Decisions on Bank Applications
Left Navigation Investments & Activities
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 FDIC’s 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.
|