 1991, insured deposits were estimated using percentages 

determined from the June 30 Call Reports.

Initial coverage was $2,500 from January 1 to June 30, 1934.
114

Income Expenses and Losses

Income and Expenses, Savings Association Insurance Fund, by Year, 

from Beginning of Operations, August 9, 1989, through December 31, 2004

Dollars in Thousands

Funding

Investment Interest Administrative Transfer

and Effective Provision and Other and from

Assessment Other Assessment for Insurance Operating the FSLIC Net Income/

Year Total Income Sources Rate Total Losses Expenses Expenses Resolut. Fund (Loss)

Total $ 13,906,514 $ 8,651,474 $ 5,255,040 $ 1,563,784 $ 396,588 $ 30,109 $ 1,137,087 $ 139,498 $ 12,482,228

2004 564,775 8,891 555,884 0.001% 48,324 (72,162) 204 120,282 0 516,451

2003 547,260 14,594 532,666 0.001% 47,200 (82,489) 105 129,584 0 500,060

2002 588,821 23,783 565,038 0.003% (31,380) (156,494) 751 124,363 0 620,201

2001 733,121 35,402 697,719 0.004% 564,083 443,103 19,389 101,591 0 169,038

2000 664,080 19,237 644,843 0.002% 300,018 180,805 8,293 110,920 0 364,062

1999 600,995 15,116 585,879 0.002% 124,156 30,648 626 92,882 0 476,839

1998 583,859 15,352 568,507 0.002% 116,629 31,992 9 84,628 0 467,230

1997 549,912 13,914 535,998 0.004% 69,986 (1,879) 0 71,865 0 479,926

1996 5,501,684 5,221,560 280,124 0.204% (28,890) (91,636) 128 62,618 0 5,530,574

1995 1,139,916 970,027 169,889 0.234% (281,216) (321,000) 0 39,784 0 1,421,132

1994 1,215,289 1,132,102 83,187 0.244% 434,303 414,000 0 20,303 0 780,986

1993 923,516 897,692 25,824 0.250% 46,814 16,531 0 30,283 0 876,702

1992 178,643 172,079 6,564 0.230% 28,982 (14,945) (5) 43,932 35,446 185,107

1991 96,446 93,530 2,916 0.230% 63,085 20,114 609 42,362 42,362 75,723

1990 18,195 18,195 0 0.208% 56,088 0 0 56,088 56,088 18,195

1989 2 0 2 0.208% 5,602 0 0 5,602 5,602 2

FDIC-Insured Institutions Closed During 2004

Dollars in Thousands

1

1

2

3

2

3

Number of Date of Receiver/

Name and Bank Deposit Total Total FDIC Estimated Closing or Assuming Bank

Location Class Accounts Assets Deposits Disbursements Loss Acquisition and Location

Bank Insurance Fund

Purchase and Assumption - Insured Deposits

Bank of Ephraim Far West Bank

Ephraim, UT SM 8,412 $ 46,181 $ 39,432 $ 39,327 $ 5,379 06.25.04 Provo, UT

Whole Bank Purchase and Assumption - All Deposits2

Guaranty National Bank Hancock Bank of Florida

Tallahassee, FL N 7,135 $ 77,280 $ 69,301 $ 69,306 $ 0 03.12.04 Tallahassee, FL

Purchase and Assumption - All Deposits3

Reliance Bank Union State Bank

White Plains, NY NM 1,184 $ 27,059 $ 24,147 $ 24,147 $ 3,991 03.19.04 Orangeburg, NY

Savings Association Insurance Fund

Direct Payoff

Dollar Savings Bank Federal Deposit

Newark, NJ SB 1,064 $ 15,346 $ 13,005 $ 5,634 $ 0 02.14.04 Insurance Corporation

Codes for N – NM – SB – SM – 

Bank Class: National bank State-chartered bank that is not Savings Bank State-chartered bank that is a member 

a member of the Federal Reserve System of the Federal Reserve System

Estimated losses are as of December 31, 2004. Estimated losses are routinely adjusted with updated information from new appraisals and asset sales, which ultimately affect the asset 

values and projected recoveries.

The buyer purchased essentially all the assets and liabilities of the bank.

The buyer bids one price for the deposit franchise and then bids for optional asset pools for the bank.
115

Deposits in Insured Institutions ($ Millions) Insurance Fund as a Percentage of 

Total Estimated Percentage of Deposit Total Estimated

Insurance Domestic Insured Insured Insurance Domestic Insured

Year2 Coverage Deposits Deposits Deposits Fund Deposits Deposits 3

Estimated Insured Deposits and the Savings Association Insurance Fund, 

December 31, 1989, through September 30, 2004

2004 $ 100,000 $ 1,127,884 $ 943,881 83.7 $ 12,522.7 1.11 1.33

2003 100,000 1,042,729 896,493 86.0 12,240.1 1.17 1.37

2002 100,000 990,231 860,351 86.9 11,746.7 1.19 1.37

2001 100,000 897,278 801,849 89.4 10,935.0 1.22 1.36

2000 100,000 822,610 752,756 91.5 10,758.6 1.31 1.43

1999 100,000 764,359 711,345 93.1 10,280.7 1.35 1.45

1998 100,000 751,413 708,959 94.4 9,839.8 1.31 1.39

1997 100,000 721,503 690,132 95.7 9,368.3 1.30 1.36

1996 100,000 708,749 683,090 96.4 8,888.4 1.25 1.30

1995 100,000 742,547 711,017 95.8 3,357.8 0.45 0.47

1994 100,000 720,823 692,626 96.1 1,936.7 0.27 0.28

1993 100,000 726,473 695,158 95.7 1,155.7 0.16 0.17

1992 100,000 760,902 729,458 95.9 279.0 0.04 0.04

1991 100,000 810,664 776,351 95.8 93.9 0.01 0.01

1990 100,000 874,738 830,028 94.9 18.2 0.00 0.00

1989 100,000 948,144 882,920 93.1 0.0 0.00 0.00

Estimated

Receivership

Year 2 Total Assets Deposits Loss Loss to Funds

Total 754 397,387,543 320,185,772 75,137,917 82,051,424

2004 1 15,346 13,005 0 0

2003 0 0 0 0 0

2002 1 50,246 50,542 0 0

2001 1 2,179,783 1,670,802 363,119 363,119

2000 1 29,530 28,583 1,322 1,322

1999 1 62,956 63,427 1,194 1,194

1998 0 0 0 0 0

1997 0 0 0 0 0

1996 1 32,576 32,745 21,921 21,921

1995 2 423,819 414,692 28,192 27,784

1994 2 136,815 127,508 11,472 16,277

1993 10 7,178,794 5,708,253 268,760 66,468

1992 59 44,196,946 34,773,224 3,121,116 3,674,655

1991 144 78,898,704 65,173,122 8,429,888 9,027,005

1990 213 129,662,398 98,963,960 16,025,234 19,220,753

19895 318 134,519,630 113,165,909 46,865,699 49,630,926

Number, Assets, Deposits, Losses, and Loss to Funds of Insured Thrifts Taken Over 

or Closed Because of Financial Difficulties, 1989 through 20041

Dollars in Thousands

3 4

Prior to July 1, 1995, all thrift closings were the responsibility of the Resolution Trust Corporation (RTC). Since the RTC was terminated on December 31, 1995, and all assets and liabilities 

transferred to the FSLIC Resolution Fund (FRF), all the results of the thrift closing activity from 1989 through 1995 are now reflected on FRF's books. The Savings Association Insurance 

Fund (SAIF) became responsible for all thrifts closed after June 30, 1995; there have been only six such failures. Additionally, SAIF was appointed receiver of one thrift (Heartland FSLA) 

on October 8, 1993, because, at that time, RTC's authority to resolve FSLIC-insured thrifts had not yet been extended by the RTC Completion Act.

Year is the year of failure, not the year of resolution.

The estimated losses represent the projected loss at the fund level from receiverships for unreimbursed subrogated claims of the FRF/SAIF and unpaid advances to receiverships from 

the FRF.

The Loss to Funds represents the total resolution cost of the failed thrifts in the SAIF and FRF-RTC funds, which includes corporate revenue and expense items such as interest expense 

on Federal Financing Bank debt, interest expense on escrowed funds, and interest revenue on advances to receiverships, in addition to the estimated losses for receiverships.

Total for 1989 excludes nine failures of the former FSLIC.

1

2

3

4

5

1

For 2004, the numbers are as of September 30, and prior years reflect December 31.

Starting in 1990, deposits in insured institutions exclude those deposits held by Savings Association Insurance Fund members that are insured by the Bank Insurance Fund and include 

those deposits held by Bank Insurance Fund members that are insured by the Savings Association Insurance Fund.

Estimated insured deposits reflect deposit information as reported in the fourth quarter FDIC Quarterly Banking Profile. Before 1991, insured deposits were estimated using percentages 

determined from the June 30 Call Reports.

1

2

3
116

2004 2003 2002

Deposit Insurance 176 141 112

Approved 176 140 112

Denied 0 1 0

New Branches 1,447 1,227 1,285

Approved 1,447 1,227 1,285

Denied 0 0 0

Mergers 311 304 201

Approved 311 304 201

Denied 0 0 0

Requests for Consent to Serve●301 369 295

Approved 301 368 295

Section 19 13 13 12

Section 32 288 355 283

Denied 0 1 0

Section 19 0 0 0

Section 32 0 1 0

Notices of Change in Control 18 30 31

Letters of Intent Not to Disapprove 18 30 31

Disapproved 0 0 0

Brokered Deposit Waivers 32 28 33

Approved 32 28 33

Denied 0 0 0

Savings Association Activities■70 56 69

Approved 70 56 69

Denied 0 0 0

State Bank Activities/Investments▼27 19 26

Approved 27 19 26

Denied 0 0 0

Conversions of Mutual Institutions 12 7 4

Non-Objection 12 7 4

Objection 0 0 0

Under Section 19 of the Federal Deposit Insurance (FDI) Act, an insured institution must receive FDIC approval before 

employing a person convicted of dishonesty or breach of trust. Under Section 32, the FDIC must also approve any change 

of directors or senior executive officers at a state nonmember bank that is not in compliance with capital requirements 

or is otherwise in troubled condition.

Amendments to Part 303 of the FDIC Rules and Regulations changed FDIC oversight responsibility in October 1998.

Section 24 of the FDI Act, in general, precludes an insured state bank from engaging in an activity not permissible for

a national bank and requires notices to be filed with the FDIC. 

FDIC Actions on Financial Institutions Applications 2002-2004

●

■

▼
117

2004 2003 2002

Total Number of Actions Initiated by the FDIC 217 174 162

Termination of Insurance 

Involuntary Termination

Sec. 8a For Violations, Unsafe/Unsound Practices or Condition 0 0 0

Voluntary Termination 

Sec.8a By Order Upon Request 0 0 0

Sec.8p No Deposits 2 5 7

Sec.8q Deposits Assumed 38 12 7

Sec. 8b Cease-and-Desist Actions

Notices of Charges Issued 0 2 4

Consent Orders 28 33 44

Sec. 8e Removal/Prohibition of Director or Officer 

Notices of Intention to Remove/Prohibit 3 4 4

Consent Orders 58 31 15

Sec. 8g Suspension/Removal When Charged With Crime 1 0 0

Civil Money Penalties Issued

Sec.7a Call Report Penalties 0 0 1

Sec.8i Civil Money Penalties 68 55 65

Sec. 10c Orders of Investigation 15 20 7

Sec. 19 Denials of Service After Criminal Conviction 1 0 0

Sec. 32 Notices Disapproving Officer/Director’s Request for Review 0 1 0

Truth-in-Lending Act Reimbursement Actions

Denials of Requests for Relief 0 0 0

Grants of Relief 0 0 0

Banks Making Reimbursement ■73 96 106

Suspicious Activity Reports (Open and closed institutions)■83,453 62,179 42,123

Other Actions Not Listed 3 11 8

Two actions included Sec.8 (c) temporary orders.

These actions do not constitute the initiation of a formal enforcement action and, therefore, are not included in the total 

number of actions initiated.

Compliance, Enforcement and Other Related Legal Actions 2002-2004

●

●

■
118

In addition to his professional

experience as a banker, Mr. Powell

has served on numerous boards 

at universities, civic associations, 

hospitals and charities. 

Of note, Mr. Powell has served as

the Chairman of the Board of Regents

of the Texas A&M University System,

which has more than 90,000 students,

the Chairman of the Amarillo Chamber

of Commerce, and currently serves

on the Advisory Board of the 

George Bush School of Government

and Public Service. 

Mr. Powell has also served on the

boards of many other nonprofit, 

public and community organizations,

including the United Way, the

Harrington Regional Medical Center,

the City of Amarillo Housing Board,

and a number of other educational

institutions. 

He received his B.S. in economics

from West Texas State University and

is a graduate of The Southwestern

Graduate School of Banking at

Southern Methodist University.

Donald E. Powell

Don Powell was sworn in as the 

18th Chairman of the FDIC in 

August 2001. During his tenure he 

has worked to maintain the FDIC’s 

reputation of excellence while 

positioning the organization to 

meet the needs of a rapidly evolving

banking industry.

Prior to being named Chairman of 

the FDIC by President George W. Bush, 

Mr. Powell – a life-long Texan – 

was President and CEO of The First 

National Bank of Amarillo, where he 

started his banking career in 1971. 

Appendix B–

More About the FDIC

James Kegley

FDIC Board of Directors

Donald E. Powell, Chairman, John M. Reich (seated), 

James E. Gilleran, Thomas L. Curry, and John D. Hawke, Jr., (standing, left to right)
119

James E. Gilleran

Mr. Gilleran became Director of the

Office of Thrift Supervision (OTS) 

on December 7, 2001. As OTS

Director, Mr. Gilleran is an ex-officio

member of the FDIC Board.

Mr. Gilleran was Chairman and CEO

of the Bank of San Francisco from

October 1994 until December 2000.

From 1989 to 1994, he was the

California State Banking Superintendent. He served as Chairman 

of the Conference of State Bank

Supervisors (CSBS) from 1993 to

1994, and was a member of the

CSBS’s Bankers Advisory Council

until 2000. 

Prior to his service as the California

Banking Superintendent, Mr. Gilleran

was managing partner of the

Northern California practice of the

public accounting firm KPMG Peat

Marwick. Before serving as managing

partner, he was in charge of KPMG’s

banking practice in the western

region of the U.S. He was with

KPMG from 1958 through 1987.

Mr. Gilleran has also been involved 

in a number of educational, civic and

charitable organizations, including

serving as Chairman of both the

American Red Cross of the 

San Francisco Bay Area and 

the Metropolitan YMCA.

Mr. Gilleran is a certified public

accountant and a member of the

American Institute of CPAs. He 

graduated from Pace University in

1955, and received his law degree

from Northwestern California

University in 1996. 

John M. Reich 

Mr. Reich became Vice Chairman 

of the FDIC Board of Directors 

on November 15, 2002, and has

served as a Board member since

January 16, 2001. Following

Chairman Donna Tanoue’s resignation

in July 2001 until Mr. Powell took

office in August 2001, Mr. Reich was

Acting Chairman of the FDIC.

Mr. Reich enjoyed a 23-year career

as a community banker in Illinois 

and Florida, the last 10 years of

which were as President and CEO 

of the National Bank of Sarasota,

Sarasota, FL.

Before joining the FDIC, Mr. Reich

served for 12 years on the staff of

U.S. Senator Connie Mack (R-FL).

From 1998 through 2000, he was

Senator Mack’s Chief of Staff, 

directing and overseeing all of the

Senator’s offices and committee

activities, including the Senate

Banking Committee. 

Mr. Reich’s substantial community

service includes serving as Chairman

of the Board of Trustees of a public

hospital facility in Ft. Myers, FL, and

Chairman of the Board of Directors

of the Sarasota Family YMCA. He

has also served as a Board member

for a number of civic organizations,

and was active for many years in

youth baseball programs.

Mr. Reich holds a B.S. degree from

Southern Illinois University and 

an M.B.A. from the University of 

South Florida. He is also a graduate

of Louisiana State University’s

School of Banking of the South.

Thomas J. Curry

Mr. Curry took office as a member 

of the FDIC Board of Directors on

January 12, 2004. Previously, he 

had served five Massachusetts

Governors as the Commonwealth’s

Commissioner of Banks, from 

1995 to 2003. He served as Acting

Commissioner from 1994 to 1995,

and as First Deputy Commissioner

from 1987 to 1994. 

Mr. Curry currently serves on 

the Board of Directors of the

Neighborhood Reinvestment

Corporation.

Mr. Curry was also Chairman of the

Conference of State Bank Supervisors

from 2000 to 2001, and a member 

of the State Liaison Committee 

of the Federal Financial Institutions

Examination Council from 1996 

to 2003.

Mr. Curry joined the Commonwealth’s

Division of Banks in 1986. He entered

state government in 1982 as an

attorney with the Massachusetts

Secretary of State’s Office.

Mr. Curry is a graduate of Manhattan

College (summa cum laude), where

he was elected to Phi Beta Kappa.

He received his law degree from 

the New England School of Law. 
120

John D. Hawke, Jr. 

Mr. Hawke was sworn in as the 

28th Comptroller of the Currency on

December 8, 1998. After serving 10

months under a recess appointment,

he was sworn in for a full five-year term

on October 13, 1999. As Comptroller,

Mr. Hawke served as an FDIC Board

member until his resignation on

October 13, 2004. Mr. Hawke’s successor to the Board is Julie Williams,

Acting Comptroller of the Currency. 

Prior to his appointment as Comptroller,

Mr. Hawke served for three and 

a half years as Under Secretary of

the Treasury for Domestic Finance.

Before joining Treasury, Mr. Hawke

was a senior partner at the

Washington, DC, law firm of Arnold

& Porter, where he began as an

associate in 1962. While there, 

he headed the financial institutions

practice, and from 1987 to 1995,

served as the firm’s Chairman. In

1975, he left the firm to serve as

General Counsel to the Board of

Governors of the Federal Reserve

System, returning in 1978.

Mr. Hawke graduated from Yale

University in 1954 with a B.A. 

in English. From 1955 to 1957, 

he served on active duty with the 

U.S. Air Force. After graduating in

1960 from Columbia University 

School of Law, where he was 

Editor-in-Chief of the Columbia Law

Review, Mr. Hawke was a law clerk

for Judge E. Barrett Prettyman on

the U.S. Court of Appeals for the

District of Columbia Circuit. From

1961 to 1962, he served as counsel

to the Select Subcommittee on

Education in the House of

Representatives.

From 1970 to 1987, Mr. Hawke

taught courses on federal regulation

of banking at Georgetown University

Law Center. He has also taught

courses on bank acquisitions and

financial regulation, and served as

the Chairman of the Board of Advisors

of the Morin Center for Banking Law

Studies in Boston. Mr. Hawke also

has written extensively on matters

relating to the regulation of financial

institutions. 

Julie L. Williams

Ms. Williams is currently serving as

Acting Comptroller of the Currency,

succeeding John D. Hawke, Jr. and

is also his successor on the FDIC

Board of Directors. Ms. Williams has

been First Senior Deputy Comptroller

since 1999 and also Chief Counsel

since 1994. She was also Acting

Comptroller from April to December

1998. 

As Chief Counsel, Ms. Williams was

responsible for all of the agency’s

legal activities and also supervised

the Licensing Department and the

Community Affairs Department. 

Ms. Williams served as a member 

of the OCC’s Executive Committee.

She has led the Executive Committee

in providing policy and strategic

direction to the agency.

Previously, Ms. Williams had been

Senior Deputy Chief Counsel at 

the Office of Thrift Supervision, and

served since 1983 at that agency

and its predecessor, the Federal

Home Loan Bank Board. She worked

on securities and banking law issues

at Fried, Frank, Harris, Shriver and

Kampelman in Washington from

1975 to 1983.

Ms. Williams is a graduate of

Goddard College, Vermont, and 

graduated first in her class at Antioch

School of Law, Washington, DC.

She is the author of numerous 

articles on banking, securities and

financial institutions law. 
121 

FDIC Organization Chart/Officials

as of December 31, 2004 Board of Directors

Donald E. Powell

John M. Reich

Thomas J. Curry

James E. Gilleran

Julie L. Williams (acting)

Office of the Chairman

Donald E. Powell

Chairman

Office of Inspector 

General

Gaston L. Gianni, Jr.

Inspector General

Deputy 

to the Chairman

John M. Brennan

Chief 

Information Officer

Michael E. Bartell

Deputy to the Chairman 

and Chief Operating Officer

John F. Bovenzi

Division of Insurance 

and Research

Arthur J. Murton

Director

Division of Resolutions 

and Receiverships

Mitchell L. Glassman

Director

Division of 

Administration

Arleas Upton Kea

Director

Legal 

Division 

William F. Kroener, III

General Counsel

Division of Supervision 

and Consumer Protection

Michael J. Zamorski

Director

Division of Information 

Resources Management

Michael E. Bartell

Director

Office of Diversity and 

Economic Opportunity

D. Michael Collins

Director

Office of the 

Ombudsman

Cottrell L. Webster

Ombudsman

Division of 

Finance

Frederick S. Selby

Director

Office of Enterprise 

Risk Management

James H. Angel, Jr.

Director

General

Counsel

William F. Kroener, III

Deputy to the Chairman 

and Chief Financial Officer

Steven O. App 

Office of 

Legislative Affairs

Alice C. Goodman

Director

Office of 

Public Affairs

Stan Ivie

Interim Director

Chief of Staff

Jodey C. Arrington

Vice Chairman

John M. Reich

Corporate 

University

David C. Cooke

Chief, Learning Officer
122

15,000

12,000

9,000

6,000

3,000

0

RTC

FDIC

Total Staffing

Note:

All staffing totals reflect year-end balances.

The Resolution Trust Corporation (RTC) was fully staffed with FDIC employees and, until February 1992, the RTC was managed 

by the FDIC Board of Directors. Upon the RTC sunset at year-end 1995, all of its remaining workload and employees were 

transferred to the FDIC.

1995 96 97 98 99 2000 01 02 03 04

Staffing Trends 1995-2004

2,043 

9,813 9,151 7,793 7,359 7,266 6,452 6,167 5,430 5,311 5,078

11,856 9,151 7,793 7,359 7,266 6,452 6,167 5,430 5,311 5,078 

Corporate Staffing
123 

Total Washington Regional/ Field 

2004 2003 2004 2003 2004 2003

Executive Offices●42 41 42 40 0 1

Division of Supervision and Consumer Protection 2,604 2,797 179 188 2,425 2,609

Division of Resolutions and Receiverships 504 520 99 100 405 420

Legal Division 488 506 303 315 185 191

Division of Finance 195 205 195 205 0 0

Division of Information Resources Management 386 391 324 331 62 60

Division of Insurance and Research 191 186 157 156 34 30

Division of Administration▼415 424 274 281 141 143

Office of Inspector General 157 150 111 107 46 43

Office of Diversity and Economic Opportunity 34 33 34 33 0 0

Office of the Ombudsman 18 18 15 15 3 3

Office of Enterprise Risk Management 12 14 12 14 0 0

Corporate University▼32 26 32 26 0 0

Total 5,078 5,311 1,777 1,811 3,301 3,500

Includes the Offices of the Chairman, Vice Chairman, Director (Appointive), Chief Operating Officer, Chief Financial Officer, Chief Information Officer, Legislative Affairs, and 

Public Affairs.

Corporate University was established on February 3, 2003. The Corporate training function was previously in the Division of Administration.

The Office of Internal Control Management was renamed to the Office of Enterprise Risk Management on April 2, 2004.

Number of Officials and Employees of the FDIC 2003-2004 (year-end)

●

▼

■

■
124

Home Page on the Internet

www.fdic.gov

A wide range of banking, consumer

and financial information is available

on the FDIC’s Internet home page.

This includes the FDIC’s Electronic

Deposit Insurance Estimator, “EDIE,”

which estimates an individual’s

deposit insurance coverage; the

Institution Directory, financial 

profiles of FDIC-insured institutions;

Community Reinvestment Act 

evaluations and ratings for institutions

supervised by the FDIC; Call Reports,

banks’ reports of condition and

income; and Money Smart, a

training program to help individuals

outside the financial mainstream

enhance their money management

skills and create positive banking

relationships. Readers also can

access a variety of consumer 

pamphlets, FDIC press releases,

speeches and other updates on 

the agency’s activities, as well as

corporate databases and customized

reports of FDIC and banking industry

information.

FDIC Call Center

Phone: 877-275-3342 

(877-ASK FDIC)

202-736-0000 

Hearing

Impaired: 800-925-4618

The FDIC Call Center in Washington, DC,

is the primary telephone point of 

contact for general questions from 

the banking community, the public and 

FDIC employees. The Call Center

directly, or in concert with other FDIC

subject matter experts, responds to

questions about deposit insurance and

other consumer issues and concerns,

as well as questions about FDIC

programs and activities. The Call

Center also makes referrals to other

federal and state agencies as needed.

Hours of operation are 8:00 a.m. to

8:00 p.m. Eastern Time. Information 

is also available in Spanish. Recorded

information about deposit insurance

and other topics is available 24 hours

a day at the same telephone number.

Public Information Center

801 17th Street, NW

Room 100

Washington, DC 20434

Phone: 877-275-3342 

(877-ASK FDIC), or

202-416-6940 

Fax: 202-416-2076

E-mail: publicinfo@fdic.gov

FDIC publications, press releases,

speeches and Congressional 

testimony, directives to financial

institutions, policy manuals and other

documents are available on request

or by subscription through the 

Public Information Center. These

documents include the Quarterly

Banking Profile, FDIC Consumer

News and a variety of deposit 

insurance and consumer pamphlets.

Sources of Information

Office of the Ombudsman

550 17th Street, NW

Washington, DC 20429

Phone: 877-275-3342 

(877- ASK FDIC)

Fax: 202-942-3040, or 

202-942-3041

E-mail: ombudsman@fdic.gov

The Office of the Ombudsman

responds to inquiries about the 

FDIC in a fair, impartial and timely

manner. It researches questions and

complaints from bankers and the

public. The office also recommends

ways to improve FDIC operations,

regulations and customer service.
125 

San Francisco Regional Office

25 Ecker Street

Suite 2300

San Francisco, California 94105

(415) 546-0160

Alaska Montana

Arizona Nevada

California Oregon

Guam Utah

Hawaii Washington

Idaho Wyoming

Kansas City Regional Office

2345 Grand Boulevard

Suite 1200

Kansas City, Missouri 64108

(816) 234-8000

Iowa North Dakota

Kansas South Dakota

Minnesota 

Missouri

Nebraska

Dallas Regional Office

1910 Pacific Avenue

Suite 1900

Dallas, Texas 75201

(214 ) 754-0098

Colorado

New Mexico

Oklahoma

Texas

Memphis Area Office

5100 Poplar Avenue

Suite 1900

Memphis, Tennessee 38137

(901) 685-1603

Arkansas 

Louisiana 

Mississippi

Tennessee

Chicago Regional Office

500 West Monroe Street

Suite 3500

Chicago, Illinois 60661

(312) 382-7500

Illinois Wisconsin

Indiana 

Kentucky

Michigan 

Ohio

Atlanta Regional Office

10 Tenth Street, NE

Suite 800

Atlanta, Georgia 30309

(678) 916-2200

Alabama Virginia

Florida West Virginia

Georgia

North Carolina

South Carolina

New York Regional Office

20 Exchange Place

4th Floor

New York, New York 10005

(917) 320-2500

Delaware Puerto Rico

District of Columbia Virgin Islands

Maryland 

New Jersey

New York

Pennsylvania

Boston Area Office

15 Braintree Hill Office Park

Suite 100

Braintree, Massachusetts 02184

(781) 794-5500

Connecticut

Maine

Massachusetts 

New Hampshire

Rhode Island

Vermont

Regional and Area Offices
126

Appendix C – Office of Inspector General’s Assessment of the Management 

and Performance Challenges Facing the FDIC

The following chart shows the FDIC’s most significant management and performance challenges as identified by the 

Office of Inspector General (OIG):

No. Challenge Brief Description

1. Corporate Governance in Corporate governance is generally defined as the fulfillment of the broad 

Insured Depository Institutions stewardship responsibilities entrusted to the board of directors, officers, 

and external and internal auditors of a corporation. A number of well-publicized

announcements of business and accountability failings, including those 

of financial institutions, have raised questions about the credibility 

of management oversight and accounting practices in the United States. 

In certain cases, board members and senior management engaged in highrisk activities without proper risk-management processes, did not maintain 

adequate loan policies and procedures, and circumvented or disregarded 

various laws and banking regulations. In an increasingly consolidated financial

industry, effective corporate governance is needed to ensure adequate stress

testing and risk-management processes covering the entire organization. 

Adequate corporate governance protects the depositor, institution, nation’s 

financial system, and FDIC in its role as deposit insurer. A lapse in corporate 

governance can lead to a rapid decline in public confidence, with potentially 

disastrous results to the institution. The FDIC’s efforts in achieving sound 

corporate governance without undue regulatory burden remain a management

challenge. 

2. Management and Analysis of A primary goal of the FDIC under its insurance program is to ensure that its 

Risks to the Insurance Funds deposit insurance funds do not require augmentation by the U.S. Treasury.

Achieving this goal is a considerable challenge that requires effective communication and coordination with the other federal banking agencies. The 

FDIC engages in an ongoing process of proactively identifying risks to the 

deposit insurance funds and adjusting the risk-based deposit insurance 

premiums charged to the institutions. The consolidations that have occurred 

among banks, securities firms, insurance companies, and other financial 

services providers resulting from the Gramm-Leach-Bliley Act (GLBA) pose 

additional risks to the FDIC’s insurance funds. Large banks may pose greater

risks to the insurance funds as a result of the Basel II capital accord, which 

aims to align capital reserves more closely with the risks faced by banks 

and thrifts operating internationally. Basel II can result in reduced capital 

requirements at large institutions and increase competitive pressure on 

smaller institutions. Basel II will have far-reaching effects on the management

and supervision of the largest, most complex banking organizations in the 

world. The United States has an important role in Basel II implementation 

because it supervises more bank assets than the other accord participants. 
127 

Appendix C – Office of Inspector General’s Assessment of the Management 

and Performance Challenges Facing the FDIC (continued)

Challenge Brief Description

3. Security Management The FDIC relies heavily upon automated information systems to collect, 

process, and store vast amounts of banking information. This information 

is used by financial regulators, academia, and the public to assess market 

and institution conditions, develop regulatory policy, and conduct research 

and analysis on important banking issues. Ensuring the confidentiality, 

integrity, and availability of this information in an environment of increasingly 

sophisticated security threats requires a strong, enterprise-wide information 

security program at the FDIC and insured depository institutions. Additional 

security-related threats include those focusing on disrupting the economic 

security of our nation. The FDIC and insured depository institutions need 

to ensure that sound disaster recovery and business continuity planning 

is present to safeguard depositors, investors, and others who depend 

on the financial services.

4. Money Laundering and The nation faces a new and changing threat unlike any we have faced 

Terrorist Financing before — the global threat of terrorism. In response to this threat, the 

Congress enacted the Uniting and Strengthening America by Providing 

Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, 

Public Law 107-56 (USA PATRIOT Act), which expands the Treasury 

Department’s authority initially established under the Bank Secrecy Act 

of 1970 (BSA) to regulate the activities of U.S. financial institutions, 

particularly their relations with individuals and entities with foreign ties. 

Specifically, the USA PATRIOT Act expands the BSA beyond its original 

purpose of deterring and detecting money laundering to also address 

terrorist financing activities. In today’s global banking environment, where 

funds are transferred instantly and communication systems make services 

available internationally, a lapse at even a small financial institution outside 

of a major metropolitan area can have significant implications across the 

nation. The reality today is that all institutions are at risk of being used 

to facilitate criminal activities, including terrorist financing. 

5. Protection of In addition to its mission of maintaining public confidence in the nation’s 

Consumers’ Interests financial system, the FDIC also serves as an advocate for consumers 

through its oversight of a variety of statutory and regulatory requirements 

aimed at protecting consumers from unfair and unscrupulous banking 

practices. The FDIC is legislatively mandated to enforce various statutes 

and regulations regarding consumer protection and civil rights with respect 

to state-chartered, non-member banks and to encourage community 

investment initiatives by these institutions. Ensuring the protection of 

consumer interests is a major challenge in an environment of increasingly 

large financial institutions that lack the historic geographic boundaries or 

operations and offer an increasing array of consumer products. One key 

concern is identity protection. It is essential that customer information is 

safeguarded in order to maintain confidence in our nation’s financial system.
128

Design: FDIC/DOA/CSB/Design and Printing Unit

Appendix C – Office of Inspector General’s Assessment of the Management 

and Performance Challenges Facing the FDIC (continued)

Challenge Brief Description

6. Corporate Governance Corporate governance within the FDIC is the responsibility of the Board 

in the FDIC of Directors, officers, and operating managers in fulfilling the Corporation’s 

broad mission functions. It also provides the structure for setting goals and 

objectives, the means to attaining those goals and objectives, and ways 

of monitoring performance. Management of the FDIC’s corporate resources 

is essential for efficiently achieving the FDIC’s program goals and objectives.

In the spirit of the President’s Management Agenda, the FDIC is undertaking

a number of initiatives to improve operational efficiency and effectiveness, 

including major new procurement initiatives related to information technology,

numerous new projects to field state-of-the-art information systems, and 

increasing security requirements to protect FDIC personnel and resources. 

Along with the recent announcements concerning corporate downsizing, 

effective corporate governance is a significant challenge.

7. Resolution and Receivership One of the FDIC’s responsibilities is planning and efficiently handling the 

Activities franchise marketing of failing FDIC-insured institutions and providing prompt, 

responsive, and efficient resolution of failed financial institutions. These 

activities maintain confidence and stability in our financial system. Functions 

related to pre-closing, closing, and post-closing of failed financial institutions 

are accompanied by significant challenges to ensure the least-costly 

strategies are used to achieve the FDIC’s mission. 


2004

This Annual Report was produced by talented 

and dedicated staff. To these individuals, we would 

like to offer our sincere thanks and appreciation. 

Special recognition is given to the following individuals 

for their contributions:

Sam Collicchio

Pearline Crosland

Jannie F. Eaddy

Terry Ferril

Barbara Glasby

Addie Hargrove

Patricia Hughes

Mia Jordan

Joan Spirtas

Federal

Deposit

Insurance

Corporation