fp Turks and Caicos

The statement is as follows:

It is with great disappointment that the Board of Directors of TCI Bank Limited has learnt that the Financial Services Commission has secured an Order appointing a Provisional Liquidator of the business of TCI Bank Limited.

We understand the difficult considerations that the Financial Services Commission had to grapple with in doing what it considered to be in the best interest of depositors and the public, but the timing of the Financial Services Commission’s decision and the fact that its request to appoint a Provisional Liquidator was done without notice to the Board of Directors of the Bank was most unfortunate for the Bank’s depositors and shareholders and may yet have tragic consequences for the financial sector and the local economy on a whole.

At the time the Order appointing a Provisional Liquidator was served on TCI Bank Limited, representatives of the Bank and its major depositors were at an advanced stage of negotiations with an investor that would have significantly strengthened the Bank and allowed it to expand its operations. Investment interests remains high and we hope that a deal will be reached that will allow access to deposits by ordinary depositors and that will undo the damage caused by the appointment of the Provisional Liquidator.

The Board of Directors has been constantly preoccupied with efforts to resolve this matter and continues to do so in conjunction with shareholders of the Bank notwithstanding the appointment of a Provisional Liquidator.

The Board of Directors deeply regrets the impact that the appointment of the Provisional Liquidator will have on the lives of the Bank’s ordinary depositors and customers, our employees, and the community at large. However, we assure our depositors that we shall spare no efforts in our continued resolve to reverse this unfortunate situation in a timely manner and in the best interest of the depositors.

Customers and shareholders affected by the closure can contact the liquidators at This e-mail address is being protected from spambots. You need JavaScript enabled to view it or 649-941-7500. For more information, visit the Web site www.tcibpliquidation.com.