Each depositor insured to at least $250,000 per insured bank



Home > Regulation & Examinations > Laws & Regulations > Decisions on Bank Applications





Decisions on Bank Applications

Skip Left Navigation Links
0
Decisions on Bank Apps Home
Investments & Activities

   •  Equity Securities
   •  Real Estate
   •  Insurance
   •  Miscellaneous
Deposit Insurance
Merger Transactions
Mutual to Stock Conversions
Part 347
Other Applications
Alliance, FSB (Proposed)

IN RE: Alliance, FSB (Proposed)
Niles, Cook County, Illinois
Application for Federal Deposit Insurance (Savings Association Insurance Fund)

ORDER

The undersigned, acting under delegated authority, has fully considered all facts and information relevant to the factors of Section 6 of the Federal Deposit Insurance Act relating to the application for federal deposit insurance for Alliance, FSB (the bank), a proposed new full-service federal savings bank to be located at 7840 North Milwaukee Avenue, Niles, Cook County, Illinois, 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 Alliance, FSB 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 $7, 210,000 be provided, and that a ratio of Tier 1 Leverage Capital to total assets of not less than eight percent shall be maintained throughout the first three years of operation;

2. That any changes in proposed management or proposed ownership (10 percent or more of stock), including new acquisitions of or subscriptions to 10 percent or more of stock, will render this commitment null and void unless such proposal is approved by the Regional Director of the FDIC's Chicago Regional Office (Regional Director) 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 a banking business, and that its establishment and operation as a bank have been fully approved by the Office of Thrift Supervision;

4. That the Polish National Alliance of the United States of North America, Chicago, Illinois, obtain approval from the Office of Thrift Supervision to acquire voting stock control of the bank prior to its opening;

5. That until the conditional commitment herein granted becomes effective, the FDIC shall have the right to alter, suspend or withdraw said commitment should any interim development be deemed to warrant such action; and

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

Dated at Washington, D.C. this day of June, 1999.

FEDERAL DEPOSIT INSURANCE CORPORATION

By:________________________________
Mark S. Schmidt
Associate Director
Division of Supervision


FEDERAL DEPOSIT INSURANCE CORPORATION

IN RE: Alliance, FSB (Proposed)
Niles, Cook County, Illinois
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 with membership in the Savings Association Insurance Fund has been filed on behalf of Alliance, FSB (the bank), a proposed new federal savings bank to be located at 7840 North Milwaukee Avenue, Niles, Cook County, Illinois.

The bank's sole shareholder will be the Polish National Alliance of the United States of North America (PNA). PNA is a fraternal benefit society organized in 1880 to provide life insurance and other financial products. It is currently the sixteenth largest fraternal benefit society in the United States and is licensed to sell life insurance in thirty-eight states and the District of Columbia. Once an individual purchases a life insurance or annuity contract from PNA, that individual automatically becomes a member of PNA.

The bank's primary market will be the Polish American Community and its business plan is to provide traditional deposit and loan products through traditional teller and lobby services located in the sole office in Niles, Illinois, and through its newspaper and radio affiliates. PNA also plans to promote the bank through informal referrals through its insurance agent network.

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. Corporate powers to be exercised are consistent with the purpose of the Federal Deposit Insurance Act. No formal objections to this proposal have been filed and no undue risk to the Savings Association 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