Alert 1997-11| May 15, 1997

Suspicious Transactions: The Freedom Star National Bank of Arizona


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); District Administrators; District Counsel and Examining Personnel

Information has been received that The Freedom Star National Bank of Arizona, P.O. Box 66781, Phoenix, AZ 85082, is soliciting deposits on the Internet offering high rate interest. Such deposits do not have the protection of the Federal Deposit Insurance Corporation. Further, the subject entity has not been granted a national bank charter by the Office of the Comptroller of the Currency. Any information which you may have concerning this matter should be brought to the attention of:

Office of the Comptroller of the Currency
Enforcement & Compliance Division
250 E Street, S.W.
Washington, D.C. 202l9
Fax (202) 874-5301

Daniel P. Stipano
Enforcement & Compliance Division