Decisions on Bank Applications

Carolina First Bank

Mr. William S. Hummers, III
Executive Vice President
Carolina First Bank
Post Office Box 1029
Greenville, South Carolina 29602

Dear Mr. Hummers:

Subject: Application for Consent to Establish a Shell Foreign Branch in George Town, Grand Cayman, Cayman Islands, British West Indies

The application, received in completed form January 7, 1999, for consent to establish a shell (nameplate) foreign branch in George Town, Grand Cayman Islands, in care of The Bank of Nova Scotia Trust Co. (Cayman), Ltd., P.O. Box 501, Cardinal Avenue, Grand Cayman, Cayman Islands, British West Indies, is approved subject to the following conditions:

1. That in addition to the records, controls, and reports required by Section 347.110(a) of the FDIC's Rules and Regulations, Carolina First Bank shall take all steps within its control to ensure that the Cayman branch and its officers, employees, agents, independent contractors, and affiliates provide Carolina First Bank with access to information and records concerning Carolina First Bank Cayman business operations and transactions as is permitted under Cayman law. In addition to the requirements of Section 347.110(b) of the FDIC's Rules and Regulations, Carolina First Bank shall, upon request in connection with an FDIC examination of Carolina First Bank or otherwise, provide such information to the FDIC;

2. That Carolina First Bank shall ensure that consent provisions are included in appropriate and relevant documents and instruments governing its Cayman customer relationships to permit Carolina First Bank to disclose to the FDIC all documents and information concerning customer relationships and accounts;

3. That Carolina First Bank shall ensure that its Cayman branch maintains an acceptable Know Your Customer program;

4. That all necessary and final approvals shall have been obtained from the appropriate state and foreign authorities;

5. That until the conditional approval of the FDIC becomes effective, the FDIC retains the right to alter, suspend, or withdraw its commitment should any interim development be deemed to warrant such action;

6. That if the proposed branch has not opened within 12 months from the date of this approval, or unless, in the meantime, a request for an extension of time has been approved by the FDIC, the consent granted herein shall expire at the end of the said 12-month period.

The above conditions are the same conditions agreed to by the bank in writing January 11, 1999, and on February 5, 1999. Please advise the FDIC's Atlanta Regional Office of the exact date on which the branch is established.

Sincerely,

James L. Sexton
Director