Decisions on Bank Applications

Miscellaneous - Annuity

Bank may continue to hold an annuity issued by an insurance company that was purchased in conjunction with a deferred compensation agreement.

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.

SECURITY BANK - SHELDON, IA

Application or Notice	Board or Delegated Authority	Date of Approval	Amount of Investment	Percent of Tier I Capital
Application	Board Action	7/26/1996	$ 515,739	8.4%
Application to hold nine annuities, issued by two insurance companies purchased in conjunction with deferred compensation agreements for various current or former bank officers/directors.

POWESHIEK COUNTY SAVINGS BANK - BROOKLYN, IA

Application or Notice	Board or Delegated Authority	Date of Approval	Amount of Investment	Percent of Tier I Capital
Application	Board Action	5/28/1996	2.3M	1%
Application to continue to hold an annuity purchased in 1985, prior to the effective date of Section 24. The bank is the sole owner and beneficiary of the annuity which has a cash surrender value of less than 1% of Tier 1 Capital. Poweshiek County Savings Bank

RUTHVEN STATE BANK - RUTHVEN, IA

Application or Notice	Board or Delegated Authority	Date of Approval	Amount of Investment	Percent of Tier I Capital
Application	Board Action	5/21/1996	5M	5.58%
Application to hold an annuity issued by an insurance company that was purchased in conjunction with a deferred compensation agreement for the bank's president. The purchase of the annuity is after the effective date of Section 24 and the bank is the sole owner and beneficiary. Ruthven State Bank