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Talbots Classics National Bank

FEDERAL DEPOSIT INSURANCE CORPORATION

Re: Talbots Classics National Bank
Lincoln, Providence County, Rhode Island
Application for Federal Deposit Insurance (Bank Insurance Fund)

ORDER

The undersigned, acting on behalf of the Board of Directors pursuant to delegated authority, has fully considered all available facts and information relevant to the factors of Section 6 of the Federal Deposit Insurance Act and relating to the application for Federal deposit insurance, with membership in the Bank Insurance Fund, for Talbots Classics National Bank, a proposed new national bank to be located at 6 Blackstone Valley Place, Unit 303, Lincoln, Providence County, Rhode Island, and has concluded that the application should be approved.

Accordingly, it is hereby ORDERED that the application submitted by Talbots Classics National Bank for Federal deposit insurance be approved subject to the following conditions:

1. That beginning paid-in capital funds of not less than $2,000,000 be provided;

2. That Tier 1 Capital/Assets ratio shall not be less than 8.0 percent at the end of the third year of operation;

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

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

5. That if deposit insurance has not become effective within one year from the date of the Order, or unless, in the meantime, a request for an extension of time has been approved by the Corporation, the consent granted shall expire at the end of said date one year period.

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

FEDERAL DEPOSIT INSURANCE CORPORATION

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


FEDERAL DEPOSIT INSURANCE CORPORATION

IN RE: Talbots Classics National Bank
Lincoln, Providence County, Rhode Island
Application for Federal Deposit Insurance (Bank 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 Bank Insurance Fund has been filed on behalf of Talbots Classics National Bank a proposed new national bank to be located at 6 Blackstone Valley Place, Unit 303, Lincoln, Providence County, Rhode Island.

Talbots Classics National Bank will be a wholly-owned subsidiary of The Talbots, Inc., a national specialty retailer of women's and children's apparel. JUSCO (U.S.A.), Inc. owns 62.7 percent of the outstanding common stock of The Talbots, Inc. JUSCO (U.S.A.), Inc. is a wholly-subsidiary of JUSCO Co., LTD, a Japanese corporation.

The Talbots, Inc., offers customers a credit card that can only be used in its stores, and now wishes to transfer its present and future credit card receivables to Talbots Classics National Bank in order to benefit from the uniform credit card interest rate and fee regulations afforded a national bank. The applicant is to be established under the provisions of the Competitive Equality Banking Act. As a credit card bank, Talbots Classics National Bank will engage only in credit card operations, will not accept demand deposits, will not accept savings or time deposits of less than $100,000, and will not make commercial loans.

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 Bank 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