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This is the Federal Deposit Insurance Corporation's (�౦��Ϸ����'s) fourth Letter to Stakeholders, which reports on our priorities and activities for the first quarter of 2003.

The �౦��Ϸ���� has grown stronger in the past year, and we set aggressive goals for 2003. We are focusing on stability of the industry and the insurance funds; sound policy positions supported by substantive research and led by comprehensive deposit insurance reform legislation; and stewardship of the Corporation and the insurance funds to ensure that we do our job in the most efficient and effective manner possible. These three priorities for 2003 - stability, sound policy, and stewardship - are addressed in the Letter to Stakeholders.

Your feedback to our Letter to Stakeholders is always welcome, as are suggestions for improvements. For additional information, please visit our Web site at www.fdic.gov .

For your reference, �౦��Ϸ���� Financial Institution Letters may be accessed from the �౦��Ϸ����'s Web site at http://www.fdic.gov/news/financial-institution-letters/2003/index.html .

Attachment: First Quarter 2003 Letter to Stakeholders

Distribution: �౦��Ϸ����-Insured Institutions

NOTE: Paper copies of �౦��Ϸ���� financial institution letters may be obtained through the �౦��Ϸ����'s Public Information Center, 801 17th Street, NW, Room 100, Washington, DC 20434 (1-877-275-3342, option 5, or (703) 562-2200).