ALERT 97-7
Type: Unauthorized Banking         Subject: Panacea Bank & Trust  

TO:  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


RE:  Panacea Bank & Trust
     P O Box 30054
     Bellingham, Washington  98228-2054


Information has been received that the subject entity may be
operating a banking business in the United States without
authorization.  Further, the State of Washington Division of
Banking has advised that the subject entity has not been granted
permission to operate in the State of Washington.   

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, SW
                    Washington, DC  202l9
                    Fax (202) 874-5301



                                 
Daniel P. Stipano
Director
Enforcement & Compliance Division                                 
Date: March 28, 1997