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Federal Deposit
Insurance Corporation

Each depositor insured to at least $250,000 per insured bank

Since 1933, no depositor has lost a penny of FDIC-insured funds

Decisions on Bank Applications

CIBC National Bank (Proposed)


IN RE: CIBC National Bank (Proposed)
Maitland, Florida
Application for Federal Deposit Insurance (Bank Insurance Fund)


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 CIBC National Bank, a proposed new National bank to be located at 2301 Lucien Way, Maitland, Orange County, Florida, ("Bank") and has concluded that the application should be approved.

Accordingly, it is hereby ORDERED, for the reasons set forth in the attached Statement, that the application submitted by the Bank for federal deposit insurance be, and the same hereby is, approved subject to the following conditions:

1. That beginning paid-in capital funds of not less than $425,000,000 be provided, and that a Tier 1 Leverage Capital ratio of not less than eight percent shall be maintained throughout the first three years of operation;

2. That any changes in proposed management or proposed ownership (10 percent or more of stock), including new acquisitions of or subscriptions to 10 percent or more of stock, will render this commitment null and void unless such proposal is approved by the Regional Director of the FDIC's Atlanta Regional Office ("Regional Director") prior to opening of the bank;

3. That the Bank shall operate within the parameters of the business plan information submitted to the FDIC. Furthermore, the Bank shall notify the Regional Director of any proposed major deviation or material change from the submitted plan before consummation of the change;

4. That Federal deposit insurance shall not become effective unless and until the Bank has been established as a National Bank, that it has authority to conduct a banking business, and that its establishment and operation as a bank have been fully approved by the Office of the Comptroller of the Currency;

5. That Canadian Imperial Bank of Commerce, The CIBC World Markets Corporation, and CIBC World Markets Inc., all of Toronto, Canada, and CIBC Delaware Holdings Inc., New York, New York, all proposed bank holding companies, obtain approval from the Federal Reserve to acquire voting stock control of the Bank prior to its opening;

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

7. That if federal deposit insurance has not become effective within twelve months from the date of this ORDER, or unless, in the meantime, a request for an extension of time has been approved by the FDIC, the consent granted herein shall expire at the end of the said twelve-month period.

Dated at Washington, D.C. this day of October, 1999.


Michael J. Zamorski
Deputy Director
Division of Supervision

IN RE: CIBC National Bank
Maitland, Orange County, Florida
Application for Federal Deposit Insurance (Bank Insurance Fund)


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 CIBC National Bank (the bank), a proposed new National bank to be located at 2301 Lucien Way, Maitland, Orange County, Florida.

The bank will be wholly owned by Canadian Imperial Bank of Commerce (CIBC), Toronto, Ontario, Canada, through a proposed multi-tier Canadian and U.S. bank holding company. While CIBC currently operates branches in New York City, Atlanta, Los Angles and San Francisco, this will be the first de novo entry into the U.S. CIBC has been in continuous operation in Canada since 1867 and currently operates over 1,400 branches around the world. CIBC serves retail and wholesale customers through two strategic business units: CIBC Personal and Commercial Bank (the P&C Bank) and CIBC World Markets (CIBC WM). Electronic banking is the cornerstone of the P&C Bank, with about 89% of individual transactions handled electronically. CIBC WM provides corporate and investment banking services for corporate, government, and institutional clients around the globe.

The bank's business strategy involves delivering banking products and services electronically through the Internet, ATMs and toll free customer service lines. However, the bank will maintain a physical presence via banking kiosks located in select grocery store chains. Each kiosk will house two dedicated phone lines to the bank's call center and two computers with dedicated access to the bank's Web site. Customers will make deposits/withdrawals and draw on credit lines through an ATM located on an external wall. Customers must first visit a kiosk to open an account before they can conduct their banking over the Internet. Deposits will be invested in short to medium term securities and consumer loans.

Investment in fixed assets is reasonable, capital is strong, future earnings prospects and the ability to meet the convenience and needs of the community are favorable, and management is considered satisfactory. Corporate powers to be exercised are consistent with the purpose of the Federal Deposit Insurance Act. No formal objections to this proposal have been filed and no undue risk to the Bank Insurance Fund is apparent.

Accordingly, based upon a careful evaluation of all available facts and information, the Deputy Director, pursuant to delegated authority, has concluded that approval of the application is warranted.


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