---
category: Private Organization
location: Washington, DC
summary: First American Bank was a bank based in Washington, D.C., which became secretly
  owned and controlled by the Bank of Credit and Commerce International.[^1]
tags:
- Organization
- Bank
- BCCI
---

First American Bank was a bank based in [Washington, D.C.](/places/washington-dc/), which became secretly owned and controlled by the [BCCI](/organizations/bank-of-credit-and-commerce-international/).[^1]

### Acquisition and BCCI Control

First American Bank was acquired by Middle Eastern investors connected with BCCI in 1981, following the acquisition of [Financial General Bankshares](/organizations/financial-general-bankshares/).[^1] [Clark Clifford](/people/clark-clifford/) and [Robert Altman](/people/robert-altman/) served as BCCI's chief American counsel and later as chairman and president of First American Bank, respectively.[^1] They were instrumental in concealing BCCI's secret ownership through a network of nominees and fraudulent loans.[^2]

BCCI used nominees to secretly purchase shares in CCAH, the holding company that owned First American Bank.[^3] The bank's assets grew significantly, but it also faced deepening financial woes due to a disastrous real estate portfolio.[^4]

### Legal and Regulatory Scrutiny

The [CIA](/organizations/central-intelligence-agency/) issued a report in 1986 stating that BCCI had owned First American Bank since 1982.[^1] The [Federal Reserve Board](/organizations/federal-reserve-board/) later fined BCCI $200 million for illegally acquiring control of First American Bank, along with [National Bank of Georgia](/organizations/national-bank-of-georgia/) and [CenTrust Savings Bank](/organizations/centrust-savings-bank/).[^1]

In July 1992, Clifford and Altman were indicted by a [New York City](/places/new-york-city/) grand jury on charges of bribery and fraud related to their involvement with BCCI and First American Bank.[^1]

[^1]: Beaty, Jonathan and Gwynne, S. C. *The Outlaw Bank: A Wild Ride into the Secret Heart of BCCI*. New York: Random House, 1993, p. 8-14.
[^2]: Beaty, Jonathan and Gwynne, S. C. *The Outlaw Bank: A Wild Ride into the Secret Heart of BCCI*. New York: Random House, 1993, pp. 192-194.
[^3]: Beaty, Jonathan and Gwynne, S. C. *The Outlaw Bank: A Wild Ride into the Secret Heart of BCCI*. New York: Random House, 1993, p. 141.
[^4]: Beaty, Jonathan and Gwynne, S. C. *The Outlaw Bank: A Wild Ride into the Secret Heart of BCCI*. New York: Random House, 1993, p. 134.