FDIC Insured

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Starting in 2008, Mandiberg methodically downloaded the logos of the many banks that failed during the Great Recession, and were taken over by the United States Federal Deposit Insurance Corporation (FDIC). During this process, these corporate visual identities were erased from the web. Except that every Saturday morning the artist downloaded the logos, preserving an otherwise lost history. Since then, more than 500 bank logos were saved on his computer as low resolution images, which he carefully recreated as vector files. Michael Mandiberg is an interdisciplinary artist, scholar, and educator. His work traces the lines of political and symbolic power online, working on the Internet in order to comment on and or intercede in the real and poetic flows of information. He lives in, and rides his bicycle around, Brooklyn. His work lives at Mandiberg.com.

Transcript of FDIC Insured

#12In My Computer

FDIC InsuredMichael Mandiberg

Michael MandibergFDIC Insured

Publisher: LINK Editions, Brescia 2016www.linkartcenter.eu

Produced in the frame of Masters&Servers

In collaboration with: Abandon Normal Devices, Liverpool

This project has been funded with support from the European Commission.This publication reflects the views only of the author, and the Commissioncannot be held responsible for any use which may be made of theinformation contained therein.

Produced with funding and support from Eyebeam, and the College of Staten Island/CUNY. Production assistance for FDIC Insured book, web archive, and installation from Jenna Cozzoli-no, Patrick Davison, Katya Grokhovsky, Anna Harsanyi, Clara Jo, Kubo, Ben Lerchin, Qimei Luo, Chigozie Okoye, Arsen Perisic, Taehee Whang and Christopher Willauer

This work is licensed under the Creative Commons Attribution-NonCommercial-ShareAlike 3.0 Unported License. To view a copy of this license, visit http://creativecommons.org/licenses/by-nc-sa/3.0/ or send a letter to Creative Commons, 171 Second Street, Suite 300, San Francisco, California, 94105, USA.

Printed and distributed by: Lulu.comwww.lulu.com

ISBN 978-1-326-65189-3

Michael Mandiberg is an interdisciplinary artist whose work traces the lines of political and symbolic power online, working on the Internet in order to comment on and or intercede in the real and poetic flows of information. He sold all of his possessions online on Shop Mandiberg, made perfect copies of copies on AfterSherrieLevine.com, created Firefox plugins that highlight the real environmental costs of a global economy on TheRealCosts.com, and transformed all of Wikipedia into books for Print Wikipedia. He is co-author of Digital Foundations and Collaborative Futures, as well as the editor of The Social Media Reader. He founded the New York Arts Practicum, and co-founded the Art+Feminism Wikipedia Editathon. A recipient of residencies and commissions from Eyebeam, Rhizome.org, The Banff Centre, and Turbulence.org, his work has been exhibited at the New Museum, Ars Electronica, ZKM, and Transmediale. His work has been written about widely, including Artforum, Art in America, ARTnews, The New York Times, and The Wall Street Journal. A former Senior Fellow at Eyebeam, he is currently Associate Professor at the College of Staten Island/CUNY and a member of the Doctoral Faculty at the CUNY Graduate Center. He lives in, and rides his bicycle around, Brooklyn. His work lives at http://mandiberg.com/

Editor’s Note

In 1933, in response to the thousands of bank failures that occurred in the 1920s and early 1930s, the Federal Deposit Insurance Corpo-ration (FDIC) was founded as an independent agency of the federal government of the United States. The FDIC “preserves and promotes public confidence in the U.S. financial system by insuring deposits in banks and thrift institutions for at least $250,000; by identifying, monitoring and addressing risks to the deposit insurance funds; and by limiting the effect on the economy and the financial system when a bank or thrift institution fails.” [1]

A result of the Great Depression, the FDIC served as a fundamental yet primarily invisible helping hand during the Great Recession, the period of general economic decline experienced by the world markets in the late 2000s, and caused by the financial crisis and the subprime mortgage crisis started at the end of 2007. The first major bank to go bankrupt was, in July 2008, the Southern California-based IndyMac Bank. In the following months, 24 more banks became insolvent and were taken over by the FDIC by the end of 2008. According to the FDIC statistics, 140 institutions failed during 2009; 157 during 2010; 92 during 2011; 51 during 2012; 24 during 2013; 18 during 2014 and 8 during 2015 - a number within the average in times of stable economy. [2] As of March 2013, the FDIC had to pay out $92.5 billion to cover losses on bad loans at 471 failed financial institutions. [3]

Starting in 2008, Brooklyn-based artist Michael Mandiberg has been following this ongoing process, monitoring the weekly updates to the FDIC Failed Bank List, [4] and saving on his hard drive the logos of 500+ banks that have been seized by the FDIC. This information is, of course, transparent, but in a slightly opaque way. The FDIC publi-shes statistics and, digging through reports, press releases, economic

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news and Wikipedia entries, one could probably recover it someway. And yet, availability of information does not necessarily mean tran-sparency. As Mandiberg noticed, the process of taking over a bank takes place silently, quickly, over a weekend, and ends up in the almost complete disappearance of its corporate image. But if a tree falls in a forest and no one is around to hear it, does it make a sound?

The process goes like this: “At the end of business on Friday the team from the FDIC descends on the failed bank. The team performs a massive autopsy of the bank. On the one hand, the FDIC team ensure continuity by accounting for all funds and moving all accounts so that the bank can open on Monday morning. On the other hand, this team cuts all links to the past, removing all visual traces of the old failed bank. When the bank opens on Monday, it opens under the name of a formal rival bank, with this new bank’s signage, and its logo.” [5]

FDIC Insured is a project consisting of an installation, an online archive, and a book. The installation, first presented in 2010, featu-res cast-off investment guidebooks, the logos of the failed banks bur-ned with a laser cutter into their covers. The online archive and the book make all the logos available. The overall project is a monumental attempt to collect, preserve, restore and display the corporate visual identity of these ephemeral, volatile subjects, and to build a memorial to this history of failure, and its consequences: hundreds of failed insti-tutions, huge amounts of lost money, and thousands of people without a job.

As such, FDIC Insured is, at first, an effort to bring to full visibility what is hidden: an attempt to visualize the Great Recession, to make this story not just visible, but also tangible and palpable. 527 is just a number, but an installation of 527 books, or a book with 527 pa-ges, is something we can measure, and that gives the feeling of what

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went lost. This effort to visualize becomes more meaningful, and more ethically valuable, if we consider that what was concealed, along this “transparent” process, was exactly the visual representation of the di-sappeared subjects, what makes them immediately recognizable: their logo. When a bank fails, Mandiberg notes, its “website is taken down, and replaced with a standardized page announcing the FDIC transfer; this page has only the isolated logo of the old failed bank and the logo of the new receiving bank. The longest this page stays up for 6 to 9 months before the domain registration runs out and a cyber-squatter squats the URL, but typically they are gone in a month. In fact, it is common to see the receiving bank insert meddling/malicious java-script into the site that automatically sends you to the new receiving bank’s website, circumventing the FDIC notice page, and further era-sing the old logo. These logos disappear from our memory, they disap-pear from the clutter of the visual landscape, they are erased from the Internet and its many archives.” [6]

Bank logos disappear not just in order to make the transition se-amless and the intervention of the state less visible, but also because, according to Mandiberg, as trans-cultural markers of omnipresent and omnipotent trust and stability, they can’t be, by any means, associated with failure. Their failure would mean the failure of the liberal capi-talistic system they visualize and embody. They have to be hidden, as well as, for the very same reasons, the activity of the FDIC should be as invisible as possible. In the free market ideology, the state should leave the market free to regulate itself, such that any state intervention is perceived as an attempt to control and set a limit to freedom. In this perspective, an institution that was founded to save the financial system when it is collapsing onto itself is seen as a necessary evil, that should be preserved, but kept unseen. By putting the FDIC un-der a spotlight, and saving and restoring these icons of failure, FDIC Insured questions late capitalism and offers a small act of resistance

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against its ability to resurrect from its own ashes.

Finally, the carefulness and craft with which Mandiberg redrew and restored the bank logos, from the original low res jpgs, gifs and pngs to print ready vector graphics, comments on the impermanence of the digital, and on the need to focus on its preservation and materializa-tion, in whatever form. The history of the present is stored in bits, and may easily be lost.

_ Domenico QuarantaBrescia, May 2016

Notes

[1] Cf. “Who is the FDIC?”, https://www.fdic.gov/about/learn/symbol/.[2] Cf. https://www.fdic.gov/bank/statistical/stats/2015dec/fdic.pdf. [3] Cf. E. Scott Reckard, “In major policy shift, scores of FDIC settlements go unan- nounced”, in Los Angeles Times, March 11, 2013, online at http://articles.latimes. com/2013/mar/11/business/la-fi-fdic-settlements-20130311.[4] Cf. https://www.fdic.gov/bank/individual/failed/banklist.html.[5] Michael Mandiberg, “Artist statement”, unpublished.[6] Ibidem.

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February 2, 2007

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Miami Valley BankMiami Valley Bank

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January 25, 2008

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March 7, 2008

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st1HERITAGE BANK

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INTEGRITY BANK

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it’s all about relationships

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SECURITY PACIFIC BANK

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Community Bank

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November 21, 2008

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November 21, 2008

DOWNEY SAVINGSThe Friendlier, Easier Place to Bank

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HAVENTRUSTBANKFLORIDA

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BANKClark County

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SAVINGS BANK

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of Oregon

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SECURITYS A V I N G S B A N K

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March 27, 2009

OmniSM

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NEW FRONTIER BANK˝A NEW GENERATION OF BANKING˝

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April 10, 2009

We Grow Together

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April 17, 2009

Great Basin Bank of Nevada

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April 24, 2009

F IRST BA N K IDAHOof

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FIRST BANK OF BEVERLY HILLS

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American SouthernB A N K

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SILVERTONBANK

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WESTSOUND BANK

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BANK OFLINCOLNWOOD

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B A N K

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FirstBankAmericano

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First State Bank of Altus

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O F N E V A D ACOMMUNITY BANK

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O F A R I Z O N ACOMMUNITY BANK

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BANK

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Mainstreet Bank

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First Bank

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It’s that simple.

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Pt

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BANK

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WARREN BANK

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HOME FEDERAL SAVINGS BANK

November 6, 2009

OF S . L O UI ST

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coMME R cIA L AB N K

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SUN N NAMERICA BA K

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THE BANK WHERE YOU BELONG

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First National Bank

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June 11, 2010

WASHINGTON FIRSTINTERNATIONAL BANK

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FirstNationalBank

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June 25, 2010

HIGH DESERTSTATE BANK

June 25, 2010

PENINSULABANK

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I d e a l F e d e r a l S a v i n g s B a n k s

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HomeNational Bank

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METROBANK

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TURNBERRY BANK

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FIRST NATIONAL®BANK OF THE SOUTH

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OODLANDS BANK

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B A N K

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July 23, 2010

Thunder Bank

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e ust ant o e our ank.W J W T B Y BW D W T B T L B

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SterlingB A N K

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July 30, 2010

LibertyBankTM

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BAYSIDESAVINGS BANK

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ORTHWESTB A N K & T R U S T

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Dedicated to Personal Service. . .

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August 20, 2010

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August 20, 2010

National Bank

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SONOMAVALLEYBANK

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Let’s change the world.

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Savings & Loan Association

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September 10, 2010

B A N K

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SAVINGS BANK

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September 17, 2010

InterSTATE NET BANK

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BankEllijay

BankCantonA divisions of Bank of Ellijay

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September 17, 2010

STCOMMUNITY BANK

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countybank

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Florida

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October 1, 2010

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October 1, 2010

ShorelineBANK

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October 15, 2010

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SecuritySavings

SolidGround

Bank

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Member of FCIC

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October 22, 2010

FIRST SUBURBANNATIONAL BANK

Est. 1943

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A Federal Savings Bank

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THE

“TOMORROW BANKING TODAY”

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first vietnamese american bank

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PierceCommercial

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The art of business banking.

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K ANKB

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COPPERBANK

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B A N K I N G

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Gulf State

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BANK

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B A N K

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BANK

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COMMUNITYNATIONAL BANK

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December 17, 2010

THE BANK OF MIAMITM

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January 7, 2011

LegacyB A N K

The Private Bank

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BANK

UNITEDR

ESTERN

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1

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FDIC

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Financial Solutions

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CommunityFirstBANK CHICAGO

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Amer canTM

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February 11, 2011

BADGER STATE BANK

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February 18, 2011

aBOf E�ngham

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Member FDIC

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February 25, 2011

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FIRST NATIONALBANK OF DAVIS

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RosemountNational Bank

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BANK

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or o s knaBne

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COMMUNITY BANK

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April 29, 2011

BANK OF CENTRAL FLORIDA

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Coastal Bank

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May 27, 2011

First Heritage Bank

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FCBTAMPA BAY

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ignature

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COLORADO CAPITALBANK

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July 22, 2011

BANKBANK

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T H E C H O I C E Y O U C A N B A N K O N .

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July 29, 2011

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August 19, 2011

BANK & TRUST

August 19, 2011

First Choice BankYour Choice. The Choice.

ITC Fenice LT Regular font

August 19, 2011

FIRST SOUTHERN

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September 2, 2011

September 2, 2011

400-401

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September 9, 2011

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September 23, 2011

ANKOF NORTHERN CALIFORNIA

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September 30, 2011

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October 7, 2011

SUN SECURITY BANK

October 7, 2011

Clearly Different

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October 14, 2011

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October 14, 2011

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October 14, 2011

Blue RidgeSavings Bank

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October 14, 2011

C O M M U N I T Y B A N K

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October 21, 2011

CommunityCapitalBANK

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October 21, 2011

COMMUNITY BANKS OF COLORADO

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October 21, 2011

B A N K

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October 21, 2011

BANK

”We Know You”

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October 28, 2011

ALLBANK

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November 4, 2011

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November 4, 2011

MIDCITYBANK

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November 10, 2011

CBRCOMMUNITY

BANKOF ROCKMART

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November 18, 2011

POLK COUNTYBANK

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November 18, 2011

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December 16, 2011

WESTERNNATIONAL BANK

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December 16, 2011

PREMIER COMMUNITYBank of the Emerald Coast

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January 20, 2012

CentralFloridaState Bank

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January 20, 2012

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January 20, 2012

The First State Bank

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January 27, 2012

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January 27, 2012

PATRIOT BANKMINNESOTA

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January 27, 2012

T E N N E S S E E

CommerceBank

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January 27, 2012

First GuarantBank

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February 10, 2012

Shelby CountyBank

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February 10, 2012

NAT I O NA L BA N KA N D

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February 24, 2012

Home Savings.o f A m e r i c a

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February 24, 2012

C BENTRAL ANKOF GE ORGIA

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March 2, 2012

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March 9, 2012

New City

Bank

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March 23, 2012

COVENANTbank & trust

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PREMIER BANK

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March 30, 2012

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April 27, 2012

PDPalm Desert National Bank

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May 4, 2012

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May 18, 2012

ALABAM A TRU S T BAN K

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June 8, 2012

WACCAMAWBANK

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June 8, 2012

farmers traders

state bank&

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June 8, 2012

S A V I N G S B A N K

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June 8, 2012

FIRSTCAPITAL BANK

June 15, 2012

PUTNAM STATE BANKYour True Community Bank

June 15, 2012

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June 15, 2012

Security Exchange Bank

July 6, 2012

MONTGOMERYBank & Trust

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July 13, 2012

SBG GlasgowSavingsBank

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July 27, 2012

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August 3, 2012

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September 7, 2012

FIRSTOMMERCIALANK

CB

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September 14, 2012

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September 28, 2012

First UnitedBank

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October 19, 2012

GULFSOUTHPrivate Bank

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October 19, 2012

EXCELBANK

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October 19, 2012

1st EAST SIDESAVINGSBANK

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October 26, 2012

471

November 2, 2012

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November 2, 2012

HeritageBankOf Florida

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November 16, 2012

BANKCOMMUNITYHOMETOWN

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December 14, 2012

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January 11, 2013

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January 18, 2013

St RegentsBank

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February 15, 2013

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March 8, 2013

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April 5, 2013

Gold Canyon Bank˝We Can Make a Difference˝

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April 26, 2013

Our Community IS Our Business

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489

June 6, 2013

490

June 7, 2013

491

August 2, 2013

492

August 9, 2013

493

August 23, 2013

OF

494

August 23, 2013

A Better Way To Bank

495

September 13, 2013

496

September 13, 2013

TCBwww.TCBnow.com

497

October 30, 2013

498

December 13, 2013

499

January 17, 2014

500

January 24, 2014

501

January 31, 2014

502

February 28, 2014

503

February 28, 2014

a new perspective

504

April 25, 2014

505

May 16, 2014

506

May 23, 2014

507

May 30, 2014

508

June 20, 2014

CHICAGO, ILLINOIS

509

June 20, 2014

PALM DESERT, CALIFORNIA

510

June 27, 2014

511

July 18, 2014

512

July 25, 2014

513

October 17, 2014

514

October 24, 2014

TheNational Republic Bank

of Chicago

515

November 7, 2014

516

December 19, 2014

517

January 16, 2015

518

January 23, 2015

519

February 13, 2015

520

February 27, 2015

521

May 8, 2015

522

July 10, 2015

523

October 2, 2015

524

October 2, 2015

525

March 11, 2016

526

April 29, 2016

527

May 6, 2016

#12InMyComputer

FDICInsuredMichaelMandiberg

4992357813269

ISBN 978-1-326-49923-590000