Interpretations and Actions: September 1997
Vol. 10, 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. 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.
|794 (rev)||Interagency CRA letter stating that an investment in an MBS bond that is specifically tailored to an institution's CRA requirements appears to be a "qualified investment" under the CRA regulations. [footnote # 2 has been revised.] (08/11/97)|
|795||Letter discusses whether examiners would favorably consider under CRA the activities of two community development corporations that the bank intends to form. One CDC would purchase equipment to be used by low- and moderate-income handicapped individuals, primarily elementary and high school students and the other would be established to acquire real estate that would be leased to a social service agency for use as a transitional house for low- and moderate-income immigrants, dispossessed individuals, families under stress, etc. (08/14/97)|
|796||Letter states that arrangement in which Bank A's customers may deliver deposits to Bank B via independent messenger service for credit to their accounts in Bank A, and make withdrawals in same manner, is a correspondent service, not branching. (08/05/97)|
|797||Letter provides broadly applicable guidance about how examiners would evaluate a financial institution's investment in notes of a fund established to improve business and commercial opportunity for economically disadvantaged individuals or business. (09/02/97)|
|798||Letter states that if an unrated security is held, accounted for, and reported for CRA purposes by a financial institution as a loan or loan participation, the institution may have it considered under the CRA regulations' lending test. (09/03/97)|
|799||Letter provides broad applicable guidance pertaining to the treatment under the CRA regulations of financial institutions' participation in funds, such as the one described, which would invest in certain businesses. (09/03/97)|
|97-77||Application to merge Stockmens Bank, National Association, Martins, South Dakota, into the Stockmens National Bank of Rushville, Rushville, Nebraska, under the charter of the latter and with the title of "Stockmens National Bank;" (Control Number 97MWO20061), (09/04/97).|
|97-78||Application of Zions First National Bank, Salt Lake City, Utah, to purchase certain assets and assume certain liabilities of the Coalville and Price branch offices, located in the state of Utah, of Wells Fargo Bank, National Association, San Francisco, California; (Control Number 97WE020022), (07/02/97).|
|97-79||Application of First Tennessee Bank, N.A. to establish a new operating subsidiary through the acquisition of Federal Flood Certification Corporation; (Control Number 97SE080025), (07/11/97).|
|97-80||Application for San Angelo National Bank, San Angelo, Texas to purchase certain assets and assume certain liabilities of Texas Commerce Bank, San Angelo, National Association, San Angelo, Texas, under the title and charter of San Angelo National Bank; (Control Number 97SW020042), (07/31/97).|
|97-81||Application to merge Great Lakes National Bank Ohio, Hamilton, Ohio, with and into Great Lakes National Bank Michigan, Ann Arbor, Michigan, and a corresponding request from Great Lakes National Bank Ohio for a reduction in capital; (Control Number 97MW020049), (08/13/97).|
|97-82||Application of Zions First National Bank, Salt Lake City, Utah, to purchase certain assets and assume certain liabilities of the Logan, North Lagan, Cedar City and St. George branch offices, located in the state of Utah, of Wells Fargo Bank, National Association, San Francisco, California; (Control Number 97WE020023), (09/03/97).|
|97-83||Application to relocate the Denair branch of Delta National Bank, Manteca, California, from Denair to Turlock, California; (Control Numbers 97WE070010), (09/03/97).|
|97-84||Applications of First Western Bank, National Association, New Castle, Pennsylvania; (Control Numbers 97NE050133, 97SE020036, & 97SE020037), (09/05/97).|
Approvals with Conditions Enforceable under 12 U.S.C. 1818
|253||Application to charter Compubank, National Association, Houston, Texas. (Control Number 96WO010003), 08/20/97|
|254||Application of Citibank, N.A., New York, New York to establish an operating subsidiary to invest in and become a member of MECA Software, L.L.C. (Control Number 97ML080016), 08/21/97|
Final Enforcement Actions
Enclosed is a copy of the OCC's news release number 97-83, 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 August 15, 1997 through September 14, 1997.
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.