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Decisions on Bank Applications

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pointpathbank, National Association (Proposed New Bank)

FEDERAL DEPOSIT INSURANCE CORPORATION

IN RE: pointpathbank, National Association (Proposed New Bank)
Columbus, Georgia
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 pointpathbank, National Association ("Bank"), a proposed new National bank to be located in Columbus, Georgia, 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 pointpathbank, National Association, for 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 $9,800,000.

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. 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 5th day of May, 2000.

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


FEDERAL DEPOSIT INSURANCE CORPORATION

IN RE: pointpathbank, National Association (Proposed New Bank)
Columbus, Georgia
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 pointpathbank, National Association ("Bank"), a proposed new national bank to be located in Columbus, Georgia.

The Bank will not have any traditional banking offices accessible to the public but will deliver products and services to its customers through a variety of electronic delivery channels. Customers will conduct banking transactions through automated teller machines, through the Internet via a transactional Web site, and through the Bank's toll free customer service telephone.

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 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