Isaac Expects Increase in Deposit Insurance Premiums

By Kirdavis | THE JOURNAL RECORD, July 18, 1985 | Go to article overview

Isaac Expects Increase in Deposit Insurance Premiums


Kirdavis, THE JOURNAL RECORD


William Isaac, chairman of the Federal Deposit Insurance Corp., recently told a Congressional committee that he expects a significant increase in the deposit insurance premiums charged to insured banks as a result of a recent Penn Square Bank case decision.

The beneficiary in the "Philadelphia Gear" case had sued the FDIC over a Penn Square Bank letter of credit, claiming the letter of credit was an insured deposit, officials said.

The FDIC, in its general insurance publications issued at the time the bank was closed, had indicated that letters of credit were among insured deposits. The U.S. District Court therefore upheld the beneficiary's claim to receive deposit insurance on the first $100,000 of its note.

As a result, officials said Isaac and the FDIC intend to increase the insurance deposit fund by a sufficient amount to insure the first $100,000 of any letters of credit issued by insured banks. The FDIC intends to increase the fund by increasing the deposit premiums paid by insured banks. . .

- The National Association of Bank Women, Oklahoma City chapter, will present two educational modules for its membership beginning 4 p.m. today at the Fifth Season Inn, 6200 N. Robinson Ave.

"Negotiations 1" will be presented by Cindy Kramer, vice-president of Liberty National Bank and Trust Co. A second module on time management will be conducted by Vicki Newton, senior vice-president of Will Rogers Bank and Trust Co.

Registration for the modules may be made through Marilyn Noll at Liberty National Bank. . .

- Revised estimates of the float levels the Federal Reserve System expects to incur in 1985 have resulted in lowered costs for check collection services and improved availability for certain deposits in the Tenth District, which includes Oklahoma.

Local cash letter fees have been reduced from $1 to 75 cents. Availability for local city non-machinable deposits received by published deadlines have been changed from next day to immediate. Availability for local country non-machinable deposits have been changed from two days to next day.

Officials pinned the changes on projections that revenues will exceed costs for check collection services during 1985. This was primarily attributed to lower float costs than were originally anticipated due to relatively mild winter weather and declining interest rates. . .

- Bank of Oklahoma is currently sponsoring the display of 12 works by Tulsa painter P.S. Gordon. Entitled "New Works on Paper," the watercolor exhibit will be available for viewing untilSept. 1 at the Philbrook Art Center in Tulsa. . .

- Patrick T. Rooney has been promoted by Bank of Oklahoma, Oklahoma City to the position of vice-president, metropolitan lending.

In addition, Tony N. …

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