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Corporate Governance Clarification for Nonpublicly Traded Banks

MARCH 14, 2003


Corporate Governance Clarification for Nonpublicly Traded Banks

The following paragraph was inadvertently left out of last week's story regarding FDIC guidance on the applicability of the Sarbanes-Oxley Act to banks and thrifts:

For nonpublicly traded banks with less than $500 million in assets, the guidance details selected provisions of Sarbanes-Oxley that the FDIC believes are relevant, such as those on auditor independence, audit committees and codes of ethics for senior financial officers. The provisions are not mandatory for these banks; however, the FDIC recommends that each institution consider implementing them to the extent feasible, given the bank's size, complexity and risk profile.

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