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Decisions on Bank Applications

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@Bank (Proposed)

FEDERAL DEPOSIT INSURANCE CORPORATION

Re: @Bank (Proposed)
Framingham, Middlesex County, Massachusetts
Application for Federal Deposit Insurance (Savings Association Insurance Fund)

ORDER

The undersigned, acting on behalf of the Board of Directors pursuant to delegated authority, has fully considered all available facts and information relevant to the factors of Section 6 of the Federal Deposit Insurance Act and relating to the application for Federal deposit insurance, with membership in the Savings Association Insurance Fund, for @Bank (Bank), a proposed new Federal savings association to be located at 111 Speen Street, Framingham, Middlesex County, Massachusetts, and has concluded that the application should be approved.

Accordingly, it is hereby ORDERED that the application submitted by @Bank for Federal deposit insurance be approved subject to the following conditions:

1. That beginning paid-in capital funds of not less than $25,000,000 be provided;

2. That Tier 1 Capital/Assets ratio shall not be less than 8.0 percent for the first three years of operation;

3. That until the conditional commitment herein ORDERED becomes effective, the Corporation shall have the right to alter, suspend, or withdraw the said commitment should any interim development be deemed to warrant such action; and,

4. That if deposit insurance has not become effective within one year from the date of the Order, or unless, in the meantime, a request for an extension of time has been approved by the Corporation, the consent granted shall expire at the end of said date one year period.

Dated at Washington, D.C., this day of 2000.

FEDERAL DEPOSIT INSURANCE CORPORATION

By: _______________________________
John M. Lane
Associate Director
Division of Supervision


FEDERAL DEPOSIT INSURANCE CORPORATION

IN RE: @Bank
Framingham, Middlesex County, Massachusetts
Application for Federal Deposit Insurance (Savings Association Insurance Fund)

STATEMENT

Pursuant to the provisions of Section 5 of the Federal Deposit Insurance Act (12 U.S.C. 1815), an application for Federal deposit insurance with membership in the Savings Association Insurance Fund has been filed on behalf of @Bank a proposed new Federal savings bank to be located at 111 Speen Street, Framingham, Massachusetts.

@Bank will be a wholly-owned subsidiary of MMC Bancorp and an indirect subsidiary of Marsh & McLennan Companies, Inc. Marsh & McLennan Companies, Inc. is a financial services conglomerate. @Bank will market a full line of deposit products and consumer-oriented loan products over the Internet. @Bank has designated the Boston Metropolitan Statistical Area as its primary service area for determining compliance with the Community Reinvestment Act (CRA).

For the purposes of this proposal, the investment in fixed assets is reasonable, capital is adequate, future earnings prospects are favorable, and management is considered satisfactory. No formal objections to this application have been filed with the FDIC. Corporate powers to be exercised are consistent with the purpose of the Federal Deposit Insurance Act. No undue risk to the Savings Association Insurance Fund is apparent.

Accordingly, based upon a careful evaluation of all available facts and information, the Associate Director, pursuant to delegated authority, has concluded that approval of the application is warranted.

ASSOCIATE DIRECTOR
DIVISION OF SUPERVISION



Last Updated 03/24/2011 Legal@fdic.gov