Online tool that helps how the insurance rules and limits apply to a depositor's specific group of deposit accounts—what's insured and what portion (if any) exceeds coverage limits at that bank.
Learn if your bank is insured, view locations, track history, and more.
The secure Internet channel for FDIC-insured institutions to conduct business and exchange information with the FDIC.
The inventory of other assets for sale -- including office furniture, fixtures, and equipment.
[Federal Register: December 27, 2002 (Volume 67, Number 249)]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
FEDERAL DEPOSIT INSURANCE CORPORATION
FDIC Statement of Policy on Bank Merger Transactions
AGENCY: Federal Deposit Insurance Corporation (FDIC).
ACTION: Final agency policy statement; amendment.
SUMMARY: The FDIC is amending its Statement of Policy on Bank Merger
Transactions to reflect changes made pursuant to an internal
reorganization. The reorganization merged the Division of Supervision
and the Division of Compliance and Consumer Affairs. The amended
Statement of Policy is intended to be read in conjunction with the
merger provisions of the FDIC's revised regulations governing
applications filed with the FDIC, which appears elsewhere in this issue
of the Federal Register.
EFFECTIVE DATE: December 27, 2002.
FOR FURTHER INFORMATION CONTACT: Mindy West, Examination Specialist,
Division of Supervision and Consumer Protection, (202/898-7221); Robert
C. Fick, Counsel, Legal Division, (202/898-8962), FDIC, Washington, DC
SUPPLEMENTARY INFORMATION: On June 30, 2002, the FDIC implemented an
internal reorganization. The primary purpose of the reorganization was
to streamline the management and decision making processes. As part of
the reorganization, several divisions were merged. In particular, the
Division of Supervision was merged with the Division of Compliance and
Consumer Affairs to create the Division of Supervision and Consumer
Protection. The reorganization has necessitated changes to the
Statement of Policy on Bank Merger Transactions (Statement of Policy),
to reflect the new structure since there are references to the former
divisions and management structure in the prior Statement of Policy.
In conjunction with the revisions to the Statement of Policy, the
FDIC is also amending 12 CFR part 303 (part 303) of the FDIC's
regulations governing application, notice, and request procedures. The
amendments to part 303 reflect the FDIC's new organizational structure.
The FDIC is also removing and updating the delegations of authority
previously found in part 303 to provide greater flexibility when making
decisions throughout the application process. As a result of these
changes, the revised Statement of Policy is intended to be read in
conjunction with the revised merger provisions of newly-amended part
303, notice of which is published in this issue of the Federal
Section 307(c) of the Gramm-Leach-Bliley Act (GLBA) requires the
FDIC to consult with the appropriate state insurance regulator before
making any determination relating to the initial affiliation of, or the
continuing affiliation of, a depository institution with a company
engaged in insurance activities. On April 29, 2002, the Office of the
Comptroller of the Currency, Board of Governors of the Federal Reserve
System, FDIC and the Office of Thrift Supervision published a final
notice in the Federal Register (67 FR 21014) revising the Interagency
Bank Merger Act Application (Application) to add an item to the form to
collect information required by GLBA. The FDIC is now amending the
Statement of Policy to conform to the recently updated Application to
include the specified information required therein. The information
that is required is the name of the affiliated insurance company, a
description of its insurance activities, a list of each state and the
lines of business in that state in which the company holds, or will
hold, an insurance license. The applicant must also indicate the state
where the company holds a resident license or charter, as applicable.
The Statement of Policy published December 1, 1998 (63 FR 66184) is
hereby amended as follows:
FDIC Statement of Policy on Bank Merger Transactions
* * * * *
II. Application Procedures
1. Application filing. Application forms and instructions may be
obtained from the appropriate FDIC office. Completed applications and
any other pertinent materials should be filed with the appropriate FDIC
office. The application and related materials will be reviewed by the
FDIC for compliance with applicable laws and FDIC rules and
regulations. When all necessary information has been received, the
application will be processed and a decision rendered by the FDIC.
* * * * *
3. Publication of notice. The FDIC will not take final action on a
merger application until notice of the proposed merger transaction is
published in a newspaper or newspapers of general circulation in
accordance with the requirements of section 18(c)(3) of the Federal
Deposit Insurance Act. See Sec. 303.65 of the FDIC rules and
regulations (12 CFR 303.65). The applicant must furnish evidence of
publication of the notice to the appropriate FDIC office following
compliance with the publication requirement. See Sec. 303.7(b) of the
FDIC rules and regulations (12 CFR 303.7(b)).
6. Merger decisions available. Applicants for consent to engage in
a merger transaction may find additional guidance in the reported bases
for FDIC approval or denial in prior merger transaction cases compiled
in the FDIC's annual ``Merger Decisions'' report. Reports may be
obtained from the FDIC Public Information Center, Room 100, 801 17th
Street NW., Washington, DC 20434. Reports may also be viewed at http://www.fdic.gov
III. Evaluation of Merger Applications
Special Information requirement if applicant is affiliated with or
will be affiliated with an insurance company.
If the institution that is the subject of the application is, or
will be, affiliated with a company engaged in insurance activities that
is subject to supervision by a state insurance regulator, the applicant
must submit the following information as part of its application: (1)
The name of insurance company; (2) a description of the insurance
activities that the company is engaged in and has plans to conduct; and
(3) a list of each state and the lines of business in that state which
the company holds, or will hold, an insurance license. Applicant must
also indicate the state where the company holds a resident license or
charter, as applicable.
By order of the Board of Directors.
Dated at Washington, DC, this 3rd day of December, 2002.
Federal Deposit Insurance Corporation.
Valerie J. Best,
Assistant Executive Secretary.
[FR Doc. 02-31919 Filed 12-26-02; 8:45 am]
BILLING CODE 6714-01-P