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Decisions on Bank Applications

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Part 347
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Equity Securities - Corporate subsidiary invests in limited partnership or limited liability company
Bank's majority-owned subsidiary may invest in a limited partnership or liability company.

Disclaimer
The following list shows those activities and investments approved by the FDIC under Section 24 of the Federal Deposit Insurance Act and Part 362 of the FDICís Rules and Regulations, 12 C.F.R. Part 362. The list provides insured state banks and their counsel some initial guidance regarding activities and investments that the FDIC may approve under Section 24. However, the fact that a particular activity or investment has received FDIC approval in the past does not affect the obligation of another institution to seek permission from the FDIC to engage in the same or similar activity. Additionally, the fact that a particular investment or activity has been approved in the past does not restrict the FDIC's review of future requests to engage in similar activities nor our ability to impose prudential standards on the conduct of that activity. Finally, it should be borne in mind that since the time any particular application was approved, key statutory or regulatory changes may have taken place, which might impact how the issues would be treated today.

WILMINGTON TRUST COMPANY - WILMINGTON, DE
Application or Notice Board or Delegated Authority Date of Approval Amount of Investment Percent of Tier I Capital
Application Delegated Authority 10/19/2003 $500,000 1%
Application to invest indirectly, through a wholly owned subsidiary, in an investment management company organized as a limited liability company (LLC). The company will manage the investment of private equity funds.


DEDHAM INSTITUTION FOR SAVINGS - DEDHAM, MA
Application or Notice Board or Delegated Authority Date of Approval Amount of Investment Percent of Tier I Capital
Application Board Action 7/12/2000 5M 6.84%
Application to invest through a proposed wholly owned subsidiary, in equity pools established by brokerage and other firms. The equity pools invest in limited partnerships that in turn invest in private equity funds with a focus on venture capital, buyouts and capital restructuring financing. Dedham Institution For Savings


LIBERTY BANK - MIDDLETOWN, CT
Application or Notice Board or Delegated Authority Date of Approval Amount of Investment Percent of Tier I Capital
Application Board Action 5/7/2002 $ 856,000 0.22%
Applicant seeks to invest through a de novo wholly owned subsidiary in a proposed limited partnership that will develop, finance, construct, own, and operate a full service hotel. Liberty Bank


ANDROSCOGGIN SAVINGS BANK - LEWISTON, ME
Application or Notice Board or Delegated Authority Date of Approval Amount of Investment Percent of Tier I Capital
Application Board Action 3/25/2002 $ 45,401 0.12%
Application to retain investment through a wholly owned subsidiary, in a limited partnership. The limited partnership makes investments in growth oriented companies. Androscoggin Savings Bank


MCFARLAND STATE BANK - MCFARLAND, WI
Application or Notice Board or Delegated Authority Date of Approval Amount of Investment Percent of Tier I Capital
Application Board Action 3/13/2001 $ 100,000 1.26%
Application to purchase through its wholly owned subsidiary, a unit of a master limited partnership. The limited partnership is involved in the development of real estate. McFarland State Bank


CITIZENS BANK OF MASSACHUSETTS - BOSTON, MA
Application or Notice Board or Delegated Authority Date of Approval Amount of Investment Percent of Tier I Capital
Application Board Action 2/28/1998 $ 10.00  
Application to continue to indirectly hold a limited partnership interest through wholly-owned subsidiary. Citizens Bank of Massachusetts


BANK OF VERMONT - BURLINGTON, VT
Application or Notice Board or Delegated Authority Date of Approval Amount of Investment Percent of Tier I Capital
Application Board Action 2/21/1995 $ 739,319 1.2%
Application to retain equity investments through a wholly-owned subsidiary, consisting of limited partnership interest in two venture capital funds. Bank of Vermont


UNION BANK(OF CALIFORNIA) - SAN FRANCISCO, CA
Application or Notice Board or Delegated Authority Date of Approval Amount of Investment Percent of Tier I Capital
Application Board Action 2/1/1995 1.5M 0.02%
Application to retain its indirect equity investment in a closed end limited partnership fund. Union Bank


BOSTON BANK OF COMMERCE - BOSTON, MA
Application or Notice Board or Delegated Authority Date of Approval Amount of Investment Percent of Tier I Capital
Application Board Action 12/1/1999 $ 1.5M 16.3%
Application to continue the purchase outstanding shares of Carver Bancorp Inc., New York, New York, a thrift holding company that owns Carver Federal Savings Bank. The Boston Bank of Commerce


NEW HAVEN SAVINGS BANK - NEW HAVEN, CT
Application or Notice Board or Delegated Authority Date of Approval Amount of Investment Percent of Tier I Capital
Application Board Action 11/9/2000 3M 0.92%
Bank seeks to purchase limited partnership interest through a de-novo, wholly-owned subsidiary. The acquisition involves the private placement of partnership interests. New Haven Savings Bank


WILMINGTON TRUST COMPANY - WILMINGTON, DE
Application or Notice Board or Delegated Authority Date of Approval Amount of Investment Percent of Tier I Capital
Application Delegated Authority 10/19/2003 $ 500,000 1%
Application to invest indirectly, through a wholly owned subsidiary, in an investment management company organized as a limited liability company (LLC). The company will manage the investment of private equity funds. Wilmington Trust Company


FIRST REPUBLIC BANK - LAS VEGAS, NV
Application or Notice Board or Delegated Authority Date of Approval Amount of Investment Percent of Tier I Capital
Application Board Action 10/17/2000 5M 2%
Application to engage as principle through a proposed de novo wholly-owned subsidiary, in the acquisition of non-controlling amounts of venture capital investment funds and other public or private investment companies; that may invest in debt and equity securities, real estate and other assets. First Republic Bank




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