Decisions on Bank Applications
Left Navigation Investments & Activities - Equity
Equity Securities - Other Activity
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.
Application or Notice |
Board or Delegated Authority |
Date of Approval |
Amount of Investment |
Percent of Tier I Capital |
Application |
Board Action |
9/30/2002 |
|
100% |
Applicant seeks permission to invest in the stock of trust companies; bank holding companies; federal and
state savings associations; and savings and loan holding companies through a proposed wholly-owned
subsidiary. S&T Bank |
MERRIMACK COUNTY SAVINGS BANK
-
CONCORD, NH |
Application or Notice |
Board or Delegated Authority |
Date of Approval |
Amount of Investment |
Percent of Tier I Capital |
Application |
Board Action |
9/20/1999 |
$ 79,900 |
0.23% |
Merrimack County Savings Bank is one of three financial institutions to submit applications to retain
equity investments through a wholly-owned subsidiary. The subsidiary, through two wholly owned
second tier subsidiaries, are engaged in trust activities and the sale of annuities and insurance. Merrimack County Savings Bank |
BANK OF KAUKAUNA
-
KAUKAUNA, WI |
Application or Notice |
Board or Delegated Authority |
Date of Approval |
Amount of Investment |
Percent of Tier I Capital |
Application |
Board Action |
7/27/2000 |
$ 194,000 |
3.5% |
Application to retain 100% ownership in Mullen Bender Inc., a subsidiary shell corporation, whose only
assets are cash and a fully depreciated steel mold or die used to make a plastic tool frame that bends cable
wire to facilitate aerial installation. The tool frame is known as the "Mullen Bender". The Bank of Kaukauna |
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 |
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 |
WILMINGTON TRUST COMPANY
-
WILMINGTON, DE |
Application or Notice |
Board or Delegated Authority |
Date of Approval |
Amount of Investment |
Percent of Tier I Capital |
Application |
Delegated Authority |
10/19/2003 |
$ 500,000 |
1% |
Application to invest indirectly, through a wholly owned subsidiary, in an investment management
company organized as a limited liability company (LLC). The company will manage the investment of
private equity funds. Wilmington Trust Company |
FIRST REPUBLIC BANK
-
LAS VEGAS, NV |
Application or Notice |
Board or Delegated Authority |
Date of Approval |
Amount of Investment |
Percent of Tier I Capital |
Application |
Board Action |
10/17/2000 |
5M |
2% |
Application to engage as principle through a proposed de novo wholly-owned subsidiary, in the acquisition
of non-controlling amounts of venture capital investment funds and other public or private investment
companies; that may invest in debt and equity securities, real estate and other assets. First Republic Bank |