Decisions on Bank Applications
Insurance - Subsidiary structured as limited liability company
Bank may indirectly through a majority owned subsidiary organized as a limited liability company engage in activities under § 24 of the FDI Act.
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.
|FIDELITY BANK OF TEXAS - WACO, TX|
|Application or Notice||Board or Delegated Authority||Date of Approval||Amount of Investment||Percent of Tier I Capital|
|Application to acquire non-controlling interest in an insurance agency.through a subsidiary organized as a limited liability company|