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Baytree National Bank & Trust Company (In Organization)

FEDERAL DEPOSIT INSURANCE CORPORATION

IN RE: Baytree National Bank & Trust Company (In Organization)
Chicago, Cook County, Illinois
Application for Federal Deposit Insurance (Bank Insurance Fund)

ORDER

The undersigned, acting under delegated authority, has fully considered all facts and information relevant to the factors of Section 6 of the Federal Deposit Insurance Act relating to the application for Federal deposit insurance for Baytree National Bank & Trust Company, Chicago, a proposed new national bank to be located at 55 West Monroe Street, Suite 970, Chicago, Cook County, Illinois 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 Baytree National Bank & Trust Company for Federal deposit insurance be, and the same hereby is, approved subject to the following conditions:

(1) That beginning paid-in-capital funds of not less than $6,000,000 be provided, of which not less than $3,000,000 shall be allocated to common stock and $3,000,000 to surplus;

(2) That Tier 1 Capital/Assets ratio shall be maintained at not less than 8.0 percent throughout the first three years of operation;

(3) That Federal deposit insurance shall not become effective unless and until the applicant has been established as a National bank, that it has authority to conduct a banking business, and that its establishment and operation as a bank have been fully approved by appropriate Federal authorities;

(4) That the bank will notify the Chicago Regional Director 30 days prior the proposed implementation of any stock benefit plans during the first year of operation. Any such plan will not be implemented unless the Chicago Regional Director has informed the bank in writing of his intention not to object to the plan.

(5) That Baytree National Bank & Trust Company shall operate within the parameters of the business plan submitted to the FDIC. Furthermore, during the first three years of operations, Baytree National Bank & Trust Company shall notify the FDIC's Chicago Regional Director at least thirty days prior to any proposed major deviation or material change from the submitted plan before consummation of the change.

(6) 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,

(7) That if deposit insurance has not become effective within twelve months from the date of the ORDER, or unless, in the meantime a request for an extension of time has been approved by the FDIC, the consent granted shall expire at the end of the said twelve-month period.

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

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


FEDERAL DEPOSIT INSURANCE CORPORATION

IN RE: Baytree National Bank & Trust Company
Chicago, Illinois
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 Baytree National Bank & Trust Company (Baytree), a proposed new national bank to be located at 55 West Monroe Street, Chicago, Illinois.

Baytree will focus operations on serving area retail and small business customers in the six county Chicago Metropolitan area. Customers will be primarily served and solicited through direct mail and telephone call centers.

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