Corporate Applications and Other Requests:
Vol. 9, No. 10
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. Copies of documents not available electronically should be requested by
e-mail or by postal mail from the Office of the Comptroller of the
Currency, Attn: Communications, Washington, D.C. 20219.
Please cite the letter number when reporting or summarizing documents from this package. This helps to process single requests in a more
||Letter confirming that a national bank may establish an operating subsidiary to
reinsure a portion of the mortgage insurance on loans originated or purchased by
the parent bank or one of its affiliates. (10/17/96)
||Letter discusses whether prepayment penalties on Home Equity Loans are
"interest" under 12 U.S.C. 85. (08/21/96)
||Using three part test established for national bank's majority interest in a
corporation, partnership, or limited liability company, approves national bank
acquiring certificates of participating interest in Delaware business trust created to
hold and manage the bank's investment portfolio. (08/26/96)
||Letter discusses whether participation in a revolving loan program (RLP) would be
viewed favorably for purposes of the Community Reinvestment Act regulations, 12
C.F.R. part 25. (09/09/96)|
||Banks may not repurchase their shares from a shareholder's estate and hold them
as treasury stock unless it would qualify as a reduction in capital under 12 U.S.C.
||Enforceability of secured creditor and offset rights in the event of insolvency and a
receivership of an uninsured federal branch of a foreign bank. (09/13/96)
||Letter discusses that section 24(Seventh) does preempt Texas insurance licensing
laws with respect to annuities sales by national banks to the extent that those laws
prevent or impair the ability of national banks to exercise their authority under
section 24(Seventh) to sell annuities. (09/13/96)
||Letter discusses an investment in an organization that provides housing referral and
assistance to low- and moderate-income individuals would receive positive
consideration as a qualified investment for CRA purposes. (09/23/96)
||National bank employees cannot disclose non-public OCC information without
OCC approval. (09/24/96)
|752||Certain activities offered by a national
bank in connection with a state lottery are not in violation of 12 USC 25a.
||Application to merge First Community Bank, Lone Grove, Oklahoma into First
National Bank & Trust Company of Ardmore, Ardmore, Oklahoma; (Control
Number 96SW020030), (09/10/96).
||Application to merge The First National Bank of Enfield, Enfield, Illinois with
and into The First National Bank of Carmi, Carmi, Illinois; (Control Number
||Notice of The First National Bank of Chicago, Chicago, Illinois, of intent to
establish an operating subsidiary that will sponsor a series of trusts that will hold
general obligation municipal bonds; (Control Number 95ML08008), (09/20/96).
||Application of American National Bank & Trust Company, Danville, Virginia to
purchase certain of the assets and assume all of the liabilities of The Yanceyville,
North Carolina branch and related CBCT of FirstSouth Bank, Burlington, North
Carolina; (Control Number 96SE020039), (09/24/96).
||Application by Fleet National Bank, Springfield, Massachusetts, to operate a
mobile branch in Connecticut; (Control Number 96ML050108), (09/26/96).
||Conversion application of Douglass Bank into Douglass National Bank, Kansas
City, Missouri; (Control Numbers 96MW0110019; 96MW120146, 96MW070033, 96MW050060,
96MW060149 & 96MW120147), (09/27/96).
||Application to merge Leader Federal Bank for Savings, Memphis, Tennessee with
and into Union Planters National Bank, Memphis, Tennessee, and operate
branches of Leader Federal Bank for Savings as branches of Union Planters
National Bank; (Control Number 96SE020033), (09/30/96).
||Application by Union Planters National Bank, Memphis, Tennessee, to purchase
branches, including the associated assets of Union Planters Bank of Mississippi,
Grenada, Mississippi and Union Planters Bank of Northwest Mississippi,
Clarksdale, Mississippi; (Control Number 96SE020035), (09/30/96).
||Conversion Application of Connecticut River Bank, National Association,
Charlestown, New Hampshire; (Control Numbers 96NE01012, 96NE12217, 96NE07025 &
Approvals with conditions enforceable under 12 U.S.C. 1818
||The Women's Bank, N.A., Denver, Colorado, of intent to establish an operating
subsidiary pursuant to 12 C.F.R. 5.34 which will become a member of a limited
liability company. (Control Number 96WE08005), 09/11/96
||Texas Commerce Bank National Association, Houston, Texas, proposal to
establish a new operating subsidiary to invest in two limited liability corporations.
(Control Number 96SW08009), 09/11/96
||Kennett National Bank, Kennett, Missouri, proposal to establish a branch. (Control
Number 96MW050064), 09/26/96
||Proposal from Union Planters National Bank, Memphis, Tennessee, to merge with
Leader Federal Bank for Savings, Memphis, Tennessee, and purchase the assets
and assume the liabilities of four DeSoto County, Mississippi branches and two
CBCTs of Union Planters Bank of Mississippi, Grenada, Mississippi and one
DeSoto County, Mississippi branch of Union Planters Bank of Northwest
Mississippi, Clarksdale, Mississippi. (Control Numbers 96SE02033, 96SE02034 &
Final Enforcement Actions
Enclosed is a copy of the OCC's news release number 96-121, announcing the availability of
enforcement actions. Copies of the final actions are available by writing to the
Communications Division, OCC, Public Disclosure Room, Mailstop 3-10, 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
September 15 through October 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 73150, Chicago, IL 60673-7150. Prepayment is requested.
Suggestions, comments or questions may be sent to Jacqueline J. England, Communications Division, Comptroller of the Currency,
Washington, DC 20219.