Corporate Applications and Other Requests:
IN THIS ISSUE:
||Letter concludes that Bank of America, N.A. may expand
its financial intermediation business to include customer-driven, electricity
derivative transactions that involve transitory title transfers as an activity
incidental to banking, provided the Bank has established, to the satisfaction
of its EIC, an appropriate risk measurement and management process for
transitory title transfers.
||Letter concludes that it is legally permissible for a
national bank to reduce the par value of its shares of $0.01 per share with an
offsetting increase to the bank's capital surplus. The reduction in par value
may reduce the bank's State franchise taxes.
||Letter concludes that preferred stock issued by a U.S.
Government-sponsored agency would quality for a 20 per cent risk weight.
Approvals with conditions enforceable under 12 U.S.C.
||Application by Grand Bank, National Association,
Hamilton, New Jersey, to purchase certain assets and assume certain liabilities
of the Monmouth Junction branch of MetLife Bank, National Association,
Bridgewater, New Jersey. (Control Number 2003 NE 02 0007),
||Application to charter an uninsured national trust bank
with the title "Western National Trust Company," Los Angeles, California and to
hold it as an operating subsidiary of Zions First National Bank, Salt Lake
City, Utah. (Control Number 2002 WE 01 0009),
||Application to charter Falcon National Bank, Foley,
Minnesota. (Control Number 2002 MW 01 007),
||Application to charter Commerce National Bank,
Fullerton, California. (Control Number 2002 WE 01 0010),
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
Community Reinvestment Act (CRA) Performance Evaluations
Enclosed is a list of CRA performance evaluations that
became public during the period of
April 15, 2003 through May 14, 2003.
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 Licensing
department. 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
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
The Office of the Comptroller of the Currency
publishes INTERPRETATIONS AND ACTIONS monthly. Subscriptions are available at a
rate of $175 per year by writing to the Comptroller of the Currency, ATTN:
Accounts Receivable, Mailstop 4-8, 250 E Street, S.W., Washington, DC 20219.
Prepayment is requested. Suggestions, comments or questions may be sent to
Jacqueline J. England, Communications Division, Comptroller of the Currency,
Mail Stop 3-2, Washington, DC 20219.