November 26, 2008
DFI Approves Ford Group Bank Application under Expedited Procedures
On November 17, 2008, DFI received and approved the application to organize the Ford Group Bank (In Organization). Under long-established expedited application procedures in place at DFI, the bank was approved for the purpose of purchasing the assets and assuming the liabilities of failing financial institutions from the Federal Deposit Insurance Corporation (FDIC) in its capacity as receiver of those failed institutions. This same-day filing and approval demonstrates the responsiveness of the DFI to help minimize the disruption to the financial system and facilitate the orderly resolution of troubled banks.
If the Ford Group Bank (In Organization) is the successful bidder, it will be required to meet certain conditions of approval both prior to and subsequently after opening for business. Further inquiries about DFI’s expedited procedures should be addressed to Senior Deputy Commissioner & Chief Examiner Craig Carlson at email@example.com or 619-682-7222.