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Decisions on Bank Applications

Left Navigation Investments & Activities - Equity

Equity Securities - Unlisted stock

Bank may indirectly through a wholly-owned subsidiary continue to hold subordinated debt or preferred stock and warrants or common stock of non-bank entities not listed on a national securities exchange, and fund capital calls and exercise warrants.

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.

EMIGRANT SAVINGS BANK - NEW YORK, NY
Application or Notice Board or Delegated Authority Date of Approval Amount of Investment Percent of Tier I Capital
Application Delegated Authority 6/6/2005 $100M 15%
Application to invest, indirectly, through a wholly-owned subsidiary, in equity securities consisting of unlisted stock, hedge funds, venture capital funds and private equity funds.


NORWAY SAVINGS BANK - NORWAY, ME
Application or Notice Board or Delegated Authority Date of Approval Amount of Investment Percent of Tier I Capital
Application Board Action 8/21/2001 2.5M 4.86 %
Application by bank for the transfer of nonlisted, private placement venture capital equity interests to a wholly owned subsidiary. Norway Savings Bank


IBERIA BANK - NEW IBERIA, LA
Application or Notice Board or Delegated Authority Date of Approval Amount of Investment Percent of Tier I Capital
Application Delegated Authority 8/1/2000 $ 1.00  
Application to hold 190.875 shares or 20% of Vermillion Irrigation (a privately held Louisiana Corporation with non-income producing mineral rights) in the banks dormant wholly-owned subsidiary.


DEDHAM INSTITUTION FOR SAVINGS - DEDHAM, MA
Application or Notice Board or Delegated Authority Date of Approval Amount of Investment Percent of Tier I Capital
Application Board Action 7/12/2000 5M 6.84%
Application to invest through a proposed wholly owned subsidiary, in equity pools established by brokerage and other firms. The equity pools invest in limited partnerships that in turn invest in private equity funds with a focus on venture capital, buyouts and capital restructuring financing. Dedham Institution For Savings


BOSTON BANK OF CONNECTICUT - HARTFORD, CT
Application or Notice Board or Delegated Authority Date of Approval Amount of Investment Percent of Tier I Capital
Application Board Action 5/3/1995 42M 12.83%
Application to retain equity investments through a majority-owned subsidiary. Bank of Boston Connecticut


NORTHWEST SAVINGS BANK - WARREN, PA
Application or Notice Board or Delegated Authority Date of Approval Amount of Investment Percent of Tier I Capital
Application Board Action 4/9/1996   11.11%
Application to retain equity investments consisting of common and preferred shares of unlisted bank holding company stock located in the State of Pennsylvania. Northwest Savings Bank


ELDERTON STATE BANK - ELDERTON, PA
Application or Notice Board or Delegated Authority Date of Approval Amount of Investment Percent of Tier I Capital
Application Board Action 3/21/1995 $ 164,000 3.95%
Application to continue to acquire equity investments, limited to Pennsylvania bank and bank holding company stock through a wholly-owned subsidiary.


FIRST CITIZENS STATE BANK OF WHITEWATER - WHITEWATER, WI
Application or Notice Board or Delegated Authority Date of Approval Amount of Investment Percent of Tier I Capital
Application Board Action 12/3/1996 $ 249,500 5%
Application to invest through a wholly-owned subsidiary, in unlisted bank holding company stock. The First Citizens State Bank of Whitewater, Wisconsin


HAMLIN BANK & TRUST CO. - SMETHPORT, PA
Application or Notice Board or Delegated Authority Date of Approval Amount of Investment Percent of Tier I Capital
Application Board Action 12/23/1997   10%
Application to acquire and retain unlisted stock of insured savings associations and bank holding companies through a de novo wholly-owned subsidiary. Hamlin Bank and Trust Company


NEW HAVEN SAVINGS BANK - NEW HAVEN, CT
Application or Notice Board or Delegated Authority Date of Approval Amount of Investment Percent of Tier I Capital
Application Board Action 11/9/2000 3M 0.92%
Bank seeks to purchase limited partnership interest through a de-novo, wholly-owned subsidiary. The acquisition involves the private placement of partnership interests. New Haven Savings Bank


CROSS KEYS BANK - ST. JOSEPH, LA
Application or Notice Board or Delegated Authority Date of Approval Amount of Investment Percent of Tier I Capital
Application Board Action 11/6/1997 $ 10,001 > 1%
Application to retain ownership of certain equity securities. The securities (common stock) were acquired over 50 years ago for debt previously contracted (DPC), and are currently held by the bank directly and are not publicly traded. Cross Keys Bank


PFC BANK - FORD CITY, PA
Application or Notice Board or Delegated Authority Date of Approval Amount of Investment Percent of Tier I Capital
Application Board Action 11/26/1996 7.3M 8.73%
Application to acquire and retain listed, unlisted common and preferred shares of insured bank and bank holding company stock located in the State of Pennsylvania. PFC Bank


HIGH POINT BANK & TRUST CO. - HIGH POINT,, NC
Application or Notice Board or Delegated Authority Date of Approval Amount of Investment Percent of Tier I Capital
Application Board Action 10/11/1995 $ 500,000 1.1%
Application to transfer shares of thinly traded unlisted stock to a proposed wholly-owned subsidiary organized for the purpose of retaining the stock. High Point Bank and Trust Company