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Decisions on Bank Applications

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Real Estate - Hold to liquidate

Bank may indirectly through a wholly-owned subsidiary hold residential-commercial real estate until liquidation.

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.

SAVINGS BANK OF MANCHESTER - MANCHESTER, CT
Application or Notice Board or Delegated Authority Date of Approval Amount of Investment Percent of Tier I Capital
Application Board Action 9/19/1997 3.5M 4%
Application to continue to develop real estate holdings, through a wholly-owned subsidiary until complete divestiture. Savings Bank of Manchester


IPSWICH SAVINGS BANK - IPSWICH, MA
Application or Notice Board or Delegated Authority Date of Approval Amount of Investment Percent of Tier I Capital
Application Delegated Authority 9/10/1999 $ 650,000 4.25%
Bank filed an application to continue to hold, for three years, an undeveloped parcel of land. The bank owns the land through a wholly-owned subsidiary.


FIRST COMMUNITY BANK OF THE DESERT - YUCCA VALLEY, CA
Application or Notice Board or Delegated Authority Date of Approval Amount of Investment Percent of Tier I Capital
Application Board Action 8/5/1996 2.7M 54.4%
Application to continue to retain indirectly through a wholly-owned subsidiary interest in real estate consisting of seven parcels of land until December 31, 1997. The Bank is actively marketing the seven parcels; however, additional time is needed to sell these properties. First Community Bank of the Desert


BRAINTREE CO-OPERATIVE BANK - BRAINTREE, MA
Application or Notice Board or Delegated Authority Date of Approval Amount of Investment Percent of Tier I Capital
Notice Delegated Authority 8/1/2003 $11,822.00 2%
Application to engage in real estate investment activities through a wholly-owned existing subsidiary. The subsidiary is in the corporate form under Massachusetts law. The subsidiary holds this parcel for the sole purpose of facilitating divestiture.


PEOPLE'S BANK - BRIDGEPORT, CT
Application or Notice Board or Delegated Authority Date of Approval Amount of Investment Percent of Tier I Capital
Application Delegated Authority 7/17/1998   1.97%
Application to continue real estate investment activities after the merger of two institutions with previous approvals under Section 24.


MID-STATE BANK - ARROYO GRANDE, CA
Application or Notice Board or Delegated Authority Date of Approval Amount of Investment Percent of Tier I Capital
Application Board Action 7/16/1996 26.2M 43.5%
Applicant seeks extension of time for orderly divestiture of a real estate investment through a wholly-owned subsidiary. Mid-State Bank


ARKANSAS BANK & TRUST CO/(REGIONS BANK) - HOT SPRINGS, AR
Application or Notice Board or Delegated Authority Date of Approval Amount of Investment Percent of Tier I Capital
Application Board Action 6/21/1995 1.2M 1%
Application by Federal Reserve member bank, to continue equity investments in real estate through a wholly-owned subsidiary. Arkansas Bank and Trust Company


KERMAN STATE BANK - KERMAN, CA
Application or Notice Board or Delegated Authority Date of Approval Amount of Investment Percent of Tier I Capital
Application Board Action 6/17/1996 2.7M 19.09%
Application to continue to engage in real estate investment activities through a wholly-owned subsidiary. This application represents a divestiture program for real estate investments which extends beyond the December 19, 1996 deadline required under Section 24. Kerman State Bank


MUTUAL SAVINGS BANK - MILWAUKEE, WI
Application or Notice Board or Delegated Authority Date of Approval Amount of Investment Percent of Tier I Capital
Application Board Action 5/9/1995 2.2M 1.7%
Application to retain real estate investments consisting of four vacant lots adjacent to the bank's headquarters building through its wholly-owned subsidiary, . Mutual Savings Bank


NORTHWEST SAVINGS BANK - AMERY, WI
Application or Notice Board or Delegated Authority Date of Approval Amount of Investment Percent of Tier I Capital
Application Board Action 5/31/1995   0.02%
Application to engage through a wholly-owned subsidiary in real estate investment and sales activities involving residential lots, until complete divestiture. Northwest Savings Bank


VISALIA COMMUNITY BANK - VISALIA, CA
Application or Notice Board or Delegated Authority Date of Approval Amount of Investment Percent of Tier I Capital
Application Board Action 5/29/1997 2.8M 27.69%
Application by bank to retain investments, including three real estate properties, through its wholly-owned subsidiary. Visalia Community Bank


MEREDITH VILLAGE SAVINGS BANK - MEREDITH, NH
Application or Notice Board or Delegated Authority Date of Approval Amount of Investment Percent of Tier I Capital
Application Delegated Authority 4/8/1999 $ 18,000 0.07%
Application to retain indirectly, through its wholly owned OREO subsidiary, a small parcel of lakefront land with a modest vacation home, which had formerly been the property of defaulting borrowers.


BRANCH BANK & TRUST - WINSTON SALEM, NC
Application or Notice Board or Delegated Authority Date of Approval Amount of Investment Percent of Tier I Capital
Application Board Action 4/8/1997 $ 69,900 0.05%
Application to continue to engage in real estate investment activities for the purpose of facilitating the orderly divestiture of its one remaining real estate asset. Branch Banking and Trust Company


EAGLE BANK/OLD NAME-EVERETT BANK - EVERETT, MA
Application or Notice Board or Delegated Authority Date of Approval Amount of Investment Percent of Tier I Capital
Application Delegated Authority 4/5/2000 1.1M 3.39%
Application by Eagle Bank, formerly Everett Bank, to make an additional investment in a wholly-owned subsidiary for the purpose of conducting real estate investment activities. Total investment in the subsidiary would be 3.39% of Tier 1 Leverage Capital. Eagle Bank


SACRAMENTO COMMERCIAL BANK - SACRAMENTO, CA
Application or Notice Board or Delegated Authority Date of Approval Amount of Investment Percent of Tier I Capital
Application Board Action 4/29/1997 $ 210,000 1.93%
Application to continue to engage in real estate activities through a wholly-owned subsidiary. Sacramento Commercial Bank


CAPE COD COOPERATIVE - YARMOUTH PORT, MA
Application or Notice Board or Delegated Authority Date of Approval Amount of Investment Percent of Tier I Capital
Application Board Action 4/23/1996 $ 513,100 3.7%
Application to continue to engage in real estate investment activities through a wholly-owned subsidiary. Cape Cod Cooperative Bank


CATHAY BANK - LOS ANGELES, CA
Application or Notice Board or Delegated Authority Date of Approval Amount of Investment Percent of Tier I Capital
Application Board Action 4/16/1996 2.0M 1.6%
Application to continue to engage in real estate investment activities through a wholly-owned subsidiary. Cathay Bank


CATHAY BANK - LOS ANGELES, CA
Application or Notice Board or Delegated Authority Date of Approval Amount of Investment Percent of Tier I Capital
Application Board Action 3/8/1995 1.3M 1.6%
Application to continue to engage in real estate investment activities through a wholly-owned subsidiary. Cathay Bank


MAGYAR SAVINGS BANK - NEW BRUNSWICK, NJ
Application or Notice Board or Delegated Authority Date of Approval Amount of Investment Percent of Tier I Capital
Application Board Action 3/26/1996 $ 137,032 1.07
Application to continue real estate investment activities through a subsidiary involving property purchased for future premises, but used as public and private parking lots. Magyar Savings-Bank


AMERICAN COMMERCIAL BANK - VENTURA, CA
Application or Notice Board or Delegated Authority Date of Approval Amount of Investment Percent of Tier I Capital
Application Board Action 3/25/1997 2.8M 8.7%
Application to continue real estate investment activities through the formation of a wholly owned subsidiary and the transfer of two real estate investment activities to that subsidiary. American Commercial Bank


PEOPLE'S BANK - BRIDGEPORT, CT
Application or Notice Board or Delegated Authority Date of Approval Amount of Investment Percent of Tier I Capital
Application Board Action 3/22/1995 25M 5.39%
Application to retain substantial real estate investments through several wholly-owned subsidiaries.


CENTRAL CAROLINA BANK & TRUST COMPANY - DURHAM, NC
Application or Notice Board or Delegated Authority Date of Approval Amount of Investment Percent of Tier I Capital
Application Board Action 3/17/1997 9.2M 7%
Application to continue to engage in real estate investment activities. Central Carolina Bank and Trust Company


CITRUS AND CHEMICAL BANK - BARTOW, FL
Application or Notice Board or Delegated Authority Date of Approval Amount of Investment Percent of Tier I Capital
Application Board Action 3/17/1997 1.1M 5.8%
Application to continue to engage in real estate investment activities, through a wholly-owned subsidiary. Citrus and Chemical Bank


REPUBLIC BANK - ST. PETERBURG, FL
Application or Notice Board or Delegated Authority Date of Approval Amount of Investment Percent of Tier I Capital
Application Board Action 3/17/1997 5.7M 10%
Application to continue to engage in real estate activities, through a wholly-owned subsidiary. Republic Bank


FARMINGTON S.B. - FARMINGTON, CT
Application or Notice Board or Delegated Authority Date of Approval Amount of Investment Percent of Tier I Capital
Application Delegated Authority 3/16/2000 7.6 M 8.38%
Application seeking an extension of time to divest indirect interest in a parcel of real estate, and permission to indirectly acquire a much smaller abutting parcel. The currently owned parcel includes a subdivision consisting of house lots, about half of which have been sold.


HOWARD SAVINGS BANK - GLENVIEW, IL
Application or Notice Board or Delegated Authority Date of Approval Amount of Investment Percent of Tier I Capital
Application Board Action 3/16/1995 $ 375,000 4.3%
Application to extend the date of previously approved divestiture plan for parcels of land. Howard Savings Bank


FARMERS & MERCHANTS BANK - REYNO, AR
Application or Notice Board or Delegated Authority Date of Approval Amount of Investment Percent of Tier I Capital
Application Board Action 2/3/1995 $ 60,000 5.3%
Application to continue to hold various income producing properties acquired due to defaulted loans ("DPC") through a wholly-owned subsidiary. Farmers and Merchants Bank


FARMERS AND MERCHANTS BANK - GRANITE QUARRY, NC
Application or Notice Board or Delegated Authority Date of Approval Amount of Investment Percent of Tier I Capital
Application Board Action 2/22/1995 $ 209,000 1.62%
Application to develop and sell through a wholly-owned subsidiary, a nine-unit office condominium project. Farmers and Merchants Bank


INTERCONTINENTAL BANK - MIAMI, FL
Application or Notice Board or Delegated Authority Date of Approval Amount of Investment Percent of Tier I Capital
Application Board Action 2/22/1995 $ 355,000 0.41%
Application to continue to engage in real estate investment activities through a wholly-owned subsidiary. The subsidiary does not intend to expand its real estate activities or engage in further development of the properties, but requests permission to hold the real estate while it continues to liquidate the properties in an orderly manner. Intercontinental Bank


LOWELL FIVE CENT SAVINGS BANK - LOWELL, MA
Application or Notice Board or Delegated Authority Date of Approval Amount of Investment Percent of Tier I Capital
Application Board Action 2/20/1996 8.4M 20.30%
Application to develop and sell condominiums with retention until divestiture of certain unimproved land and two commercial properties. The Lowell Five Cent Savings Bank


GREATER NEW YORK SAVINGS BANK/NEW NAME-ASTORIA - NEW YORK, NY
Application or Notice Board or Delegated Authority Date of Approval Amount of Investment Percent of Tier I Capital
Application Board Action 12/7/1995 1M 13.9%
Application to engage in real estate investment activities through five wholly-owned subsidiaries. The subsidiaries are involved in residential single family housing developments, condominiums, planned retirement communities, and associated retail space. The Greater New York Savings Bank


SPRINGFIELD INSTITUTION FOR SAVINGS - SPRINGFIELD, MA
Application or Notice Board or Delegated Authority Date of Approval Amount of Investment Percent of Tier I Capital
Application Board Action 12/4/1995 17.6M 24.54%
Application to continue holding, indirectly through the bank's wholly owned subsidiaries, certain impermissible real estate investments until December 31, 1997. Springfield Institution for Savings


MID-STATE BANK - ARROYO GRANDE, CA
Application or Notice Board or Delegated Authority Date of Approval Amount of Investment Percent of Tier I Capital
Application Delegated Authority 12/31/1998 8.4M 6.69%
Application to continue to retain indirectly through a wholly-owned subsidiary an interest in real estate consisting of four remaining projects until December 31, 2000. On July 16, 1996, the FDIC approved the bank's Section 24 application to allow it to continue its real estate activities past the December 19, 1996 deadline, until December 31, 1998. The bank is actively marketing the projects; however, additional time is needed to sell these properties.


LOCKPORT SAVINGS BANK - LOCKPORT, NY
Application or Notice Board or Delegated Authority Date of Approval Amount of Investment Percent of Tier I Capital
Application Board Action 12/3/1996   0.24%
Application to continue to engage in real estate investment activities until December 19, 1997 through a wholly-owned, first tier subsidiary which has interests in five limited partnerships. Lockport Savings Bank


SURETY BANK - VALLEJO, CA
Application or Notice Board or Delegated Authority Date of Approval Amount of Investment Percent of Tier I Capital
Application Board Action 12/26/1996 $270,000 5.4%
Application to indirectly continue real estate investment and leasing activities until December 31, 1996, through a proposed subsidiary. Surety Bank


FIRST COUNTY BANK - STAMFORD, CT
Application or Notice Board or Delegated Authority Date of Approval Amount of Investment Percent of Tier I Capital
Application Board Action 12/22/1995 3.4M 14.4%
Application to continue to real estate investment activities through a wholly-owned subsidiary. First County Bank


INTERWEST SAVINGS BANK - OAK HARBOR, WA
Application or Notice Board or Delegated Authority Date of Approval Amount of Investment Percent of Tier I Capital
Application Board Action 12/21/1995 2.9M 3.4%
Application to continue engaging in real estate investment activities. The Bank does not intend to expand these activities, but intends to divest within three years. InterWest Savings Bank


MARLBOROUGH SAVINGS BANK - MARLBOROUGH, MA
Application or Notice Board or Delegated Authority Date of Approval Amount of Investment Percent of Tier I Capital
Notice Delegated Authority 12/19/2000 $ 484,522 1.94%
Notice of intent to hold property acquired by deed in lieu of foreclosure through a wholly-owned subsidiary. The bank’s intent is to liquidate the property upon the resolution of certain title issues. The bank’s investment in the subsidiary is 1.94% of Tier 1 capital.


FIRST COMMUNITY BANK OF THE DESERT - YUCCA VALLEY, CA
Application or Notice Board or Delegated Authority Date of Approval Amount of Investment Percent of Tier I Capital
Application Delegated Authority 12/15/1998 1.4M 19%
Application to continue to retain indirectly through a wholly-owned subsidiary an interest in real estate consisting of seven parcels of until December 31, 1997. The Bank is actively marketing the seven parcels; however, additional time is needed to sell these properties. First Community Bank of the Desert


MERCANTILE BANK/MARK TWAIN KANSAS CITY SAVINGS - KANSAS CITY, MO
Application or Notice Board or Delegated Authority Date of Approval Amount of Investment Percent of Tier I Capital
Application Board Action 12/15/1995 1M 5.89%
Application to continue real estate investment activities through a subsidiary that, develops and sells homes in a residential subdivision acquired for debts previously contracted ("DPC"). Mark Twain Kansas City Bank


CENTRAL BANK OF THE LAKE OF THE OZARKS - OSAGE BEACH, MO
Application or Notice Board or Delegated Authority Date of Approval Amount of Investment Percent of Tier I Capital
Application Board Action 12/15/1995 1.9M 6.81%
Application to continue to hold, develop and sell through a wholly-owned subsidiary, a condominium development acquired for debts previously contracted. Central Bank of the Ozarks


MID-AMERICA FSB/NORTHWESTERN SAVINGS & LOAN - CHICAGO, IL
Application or Notice Board or Delegated Authority Date of Approval Amount of Investment Percent of Tier I Capital
Application Board Action 12/12/1995 25M 2.05%
Application by bank to engage in real estate investment, development and sales activities through bonafide first and second tier subsidiairies.


COUNTY BANK - MERCED, CA
Application or Notice Board or Delegated Authority Date of Approval Amount of Investment Percent of Tier I Capital
Application Board Action 12/12/1995 3.7M 25%
Application to continue, real estate investment and development activities until orderly divestiture is completed. The activities conducted through a wholly-owned subsidiary involve the development and bulk sale of residential lots. County Bank


WARE CO-OPERATIVE BANK - WARE, MA
Application or Notice Board or Delegated Authority Date of Approval Amount of Investment Percent of Tier I Capital
Application Board Action 11/8/1995 $ 190,200 3.44%
Application to engage in real estate investment activity involving the retention of the bank's former office building until sale in a reasonable market is feasible. Ware Co-operative Bank


DECATUR COUNTY BANK - DECATURVILLE, TN
Application or Notice Board or Delegated Authority Date of Approval Amount of Investment Percent of Tier I Capital
Application Board Action 11/8/1995 $ 106,000 2%
Application to continue to hold, through a wholly-owned subsidiary, five parcels of other real estate consisting of an old bank building, one commercial property, two houses and one vacant lot. Decatur County Bank


INSTITUTION FOR SAVINGS IN NEWBURYPORT & VICINITY - NEWBURYPORT, MA
Application or Notice Board or Delegated Authority Date of Approval Amount of Investment Percent of Tier I Capital
Application Board Action 11/7/1995 $ 625,000 2.71%
Application to engage in real estate investment activities through a wholly owned subsidiary.


CALIFORNIA BANK AND TRUST/ REGENCY BANK - FRESNO, CA
Application or Notice Board or Delegated Authority Date of Approval Amount of Investment Percent of Tier I Capital
Application Board Action 11/29/1996 14.8M 121%
Application by bank to indirectly continue real estate investment and development activities through a wholly-owned subsidiary solely for the purpose of facilitating divestiture. Regency Bank


MERCANTILE BANK OF IL - SPRINGFIELD, IL
Application or Notice Board or Delegated Authority Date of Approval Amount of Investment Percent of Tier I Capital
Notice Delegated Authority 11/19/1999 $ 808,000 0.5%
Application to retain a wholly-owned subsidiary that conducts real estate activities.


OWEN COMMUNITY BANK - SPENCER, IN
Application or Notice Board or Delegated Authority Date of Approval Amount of Investment Percent of Tier I Capital
Application Board Action 11/16/1995 701M 22.3%
Application to continue to engage in real estate investment and development activities, through a wholly- owned subsidiary. Real estate activities involve the purchase of raw land in large blocks, making minimal improvements and selling the land in smaller tracts. Owen Community Bank, s.b.


FIRST REGIONAL BANK - CENTURY CITY, CA
Application or Notice Board or Delegated Authority Date of Approval Amount of Investment Percent of Tier I Capital
Application Board Action 11/14/1996 2.6M 0.001%
Application to organize a wholly-owned subsidiary to continue, real estate investment and development activities until orderly divestiture are completed. First Regional Bank


ELDORADO BANK/COMMERCE SECURITY BANK - SACRAMENTO, CA
Application or Notice Board or Delegated Authority Date of Approval Amount of Investment Percent of Tier I Capital
Application Board Action 11/13/1996 $ 816,000 5.03%
Application to continue real estate investment activities until orderly divestiture is completed. Commerce Security Bank


NORWICH SAVINGS SOCIETY - NORWICH, CT
Application or Notice Board or Delegated Authority Date of Approval Amount of Investment Percent of Tier I Capital
Application Board Action 10/8/1996 $ 533,000 0.82%
Application to continue to hold through its wholly-owned subsidiary, a 50% equities stake in two separate real estate joint ventures. The Norwich Savings Society


FARMERS BANK OF PORTAGEVILLE - PORTAGEVILLE, MO
Application or Notice Board or Delegated Authority Date of Approval Amount of Investment Percent of Tier I Capital
Application Board Action 10/30/1995 $ 123,000 2.6%
Application to continue to engage in real estate investment activities through a subsidiary, organized to hold real estate acquired DPC. Farmers Bank of Portageville


IBERIA SAVINGS BANK - IBERIA, LA
Application or Notice Board or Delegated Authority Date of Approval Amount of Investment Percent of Tier I Capital
Application Board Action 10/25/1995 $ 79,300 0.1%
Application to continue real estate investment activities through a subsidiary involving the retention of thirteen undeveloped residential lots. Iberia Savings Bank


SAVINGS BANK OF WALPOLE - WALPOLE, NH
Application or Notice Board or Delegated Authority Date of Approval Amount of Investment Percent of Tier I Capital
Application Board Action 10/21/1997 $253,000 2.39%
Application to indirectly continue real estate development activity through a wholly owned subsidiary until full divestiture by September 30, 1998. Savings Bank of Walpole


MARLBOROUGH SAVINGS BANK - MARLBOROUGH, MA
Application or Notice Board or Delegated Authority Date of Approval Amount of Investment Percent of Tier I Capital
Application Board Action 10/20/1995 $ 40,000 0.26%
Application to continue to engage in real estate development activities through a subsidiary. Marlborough Savings Bank


WEYMOUTH SAVINGS BANK - WEYMOUTH, MA
Application or Notice Board or Delegated Authority Date of Approval Amount of Investment Percent of Tier I Capital
Application Delegated Authority 10/20/1995 $ 714,425 5.5%
Application to retain investment, through a wholly-owned subsidiary, in two parcels of land. Weymouth Savings Bank


CITIZENS-UNION SAVINGS BANK - FALL RIVER, MA
Application or Notice Board or Delegated Authority Date of Approval Amount of Investment Percent of Tier I Capital
Application Board Action 10/19/1995 $ 648,000 2%
Application to continue to hold real estate investments consisting of one partially sold condominium complex through its wholly-owned subsidiary until the sale of the remaining units are completed. Citizens-Union Savings Bank


BANTERRA BANK - MARION, IL
Application or Notice Board or Delegated Authority Date of Approval Amount of Investment Percent of Tier I Capital
Notice Delegated Authority 10/10/2000 $ 540,000  
Notice of subsidiaries intent to purchase a parcel of real estate adjacent to the main bank building, from the bank's chairman, to be re-sold to developers.


WASHINGTON MUTUAL SAVINGS BANK - SEATTLE, WA
Application or Notice Board or Delegated Authority Date of Approval Amount of Investment Percent of Tier I Capital
Application Board Action 1/9/1997 12.6M 1.07%
Application to indirectly continue real estate activities acquired through a merger. The real estate will be held by a wholly-owned subsidiary. Washington Mutual Bank


EMIGRANT SAVINGS BANK - NEW YORK, NY
Application or Notice Board or Delegated Authority Date of Approval Amount of Investment Percent of Tier I Capital
Notice Delegated Authority 1/7/2002 $ 76,000 0.008%
Notice of intent to continue existing investment in first-tier wholly-owned subsidiary that holds title to two unimproved parcels of land representing 0.008% of tier one capital.


NORTH COUNTY BANK - ESCONDIDO, CA
Application or Notice Board or Delegated Authority Date of Approval Amount of Investment Percent of Tier I Capital
Application Board Action 1/7/1997 $ 82,000 0.004%
Application seeks extension of time for orderly divestiture of a real estate investment through wholly- owned subsidiary. North County Bank


NORWOOD CO-OPERATIVE BANK - NORWOOD, MA
Application or Notice Board or Delegated Authority Date of Approval Amount of Investment Percent of Tier I Capital
Application Board Action 1/23/1997 1.5M 8.85%
Application to continue real estate activities for the purpose of divestiture of those interests. Norwood Cooperative Bank


BANK OF AGRICULTURE AND COMMERCE - STOCKTON, CA
Application or Notice Board or Delegated Authority Date of Approval Amount of Investment Percent of Tier I Capital
Application Board Action 1/23/1997 $ 442,549 4.62%
Application to continue real estate investment activities, through a wholly owned subsidiary for purposes of complete divestiture. Bank of Agriculture & Commerce


DANVERS SAVINGS BANK - DANVERS, MA
Application or Notice Board or Delegated Authority Date of Approval Amount of Investment Percent of Tier I Capital
Application Board Action 1/16/1996 3.7M 21.8%
Application to continue to hold through a wholly-owned subsidiary and its second tier subsidiaries real estate investments. The investments involve the acquisition of land for the development of residential housing. Danvers Savings Bank