Jeffrey R. Johnson
President and Chief Executive Officer
GMAC Bank (in formation)
3170 Kennett Pike
Greenville, Delaware 19807
Subject: GMAC Bank
Dear Mr. Johnson:
The FDIC's Division of Supervision, acting under delegated authority, has reviewed your request, on behalf of subject bank, for a modification of Condition No. 1 of the FDIC's Order granting Federal Deposit Insurance, issued on May 5, 2000. The modification was requested due to revisions made to the Bank's Business Plan that will result in the Bank's total assets throughout the first three years of operation being less than had originally been projected. Your request is hereby approved and Condition No. 1 is modified to read:
1. That beginning paid-in-capital funds of not less than $160,000,000 be provided,
and that Tier 1 leverage capital of not less than eight percent be maintained
during the first three years of operation;
All other Conditions contained in the Order are unchanged and remain in effect.
The Division of Supervision also acknowledges the change in the location of the Bank from 1000 West Street, Wilmington, Delaware, as referenced in the Order and Statement issued on May 5, 2000, to 3710 Kennett Pike, Greenville, Delaware.
Should you have any questions regarding this matter, please contact Assistant Regional Director Michael J. Piracci or Case Manager Constance Shershenovich at (917) 320-2500.
John M. Lane