Trust Department Crypto Asset Update

MEMORANDUM TO FILE

DATE: September 22, 2022

TO: Files

THROUGH: Catherine H. Goñi
Assistant Regional Director

FROM: XXXXX
Trust Examination Specialist

SUBJECT: XXXXX - Crypto Related Assets Update

On 9/22/2022, the FDIC received correspondence from Senior Vice President XXXXX that the trust department has a new crypto-related holding in an existing client account. The letter stated that the client requested the investment team to purchase XXXXX shares of XXXXX on 9/22/2022. The net purchase amount was XXXXX.

XXXXX reached out to department management and requested information on the client holding. On 9/29/2022 Operations Manager XXXXX provided supporting documentation for the purchase, copies of which are attached to this memo. The client requesting this purchase XXXXX has another crypto-related holding in his IRA.

The table below summarizes what crypto-related assets the trust department holds upon client direction in client accounts. Estimated market values are as of 9/30/2022, and all but the XXXXX holding have been negatively impacted by the current market environment.

Crypto-Related Asset	Account Name	Number of Shares	Cost Basis (As of Date)	Est. Market Value As of 9/30/2022*
XXXXX

*XXXXX estimate based upon MVs from public data.