Decisions on Bank Applications
Bank of the West
FEDERAL DEPOSIT INSURANCE CORPORATION
Re: Bank of the West
San Francisco, California
Application for Consent to Purchase Assets and Assume Liabilities and Establish 23 Branches
ORDER AND BASIS FOR CORPORATION APPROVAL
Pursuant to Section 18(c) and other provisions of the Federal Deposit Insurance (FDI) Act, Bank of the West, San Francisco, San Francisco County, California, an insured state nonmember bank with total resources of $10,530,061,000 and total individual, partnership, and corporation (IPC) deposits of $7,838,640,000 as of June 30, 2000, has filed an application for the Corporation's consent to acquire assets of and assume liability to pay deposits of First Security Bank of New Mexico, N.A., Albuquerque, Bernalillo County, New Mexico, an insured national bank with total resources of $2,827,233,000 and total deposits of $1,583,303,000 as of June 30, 2000, and to establish twenty-three branch offices of First Security Bank of New Mexico, N.A. as branches of the resultant bank. Notice of the proposed transaction, in a form approved by the Corporation, has been published pursuant to the FDI Act.
This transaction will represent the applicant's entry into the State of New Mexico. The applicant will operate in the markets of Bernalillo, Dona Ana, Sandoval, and Valencia Counties, with market shares comprising 15.30, 0.97, 9.25, and 2.83 percent, respectively.
In connection with the application, the Corporation has taken into consideration the competitive effects of the proposed transaction; the financial and managerial resources and future prospects of the proponents and the resultant bank; and the convenience and needs of the community to be served; and risk to the Bank Insurance Fund. Based on an assessment of the applicant's CRA Statement and other available information that has been considered, no inconsistencies with the purposes of the Community Reinvestment Act appear to exist. Having found favorably on all statutory factors and having considered all relevant information, including reports on the competitive factors furnished by the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Director of the Office of Thrift Supervision and the Attorney General of the United States, it is the Corporation's judgment that the application should be and hereby is approved subject to the following conditions:
1. That the proposed transaction may not be consummated before the fifteenth calendar day after the date of this Order;
2. That if the proposed transaction has not been effected within six months from the date of this Order, or, unless in the meantime, a request for an extension of time has been approved by the Corporation, the consent granted shall expire at the end of said six-month period; and
3. That until the proposed transaction becomes effective, the Corporation shall have the right to alter, suspend, or withdraw its approval should any interim development be deemed to warrant such action.
By Order of the Acting Director of the Division of Supervision, acting pursuant to delegated authority for the Board of Directors of the Corporation.
Dated at Washington D.C., this day of December, 2000.
Michael J. Zamorski
Division of Supervision