Corporate Applications and Other Requests:
Vol. 11, No. 2
IN THIS ISSUE:
PLEASE NOTE: Interpretive Letters and No Objection Letters reflect the views of
the Comptroller's legal staff. Corporate Decisions and Decisions (CRA) are from
the office of Bank Organization and Structure. The list of CRA Ratings is from
the Communications Division. For copies of the evaluation, you should contact
the bank directly or the Office of the Comptroller of the Currency, Attn:
Public Reference Room, Mailstop 1-5, Washington, D.C. 20219.
Members of the news media are encouraged to cite the letter number when
reporting or summarizing documents from this package. This helps to process
single requests in a more timely manner.
Letter clarifies status of certain fees as "interest" following termination of
credit card account where outstanding balance remains on the account.
Letter outlines three methods by which loan proceeds could be delivered to
borrowers at LPOs without violating branching restrictions: 1) disbursal via
correspondent bank cashier's check; 2) LPO employee drawing check on
correspondent bank; and 3) escrow agent drawing check on own account.
Letter permits a national bank to acquire and hold a non-controlling investment
(50%) in a Tennessee LLC, established as a general insurance agency in a place
of less than 5,000. (01/21/98)
Letter states that financial institutions should collect and report (if
required), the gross annual revenue or income of a small business or consumer
borrower, rather than the adjusted gross annual revenue or income of the
| Letter No.||Topic|
||Application by Intercontinental National Bank, San Antonio, Texas, to establish
a domestic branch. (12/03/97)
| Letter No.||Topic|
Application of First National Bank of Ashland, Ashland, Alabama, to purchase
certain assets and assume certain liabilities ("The Ashland and Tuskegee
branches") of SouthTrust Bank, N.A., Birmingham, Alabama; (Control Number
Application to merge Argentbank, Thibodaux, Louisiana, with and into Hibernia
National Bank, New Orleans, Louisiana, under the charter and title of Hibernia
National Bank; (Control Number 97SWO20085), (01/08/98).
Application to merge Sun World, National Association, Santa Teresa, New Mexico,
with and into NationsBank, National Association, Charlotte, North Carolina;
(Control Number 97ML020039), (01/15/98).
Application to merge Bank of Miami, Miami, Oklahoma, into The First National
Bank and Trust Company of Miami, Miami, Oklahoma, under the charter and title
of The First National Bank and Trust Company of Miami; (Control Number
Application of Star Bank, National Association, Cincinnati, Ohio, to purchase
and assume all of the assets and liabilities of Great Financial Bank, FSB,
Louisville, Kentucky; (Control Number 97CE020086), (01/28/98).
Notification by Mellon Bank, N.A., Pittsburgh, Pennsylvania, of its intent to
establish an operating subsidiary to reinsure mortgage insurance; (Control
Number 97NE080040), (01/28/98).
Application to merge Boatmen's First National Bank of Amarillo, Amarillo,
Texas, with and into NationsBank of Texas, National Association, Dallas, Texas;
(Control Number 97ML020049), (02/03/98).
Application by Fleet National Bank, Providence, Rhode Island, to purchase
certain assets and assume certain liabilities of Advanta National Bank,
Wilmington, Delaware; (Control Number 97ML020048), (02/03/98).
Approvals with conditions enforceable under 12 U.S.C. 1818
| Letter No.||Topic|
Application by The Fuller Foundation to charter a national trust bank in
Pasadena, California, with the title "Mission Trust Company, National
Association." (Control Number 97WE010008), 01/05/98
Notification by KeyBank, N.A., Cleveland, Ohio, to establish an operating
subsidiary which will acquire and hold a non-controlling minority interest in a
limited liability company that will engage in the business of merchant credit
and debit card processing, and will also lease point-of-sale terminals to
merchants. (Control Number 97CE080052), 01/13/98
Application of First Union National Bank, Charlotte, North Carolina to acquire
certain subsidiaries of Wheat First Butcher Singer, Inc. and for a bank
operating subsidiary to retain a non-controlling minority interest in Mentor
Perpetual Advisors, L.L.C. (Control Numbers 97ML08026 thru 028), 01/21/98
Application by First Union National Bank, Charlotte, North Carolina to make
through an operating subsidiary a minority, noncontrolling investment in
Integrion Financial Network, L.L.C. (Control Number 97ML080015), 01/28/98
Final Enforcement Actions
Enclosed is a copy of the OCC's news release number
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)
Enclosed is a list of CRA performance evaluations that became public during the
period of January 15 through February 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, Comptroller of the
Currency, Washington, DC 20219.