Full text of Federal Reserve Bank of New York Circulars : 7744. [Closure of The People's Bank of the Virgin Islands]

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F E D E R A L R E S E R V E BANK
O F N EW YORK

C ircu lar No. 7744
O ctober 29, 1975

To A ll B an k in g In stitu tio n s, an d O th ers C oncerned,
in the S e c o n d F e d e r a l R e s e r v e D istric t:

We have been advised that The Peoples Bank of the
Virgin Islands (a nonmember bank) has been closed and that the
Federal Deposit Insurance Corporation has been appointed Receiver.
We have been further advised that the insured deposits of The
Peoples Bank of the Virgin Islands have been transferred to the
Deposit Insurance National Bank of the Virgin Islands.

The

Federal Reserve Bank of New York will attempt to obtain payment
from the Deposit Insurance National Bank of the Virgin Islands
for items drawn on the closed bank that are sent to us for
collection.




P a u l A. V o l c k e r ,
President.