Interpretations and Actions: September 1996
Vol. 9, No. 9
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 email 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 timely manner.
|737||Huntington National Bank's acquisition of minority interest in a limited liability company providing stored value systems. (08/19/96)|
|738||National bank's participation in a guaranty issued by an agent for a syndication of lenders with respect to their borrower's letter of credit reimbursement obligations to another bank or financial institution is permissible under I.R. 7.1016. (08/14/96)|
|739||Letter authorizes bank to engage in their proposed insurance activities, to the extent permissible under 12 U.S.C. 92. (08/15/96)|
|740||Letter advises the Bank as follows: 1) The question of whether "salary" as used in 12 C.F.R. 2.4 includes an officer's base salary, bonuses, director's fees and/or any other compensation paid by the Bank must be determined by the Bank's management; 2) the question of whether the payment bonuses for credit life sales under 12 C.F.R. 2.4 is based on salary received by the recipient in a calendar year, a fiscal year, or any 12-month period must be determined by the Bank's management; and 3) pursuant to 12 C.F.R. 2.4, if the Bank's CEO is a loan officer and the CEO participates in the bonus plan under which payments based on credit life insurance sales are made, the CEO must be included in averaging the salaries of loan officers that participate in the Bank's bonus or incentive plan. (08/19/96)|
|741||National bank may acquire majority interest in company which operates call center facility which operates programs by which potential customers for new or used automobiles may access databases containing information on the used and new car inventories of numerous automobile dealerships in its metropolitan area. (08/19/96)|
|742||Letter to Apollo Trust Company confirming that a national bank subsidiary may provide home banking services via a direct and Internet connection to the bank's home banking system and, incidental to that service, may also provide Internet access to customers and non-bank customers in the bank's service area. (08/19/96)|
|96-46||Applications to merge Mellon Bank (MD), Rockville, Maryland, and Mellon PSFS (NJ), N.A., Voorhees Township, New Jersey, with and into Mellon Bank, N.A., Pittsburgh, Pennsylvania; (Control Numbers 96NE020009 & 96NE020007), (08/20/96).|
|96-47||Application to merge PNC Bank, National Association, Pittsburgh, Pennsylvania, with Midlantic Bank, National Association, Newark, New Jersey, under the charter of the latter and with the title PNC Bank, National Association; (Control Number 96NE020022), (08/20/96).|
|96-48||Applications of Union Planters Bank, N.A., West Memphis, Arkansas, to change the location of its main office to Memphis, Tennessee and establish a new branch at the former location of its main office and then merge with and into Union Planters National Bank, Memphis, Tennessee; (Control Numbers 96SE070020, 96SE050010, & 96SE020030), (08/28/96).|
|96-49||Application to merge Wells Fargo Bank of Arizona, N.A., Phoenix, Arizona, with and into Wells Fargo Bank, N.A., San Francisco, California; (Control Number 96ML020017), (08/31/96).|
Approvals with Conditions Enforceable under 12 U.S.C. 1818
|213||Letter of intent and applications of AMCORE Trust Company, Rockford, Illinois, to convert to a national trust bank, acquire two operating subsidiaries, and reduce its equity capital by $1,500,000 at the time of conversion. (Control Numbers 96CE01031 & 96CE12203), 08/21/96|
|214||Application to establish a new national bank, limited to trust powers, with the title of Boston EquiServe Trust Company, National Association. (Control Number 96NE010013), 08/26/96|
Final Enforcement Actions
Enclosed is a copy of the OCC's news release number 96-101, announcing the availability of enforcement actions. Copies of the final actions are available by writing to the Communications Division, OCC, 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 July 15, 1996 through August 14, 1996.
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.