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Independence Trust Company

FEDERAL DEPOSIT INSURANCE CORPORATION

In Re: Independence Trust Company
Franklin, Williamson County, Tennessee
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 for Independence Trust Company, Franklin, Williamson County, Tennessee, an existing State-charted, noninsured trust company that is proposing to convert to a Federal savings bank charter and to a Savings Association Insurance Fund member, to be located at 325 Bridge Street, Franklin, Williamson County, Tennessee, and has concluded that the application should be approved.

Accordingly, it is hereby ORDERED, that the application submitted by Independence 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 $2,000,000 be provided, and that Tier 1 capital to assets leverage ratio as defined in Office of Thrift Supervision capital regulation and guidance be maintained at not less than eight percent throughout the first three years of operation;

2. That any changes in proposed management or proposed ownership (ten percent or more of stock), including new acquisitions of or subscriptions to ten percent or more of the stock, will render this commitment null and void unless such proposal is approved by the Corporation 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 business, and that its establishment and operation as a bank have been fully approved by the Office of Thrift Supervision;

4. That the Bank will have, prior to the effective date of deposit insurance, and continuously maintain not less than $500,000 in customer deposits;

5. 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

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

Dated this day of , 2004.

By:________________________________
Lisa K. Roy
Associate Director
Division of Supervision and Consumer Protection


FEDERAL DEPOSIT INSURANCE CORPORATION

In Re: Independence Trust Company
Franklin, Williamson County, Tennessee
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 has been filed for Independence Trust Company (the Bank), a proposed Federal savings bank, to be located at 325 Bridge Street, Franklin, Williamson County, Tennessee.

The Bank is an existing noninsured, State-chartered trust company that is proposing to convert to a Federally-chartered savings bank. The Bank is to be owned by Independence Holding Company, a proposed, non-diversified savings and loan holding company. After completion of the charter conversion, the Bank will continue to focus solely on trust operations by offering personal fiduciary services and cemetery trusts. By virtue of having a Federal savings bank charter, the Bank will be able to exercise trust powers in all 50 states and the District of Columbia.

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 careful evaluation of all available facts and information, the Associate Director, acting under delegated authority, has concluded that approval of the application is warranted, subject to certain prudential conditions.

ASSOCIATE DIRECTOR
DIVISION OF SUPERVISION AND CONSUMER PROTECTION
FEDERAL DEPOSIT INSURANCE CORPORATION



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