Decisions on Bank Applications
Left Navigation Investments & Activities - Miscellaneous
Miscellaneous - Money Market Preferred Stock
Bank may own adjustable rate preferred and money market preferred stock up to 100% of Tier 1 Capital.
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.
CHITTENDEN TRUST CO.
-
BURLINGTON, VT
|
Application or Notice |
Board or Delegated Authority |
Date of Approval |
Amount of Investment |
Percent of Tier I Capital |
Application
|
Delegated Authority
|
9/25/1998
|
|
7.23%
|
Application to increase the bank's investment limits in money market and adjustable rate preferred stock
from 15% of total capital to 100% of Tier I Capital.
|
ESSEX SAVINGS BANK
-
ESSEX, CT
|
Application or Notice |
Board or Delegated Authority |
Date of Approval |
Amount of Investment |
Percent of Tier I Capital |
Application
|
Delegated Authority
|
9/25/1998
|
|
21.48%
|
Application to increase the bank's investment limits in money market and adjustable rate preferred stock
from 15% of total capital to 100% of Tier I Capital.
|
FULTON SAVINGS BANK
-
FULTON, NY
|
Application or Notice |
Board or Delegated Authority |
Date of Approval |
Amount of Investment |
Percent of Tier I Capital |
Application
|
Delegated Authority
|
7/10/1998
|
|
16.3%
|
Application to maintain total investment in Money Market Preferred Stock ("MMPS") in excess of the
15% maximum total investment allowed by Section 362.4(c)(3)(v) of the FDIC Rules and Regulations.
|
MERRILL LYNCH NATIONAL FINANCIAL BANK
-
SALT LAKE CITY, UT
|
Application or Notice |
Board or Delegated Authority |
Date of Approval |
Amount of Investment |
Percent of Tier I Capital |
Application
|
Board Action
|
3/14/1994
|
62 M
|
85.9%
|
Application to maintain total investment in Money Market Preferred Stock ("MMPS") of up to a 100% of
total capital. FDIC Regulations (Section 362.4(c)(3)(v)) allow a 15% maximum total investment.
Merrill Lynch National Financial
|
PIONEER SAVINGS BANK
-
TROY, NY
|
Application or Notice |
Board or Delegated Authority |
Date of Approval |
Amount of Investment |
Percent of Tier I Capital |
Application
|
Delegated Authority
|
2/20/1999
|
|
10%
|
Applicant seeks permission to maintain its total investment in Money Market Preferred Stock ("MMPS") in
excess of the 15% maximum total investment allowed by Section 362.4(c)(3)(v) of the FDIC Rules and
Regulations.
|