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Each depositor insured to at least $250,000 per insured bank

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4000 - Advisory Opinions

Request for Approval to Serve as Director of One-Bank Holding Company


September 17, 1984

Pamela E. F. LeCren, Senior Attorney

Your August 6, 1984 letter to Carmen Sullivan, Assistant Director, Corporate Application and Special Activities Section, Division of Bank Supervision, has been forwarded to the Legal Division for reply.

According to your letter, on April 23, 1984 the FDIC granted an exception from the prohibitions of the Interlocks Act and Part 348 of FDIC's regulations pursuant to section 348.4(b)(3) permitting * * * to serve as a director of * * * while continuing to serve as a director of the * * *. * * * is in the process of forming a one bank holding company. It is * * * intent to serve on the board of directors of the holding company. Your letter requests an opinion as to whether or not * * * needs to apply to FDIC for prior approval to do so in view of the above referenced exemption previously granted by FDIC.

It is the opinion of this office that, so long as the bank is the holding company's only asset and the holding company does not conduct any activity the bank is not itself permitted to conduct, no such application to the FDIC is necessary. * * * permissable service at the holding company would, however, in our opinion, be coterminous with his service under the exception granted by FDIC.

In view of the fact that the interlock in question would involve a holding company subject to regulation by the Board of Governors of the Federal Reserve System and a national bank subject to regulation by the Office of the Comptroller of the Currency, we recommend that you direct a similar inquiry to both of those agencies.

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