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Decisions on Bank Applications

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Part 347
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Insurance - Part 347 Applications
Bank may acquire and hold equity interest in foreign organizations under 18(l) of the FDI Act.

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 FDICís 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.

SEVEN MAINE BANKS - , ME
Application or Notice Board or Delegated Authority Date of Approval Amount of Investment Percent of Tier I Capital
Application Delegated Authority 4/5/2001 $ 10,000  
Application filed on behalf of seven Maine non-member banks, to acquire through majority owned subsidiaries, a 3% minority interest in a foreign private mortgage insurance reinsurance company organized under the laws of the Turks Caicos Islands, British West Indies.


CONTINENTAL SAVINGS BANK - SEATTLE, WA
Application or Notice Board or Delegated Authority Date of Approval Amount of Investment Percent of Tier I Capital
Application Delegated Authority 3/27/2000 $ 13,000 > 1%
Application to hold all the shares of Continental Reinsurance Company, a de novo foreign organization that will reinsure private mortgage insurance located in the Turks and Caicos Islands, a British overseas territory.


CENTRAL CAROLINA BANK & TRUST COMPANY - DURHAM, NC
Application or Notice Board or Delegated Authority Date of Approval Amount of Investment Percent of Tier I Capital
Application Board Action 2/10/2000 5M 7%
Application for approval under section 18(l) and section 24 of the FDI Act, to acquire the shares of Sprunt Insurance Company, a de novo foreign organization located in the British Virgin Islands. Central Carolina Bank and Trust Company




Last Updated 03/24/2011 Legal@fdic.gov