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New York Life Trust Company, FSB (In Organization)

FEDERAL DEPOSIT INSURANCE CORPORATION

IN RE: New York Life Trust Company, FSB (In Organization)
Parsippany, New Jersey
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 New York Life Trust Company, FSB, a proposed new limited-purpose Federal savings bank to be located at 260 Cherry Hill Road, Parsippany, New Jersey, 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 New York Life Trust Company, 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 $5,000,000 be provided, of which not less than $2,500,000 shall be allocated to common stock and $2,500,000 to surplus;

2. That the Tier 1 capital to assets ratio as defined in Part 325 of the FDIC's Rules and Regulations at the time of application, be maintained at not less than eight percent during the first three years of operation;

3. 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 New York Office ("Regional Director") prior to opening of the bank;

4. That NYLIFE, LLC, obtain approval from the Office of Thrift Supervision to establish a unitary thrift holding company and acquire voting stock control of the bank prior to its opening;

5. 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 Federal savings bank have been fully approved by appropriate Federal authorities;

6. That the insured institution shall be engaged in the business of receiving deposits, other than trust funds;

7. That the bank shall operate within the parameters of the business plan submitted to the FDIC. Furthermore, during the first three years of operations, the bank shall notify the Regional Director of any proposed major deviation or material change from the submitted plan 60 days before consummation of the change;

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

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

Dated at Washington, D.C., this day of June 2000.

FEDERAL DEPOSIT INSURANCE CORPORATION

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


FEDERAL DEPOSIT INSURANCE CORPORATION

IN RE: New York Life Trust Company, FSB
Parsippany, New Jersey
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 New York Trust Company, FSB a proposed new Federal savings bank to be located at 260 Cherry Hill, Parsippany, New Jersey.

The New York Life Trust Company, FSB will be a wholly-owned subsidiary of NYLIFE, LLC, and an indirect subsidiary of New York Life Insurance Company, Inc. The primary focus of New York Life Trust Company, FSB will be trust services. For that reason, it anticipates being designated a "special purpose savings association" by the Office of Thrift Supervision. By virtue of having a Federal savings bank charter, New York Life Trust Company, FSB will be able to exercise trust powers in all 50 states and the District of Columbia.

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. 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 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