Corporate Applications and Other Requests:
Vol. 13, No. 4
IN THIS ISSUE:
PLEASE NOTE: Interpretive Letters and No-Objection Letters reflect the views of
the Comptroller's legal staff. Corporate Decisions, CRA Decisions and Conditional
Approvals are from the office of Bank Organization and Structure. The list of CRA
Ratings is from the Communications Division. For copies of the CRA evaluations,
you may either contact the bank directly, or you may write to the Office of the
Comptroller of the Currency (OCC) in any of three ways: by mail to the OCC, Attn:
Public Information Room, Mail Stop 1-5, Washington, D.C. 20219; by fax to (202)
874-4448; or by e-mail to FOIA-PA@occ.treas.gov. You may also write to the OCC for
copies of enforcement actions and charters with standard conditions.
Members of the news media are encouraged to cite the letter number when reporting
or summarizing documents from this package. This helps us to process single requests
based upon your citation in a more timely manner.
||Letter advises that a national bank may rely on OCC precedents to establish the
permissibility of satellite offices of its insurance agency operating subsidiary
in Kentucky and Florida and that, to the extent that the agency's situation is
fundamentally the same as those addressed in previous OCC letters, the agency is
authorized, under 12 USC 92, to operate the satellite offices.
||Letter approves national bank acquisition of non-controlling interest in
limited liability company which will enter into contracts with federal, state,
and local governments and agencies to provide a package of Internet-based
services, including (1) developing Web sites that facilitate electronic
procurement transactions, (2) hosting these Web sites, and (3) providing
related merchant processing services. 03/03/2000
||Letter concurs with the bank's view that 12 CFR 9.18(a)(2)(ii) permits the
investment of assets of tax-exempt employee benefit accounts held by the bank
"in any capacity (including agent)" in part 9 collective investment
funds, provided the fund itself is exempt from federal taxation.
||Letter relieves Mellon Bank, N.A. from certain commitments and certain
conditions of approval noted in the OCC's May 4, 1994 approval letter
permitting the Bank to acquire the Dreyfus Corporation.
||Letter concludes that a bank's subsidiary may continue underwriting
credit-related insurance products under the "authorized product"
exception of section 302 of the Gramm-Leach-Bliley Act.
||Applications involving Family Bank, FSB, Haverhill, Massachusetts; Bank
of New Hampshire, Manchester, New Hampshire; Farmington National Bank,
Farmington, New Hampshire; Granite Savings Bank and Trust Company, Barre,
Vermont; The Howard Bank, N.A., Burlington, Vermont; Franklin Lamoille Bank,
St. Albans, Vermont; and First Vermont Bank and Trust Company, Brattleboro,
Vermont. (Control Numbers 2000 NE 01 0004 - 006 & 2000 NE 02 0003 -
00532), WORD 03/08/2000
||Applications by Norwest Bank South Dakota, N.A., Sioux Falls, South Dakota;
Norwest Bank Iowa, N.A., Des Moines, Iowa; and Wells Fargo Bank, N.A., San
Francisco, California, to expand the activities of their operating subsidiaries.
(Control Numbers 2000 ML 08 003 - 005),
||Applications by NBC Bank, FSB, Knoxville, Tennessee, to convert to a
national bank charter and by National Bank of Commerce , Memphis,
Tennessee, to acquire the converted bank through merger. (Control Numbers
2000 SE 01 0003 & 2000 SE 02 0004),
Approvals with conditions enforceable under 12 U.S.C. 1818
||Application to charter PointPath Bank, National Association, Columbus,
Georgia. (Control Number 1999 SE 01 0022),
||Application by UMB Bank, National Association, Kansas City, Missouri
to expand the activities in an existing operating subsidiary by investing
in an entity to be known as eScout.com LLC. (Control Number 1999 MW 08
||Application by ReliaStar Financial Corp. to charter a national CEBA
trust bank with the title of "ReliaStar National Trust Company,"
Minneapolis, Minnesota. (Control Number 2000 MW 01 0001),
||Application by Grange National Bank, Laceyville, Pennsylvania, to
expand the activities of its operating subsidiary to make a noncontrolling
investment in a limited liability partnership that will engage in title
insurance sales. (Control Number 2000 NE 08 0001),
||Application by HBW, Inc. to charter a national CEBA trust bank
with the title of "Security National Trust Company," Wheeling,
West Virginia. (Control Number 1999 NE 01 0030),
||Application to charter Hutton National Bank, Santa Ana, California.
(Control Number 1999 WE 01 0006),
Charters with standard conditions
Each of the following charter application(s) were approved with a standard
condition enforceable under 12 U.S.C. 1818 that requires the bank, during the
first three years of its operation, to provide notice to the OCC in advance of
any significant deviations or changes from its proposed operating plan.
||InterBusiness Bank, National Association, Los Angeles, California (Control
Number 1999 WE 01 0014), WORD 03/15/2000
||SouthernBank, National Association, Buford, Georgia, (Control Number
1999 SE 01 0032), WORD 03/15/2000
||First Retail Bank, National Association, Flowery Branch, Georgia,
(Control Number 1999 SE 01 0030),
||Bank of Powhatan, National Association, Powhatan, Virginia, (Control Number
1999 SE 01 0016), 03/21/2000
||American National Bank, Sac City, Iowa, (Control Number 2000
MW 01 003), WORD 03/23/2000
||SunBank, N.A., Murrells Inlet, South Carolina, (Control Number 1999
SE 01 0031), 03/23/2000
||First National Bank of Spartanburg, Spartanburg, South Carolina,
(Control Number 1999 SE 01 0019), 03/27/2000
||Commerce Bank of Santa Barbara, National Association, Santa Barbara,
California, (Control Number 1999 WE 01 0015),
||First Trust Company of Onaga, National Association, Onaga, Kansas,
(Control Number 1999 MW 01 0004),
||Talbots Classics National Bank, Lincoln, Rhode Island, (Control
Number 1999 NE 01 0032), WORD 03/31/2000
Final Enforcement Actions
Enclosed is a copy of the OCC's news release number
2000-30, announcing the
availability of enforcement actions. Copies of the final actions are available
by writing to the OCC, Public Reference Room, Mailstop 1-5, Washington, D.C.
20219. When ordering, specify the appropriate enforcement action number.
COMMUNITY REINVESTMENT ACT (CRA) Performance Evaluations
Enclosed is a list of CRA performance evaluations that became public
during the period of March 15 through April 14.
INTERPRETATIONS AND ACTIONS is published monthly by the Office of the
Comptroller of the Currency. Subscriptions are available at a rate of $175
per year by writing to the Comptroller of the Currency, P.O. Box 70004,
Chicago, IL 60673-0004. Prepayment is requested. Suggestions, comments
or questions may be sent to Jacqueline J. England, Communications Division,
Mailstop 3-2, Comptroller of the Currency, Washington, DC 20219.