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Decisions on Bank Applications

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Real Estate - 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.

APPLE BANK FOR SAVINGS - MANHASSET, NY
Application or Notice Board or Delegated Authority Date of Approval Amount of Investment Percent of Tier I Capital
Application Delegated Authority 4/18/2005 $10M 3%
Application to participate in residential real estate development activities through subsidiary organized as an LLC. Subsidiary will hold 50.1% membership interests in another LLC (joint venture)


ROYAL BANK OF AMERICA - NARBETH, PA
Application or Notice Board or Delegated Authority Date of Approval Amount of Investment Percent of Tier I Capital
Application Delegated Authority 4/18/2005 $2.6M 10%
Application to hold noncontrolling interest in limited partnership investment fund through a wholly-owned subsidiary


RED LAKE COUNTY STATE BANK - RED LAKE FALLS, MN
Application or Notice Board or Delegated Authority Date of Approval Amount of Investment Percent of Tier I Capital
Notice Delegated Authority 11/12/2004    
Notice of intent by 3 banks affiliated by common ownership of their respective holding companies (Peoples, First State Bank of Rush City, Red Lake County) to invest in limited partnerships or limited liability companies through their respective wholly-owned subsidiaries


FIRST STATE BANK OF RUSH CITY - RUSH CITY, MN
Application or Notice Board or Delegated Authority Date of Approval Amount of Investment Percent of Tier I Capital
Notice Delegated Authority 11/12/2004    
Notice by 3 banks affiliated by common ownership of their respective holding companies (Peoples, First State Bank of Rush City, Red Lake County) to invest in limited partnerships or limited liability companies through their respective wholly-owned subsidiaries


PEOPLES STATE BANK - AUGUSTA, WI
Application or Notice Board or Delegated Authority Date of Approval Amount of Investment Percent of Tier I Capital
Notice Delegated Authority 11/12/2004    
Notice by 3 banks affiliated by common ownership of their respective holding companies (Peoples, First State Bank of Rush City, Red Lake County) to invest in limited partnerships or limited liability companies through their respective wholly-owned subsidiaries


GENERAL BANK - LOS ANGELES, NC
Application or Notice Board or Delegated Authority Date of Approval Amount of Investment Percent of Tier I Capital
Application Delegated Authority 7/10/2000 $ 500,000 2% OR LESS
Application to form a subsidiary to invest in limited partnerships and limited liability companies. These entities will own or invest in commercial real estate within the bank's service area.


BRENTWOOD BANK - BETHEL PARK, PA
Application or Notice Board or Delegated Authority Date of Approval Amount of Investment Percent of Tier I Capital
Application Delegated Authority 6/30/2004 $400,000 10%
Application to engage residential real estate development through subsidiary organized as limited liability company (LLC) which in turn would invest in another limited liability company


ESB BANK - ELLWOOD CITY, PA
Application or Notice Board or Delegated Authority Date of Approval Amount of Investment Percent of Tier I Capital
Application Delegated Authority 5/20/2004 4.8M 4.55
Application to indirectly engage in real estate activities through a wholly-owned subsidiary.


CHASE MANHATTAN BANK - NEW CASTLE, DE
Application or Notice Board or Delegated Authority Date of Approval Amount of Investment Percent of Tier I Capital
Notice Delegated Authority 4/5/1999   2%
Notice by bank of intent to establish subsidiary funded by an equity contribution to make investments in real estate.


TROY SAVINGS BANK - TROY, NY
Application or Notice Board or Delegated Authority Date of Approval Amount of Investment Percent of Tier I Capital
Application Delegated Authority 3/27/2002 $ 5.8M 5.6 %
Application to retain investments, in wholly-owned subsidiaries, which include limited partnership interest in realty property and direct ownership of one condominium unit.


WATERTOWN SAVINGS BANK - WATERTOWN, NY
Application or Notice Board or Delegated Authority Date of Approval Amount of Investment Percent of Tier I Capital
Application Delegated Authority 3/17/1998   2.26%
Application to indirectly continue real estate activities through a wholly-owned subsidiary which holds a 50% ownership interest in apartments. Watertown Savings Bank


SPRINGFIELD INSTITUTION FOR SAVINGS - SPRINGFIELD, MA
Application or Notice Board or Delegated Authority Date of Approval Amount of Investment Percent of Tier I Capital
Application Board Action 12/4/1995 17.6M 24.54%
Application to continue holding, indirectly through the bank's wholly owned subsidiaries, certain impermissible real estate investments until December 31, 1997.


RED LAKE COUNTY STATE BANK - RED LAKE FALLS, MN
Application or Notice Board or Delegated Authority Date of Approval Amount of Investment Percent of Tier I Capital
Notice Delegated Authority 11/12/2004   0
Notice of intent by 3 banks affiliated by common ownership of their respective holding companies (Peoples, First State Bank of Rush City, Red Lake County) to invest in limited partnerships or limited liability companies through their respective wholly-owned subsidiaries


FIRST STATE BANK OF RUSH CITY - RUSH CITY, MN
Application or Notice Board or Delegated Authority Date of Approval Amount of Investment Percent of Tier I Capital
Notice Delegated Authority 11/12/2004   0
Bank has jointly filed a notice with two other banks to establish wholly-owned subsidiary to retain an interest in limited partnership which owns a 127 unit apartment building


PEOPLES STATE BANK - AUGUSTA, WI
Application or Notice Board or Delegated Authority Date of Approval Amount of Investment Percent of Tier I Capital
Notice Delegated Authority 11/12/2004   0
Bank has jointly filed a notice with two other banks to establish wholly-owned subsidiary to retain an interest in limited partnership which owns a 127 unit apartment building


CITIZENS FIRST SAVINGS BANK - PORT HURON, MI
Application or Notice Board or Delegated Authority Date of Approval Amount of Investment Percent of Tier I Capital
Application Delegated Authority 10/10/1998 $50,859 3.91%
Application to continue to engage in real estate investment activities through a wholly-owned subsidiary, which through its predecessor, became involved in real estate investments as a general partner in the development of a mobile home park. The Bank is applying to retain its 50% partnership interest in the mobile home park as well as increase its investment through a loan between the bank and the subsidiary.


CITIZENS SAVINGS BANK - BLOOMINGTON, IL
Application or Notice Board or Delegated Authority Date of Approval Amount of Investment Percent of Tier I Capital
Notice Delegated Authority 1/7/2000 $4,462,708 15.08%
Application to continue to participate through a wholly owned subsidiary in a joint venture to complete the development of vacant land into commercial real estate lots for resale. The investment represents 15.8% of Tier I leverage capital.


TROY SAVINGS BANK - TROY, NY
Application or Notice Board or Delegated Authority Date of Approval Amount of Investment Percent of Tier I Capital
Application Delegated Authority 1/21/2000 $3,250,000 > 1%
Application to acquire through a majority-owned subsidiary a 50 percent interest in a limited liability company ("LLC") to be established under New York law that will engage in the ownership, development and leasing or sale of commercial real estate located in an industrial park.




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