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Financial Institution Letter

Change in Virtual Data Room Used by the FDIC When Marketing Failing Financial Institutions

November 7, 2011
Notes
 
Summary: The Federal Deposit Insurance Corporation (FDIC) is changing the virtual data room (VDR) used to market failing financial institutions. Beginning in November 2011, the FDIC will begin using the RR Donnelley VDR known as Venue instead of IntraLinks for all new projects. IntraLinks will host projects initiated before November 2011 until they are resolved.

Statement of Applicability to Institutions with Total Assets of Less Than $1 Billion: This Financial Institution Letter affects FDIC-insured financial institutions of any size that may be interested in acquiring a failing institution from the FDIC.

Highlights:
  • As the result of a competitive bidding process, the FDIC has hired a new contractor to handle the VDR used to market failing financial institutions. RR Donnelley's Venue VDR will replace IntraLinks for all new projects.
  • The FDIC has been using VDRs to market failing institutions since 2000.
  • A VDR is a secure Web site that the FDIC populates with information about failing insured institutions. The FDIC gives qualifying financial institutions access to the VDR, which helps them determine their interest in purchasing a failing bank and evaluate the offering. Users must first sign a confidentiality agreement before they gain entry to the VDR.
  • Existing marketing projects launched prior to November 2011 will remain on IntraLinks until they are resolved.
  • Bidders familiar with the FDIC's VDR process will find that the Venue folders and documents are similar to what has been used in the past. New bidders can contact the individuals listed in the "Contact" section (left) for technical assistance.
  • Institutions should set e-mail spam filters so they will receive messages from RRDVenue.com .

Distribution:
All FDIC-Insured Institutions

Suggested Routing:
Bank President
Chief Executive Officer

Note:
FDIC Financial Institution Letters (FILs) may be accessed from the FDIC's Web site at www.fdic.gov/news/financial-institution-letters/2011/index.html

To receive FILs electronically, please visit http://www.fdic.gov/about/subscriptions/fil.html

Paper copies may be obtained through the FDIC's Public Information Center, 3501 Fairfax Drive, E-1002, Arlington, VA 22226 (1-877-275 3342 or 703-562-2200).

FIL-69-2011
Attachment(s)

Last Updated: November 7, 2011