ALERT 99-5
Type:     Unauthorized Banking
Subject:  South Atlantic International Bank, Ltd.
Date:     March 12, 1999

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); Assistant Deputy Comptrollers;
     District Counsel and Examining Personnel

RE:  South Atlantic International Bank, Ltd.

     The Assistant Secretary, Financial Services Centre,
     Government of Montserrat, has informed the Office of the
     Comptroller of the Currency that the following company's
     license, issued under the Offshore Banking Ordinance, was
     revoked effective February 24, 1999:

     South Atlantic International Bank, Limited, f/n/a
     Americapital International.

     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