NR 2000-41
FOR IMMEDIATE RELEASE                                          
Media Contacts:   
Phil Battey (202) 898-6993
Janis Smith (202) 874-5770
June 2, 2000

                                    
           FDIC APPROVES THE ASSUMPTION OF ALL THE DEPOSITS OF
             MONUMENT NATIONAL BANK, RIDGECREST, CALIFORNIA

WASHINGTON, D.C. -- Monument National Bank, Ridgecrest,
California, was closed today by the Office of the Comptroller of
the Currency (OCC) and the Federal Deposit Insurance Corporation
(FDIC) was appointed receiver.  The FDIC entered into an
agreement with Israel Discount Bank of New York to assume all the
deposits of the failed bank.

The two former offices of Monument National Bank will reopen on
Monday, June 5, 2000, as branches of Israel Discount Bank of New
York. The failed bank received a national bank charter in March
of 1984.

The OCC used its receivership authority under the FDIC
Improvement Act of 1991, after finding that Monument National
Bank was "critically undercapitalized," that is, the bank's
tangible equity capital was less than two percent of its total
assets.  The bank never fully recovered from the poor credit
administration practices and high volume of classified assets
experienced in 1998.  As a result, the bank incurred losses that
depleted substantially all of its capital.  In light of these
findings, the OCC determined that the closure of the bank and
appointment of the FDIC as receiver was necessary to protect the
interests of the bank's insured depositors.

As part of the agreement entered into with the FDIC, Israel
Discount Bank of New York will pay a premium of $400,000 for the
right to purchase $3.7 million of the failed bank's assets and to 
                                 -more-
assume all of the failed bank's deposits.  Monument National Bank
had total assets of $10 million and total deposits of $9.8
million.  The FDIC as receiver will retain the remaining assets
for later disposition.
     The FDIC estimates the total cost of the transaction to be less
than $100,000.  Monument National Bank is the second BIF-insured
bank failure this year and the third failure of an institution
insured by the FDIC in 2000.







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The OCC charters, regulates, and examines approximately 2,400 national banks and 58
federal branches and agencies of foreign banks in the United States, accounting for 57
percent of the nation=s banking assets.  Its mission is to ensure a safe, sound, and
competitive national banking system that supports the citizens, communities, and
economy of the United States.