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Generations Bank (In Organization)

IN RE: Generations Bank (In Organization)
Kansas City, Missouri
Application for Federal Deposit Insurance

ORDER

The undersigned, acting under delegated authority, has fully considered all facts and information relevant to the factors of Sections 6 of the Federal Deposit Insurance Act ("FDI Act") relating to the application for federal deposit insurance, with membership in the Savings Association Insurance Fund, for Generations Bank, a proposed federal savings bank to be located at 3520 Broadway, Kansas City, Jackson County, Missouri 64111, and has concluded that the applications should be approved.

Accordingly, it is hereby ORDERED, for the reasons set forth in the attached Statement, that the application submitted by Generations Bank 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 then $6,000,000 be provided:

2. That any changes in proposed management or proposed ownership (10 percent or more of stock), including new acquisitions of or subscriptions to 10 percent or more of stock, will render this commitment null and void unless such proposal is approved by the Regional Director of the FDIC's Kansas City Regional Office ("Regional Director") prior to opening of the bank;

3. That federal deposit insurance shall not become effective unless and until the applicant has been established as a federal savings 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 Kansas City Life Insurance Company, Kansas City, Missouri, obtain approval from the Office of Thrift Supervision to establish a unitary thrift holding company and acquire voting stock control of the bank prior to its opening;

5. That the insured institution shall be engaged in the business of receiving deposits other than trust funds;

6. That until the date that this conditional commitment for deposit insurance becomes effective, the FDIC 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 federal deposit insurance has not become effective within twelve months from the date of this Order, or unless in the meantime, a request for an extension of time has been approved by the FDIC, the consent granted herein shall expire at the end of the said twelve-month period.

By Order of the Associate Director of the Division of Supervision, acting pursuant to delegated authority for the Board of Directors of the FDIC.

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

FEDERAL DEPOSIT INSURANCE CORPORATION

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


FEDERAL DEPOSIT INSURANCE CORPORATION

IN RE: Generations Bank (In Organization)
Kansas City, Missouri
Application for Federal Deposit Insurance (Savings Association Insurance Fund)

STATEMENT

Pursuant to 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 Generations Bank, a proposed new federal savings bank to be located at 3520 Broadway, Kansas City, Jackson County, Missouri 64111.

Applicant's parent organization is Kansas City Life Insurance Company, Kansas City, Missouri, which was founded in 1895 and operates 13 wholly-owned subsidiaries. The parent's primary business is underwriting and marketing life insurance in 48 states and the District of Columbia. Although banking services will be available to the general public, the proposed bank will heavily target and market its products to existing customers of the parent organization. The bank will offer lobby services at its Kansas City, Missouri banking location; however, it is anticipated that customers will primarily access banking services through use of a toll-free call center, via the internet, or through postal services.

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