Each depositor insured to at least $250,000 per insured bank



Home > Regulation & Examinations > Laws & Regulations > Decisions on Bank Applications





Decisions on Bank Applications

Skip Left Navigation Links
0
Decisions on Bank Apps Home
Investments & Activities

   •  Equity Securities
   •  Real Estate
   •  Insurance
   •  Miscellaneous
Deposit Insurance
Merger Transactions
Mutual to Stock Conversions
Part 347
Other Applications
Bank of Hawaii Credit Card, National Association

FEDERAL DEPOSIT INSURANCE CORPORATION

Re: Bank of Hawaii Credit Card, National Association
Phoenix, Arizona
Application for Federal Deposit Insurance (Bank 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 Bank Insurance Fund, for Bank of Hawaii Credit Card, a proposed new National bank to be located in Phoenix, Arizona and has concluded that the application should be approved.

Accordingly, it is hereby ORDERED, for the reasons set forth in the attached Statement, that the application submitted by Bank of Hawaii Credit Card, National Association, Federal deposit insurance be, and the same hereby is, approved subject to the following conditions:

1) Beginning paid in capital funds shall not be less than $236,768,000.

2) Federal deposit insurance shall not become effective until the applicant is authorized to operate as a national bank by the Office of the Comptroller of the Currency.

3) Until the bank is established, the Corporation shall have the right to alter, suspend, or withdraw the said commitment should any interim development warrant such action.

4) That the insured institution shall be engaged in the business of receiving deposits.

5) If deposit insurance has not become effective within twelve months from the date of this ORDER, the consent granted herein shall expire, unless the Corporation approves a request for an extension of the deadline prior to the expiration.

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

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


FEDERAL DEPOSIT INSURANCE CORPORATION

IN RE: Bank of Hawaii Credit Card, National Association
Phoenix, Arizona
Application for Federal Deposit Insurance (Bank 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 Bank Insurance Fund has been filed on behalf of Bank of Hawaii Credit Card, a proposed new national bank to be located in Phoenix, Arizona.

Bank of Hawaii Credit Card will be a National bank. Operational focus will be as a limited purpose credit card bank under a national bank charter.

For the purposes of this proposal, the investment in fixed assets is reasonable and capital is adequate. Future earnings prospects are attainable, 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 Bank Insurance Fund is apparent.

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

ASSOCIATE DIRECTOR
DIVISION OF SUPERVISION
FEDERAL DEPOSIT INSURANCE CORPORATION



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