Wal-Mart's Statement on the FDIC's Hearing into the Company's Industrial Bank Application

BENTONVILLE, Ark., Apr. 25, 2006 – "We thank the FDIC for its interest in holding a thorough, public review of our application and appreciate the chance to clarify and correct some of the confusion and misinformation surrounding our intentions. 

"Our application and our testimony made it clear that we will continue to support and expand upon the over 1150 independent bank branches already in our stores, and that our goal is to save money on transaction costs and then pass on those savings to working families who shop in our stores. 

"After three hearings and dozens of witnesses, one thing is clear - regulators can choose between approving a routine application or yielding to unfounded speculation and heated rhetoric about issues unrelated to our application. We also made it clear that we will continue our strong and long-standing support of our communities, including our intention to be fully compliant with the Community Reinvestment Act.

"Instead of supporting our efforts to help save working families even more money, our critics unfortunately chose to distort the facts and play special interest politics with a straightforward, routine application.

"We are confident regulators will see through the rhetoric, and will approve this application based on its strong, pro-consumer merits."

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