Decisions on Bank Applications
The orders and statements below were approved in connection with activities under §24 of the F.D.I. Act, Part 362 of the FDIC's regulations, and in some cases also under §18(l) of the F.D.I. Act and Part 347 of the FDIC's regulations. While most of the post-1997 orders and statements set out below are derived from official sources, there are many older pre-1997 orders and statements issued under § 24 that were scanned from archived files. These may vary slightly in terms of the conditions actually imposed as approved by the Board of Directors. We have tried to exercise the greatest care in the reproduction of these older scanned documents.
Annuities - Bank may continue to hold an annuity issued by an insurance company that was purchased in conjunction with a deferred compensation agreement.
Fixed-rate annuities underwriting - Bank may engage as principal, through a wholly-owned subsidiary, in fixed-rate annuity underwriting, including reinsurance activities.
Guarantee activities - Bank may continue to guaranty a third party’s loan.
Money Market Preferred Stock - Bank may own adjustable rate preferred and money market preferred stock up to 100% of Tier 1 Capital.
Pledge of assets to secure private deposits - Bank may continue to collateralize the uninsured portion of non-public deposits of a depositor where accounts were originally collateralized prior to enactment of Section 24 of FDI Act.
Section 46 Financial Subsidiary - Bank may establish a financial subsidiary subject to the notice requirements of § 46 of the FDI Act.
Other Activity - Activities and investments that do not fall into the broad categories listed.
Leasing (2% of Tier 1 capital or less) - Bank may indirectly through a wholly-owned subsidiary engage in the leasing of real property under certain circumstances involving 2% of Tier 1 Capital or less.