FEDERAL DEPOSIT INSURANCE CORPORATION
IN RE:
A.G. Edwards Trust Company, FSB (Proposed)
St. Louis, St. Louis County, Missouri
Application for Federal Deposit Insurance
(Savings Association Insurance Fund)
ORDER
The undersigned, acting under delegated authority, has fully considered
all facts and information relevant to the factors of Section 6 of the Federal Deposit
Insurance Act relating to the application for federal deposit insurance for A.G. Edwards
Trust Company, FSB, a proposed new limited purpose federal savings bank to be located at
Two North Jefferson Avenue, St. Louis, Missouri, and has concluded that the application
should be approved.
Accordingly, it is hereby ORDERED, for the reasons set forth in the
attached Statement, that the application submitted by A.G. Edwards Trust Company, FSB for
federal deposit insurance be, and the same hereby is, approved subject to the following
conditions:
1. That beginning paid-in capital funds of not less than $5,000,000 be provided;
2. That any changes in proposed management or proposed ownership (10 percent or more of stock), including new acquisitions of or subscriptions to 10 percent or more of stock, will render this commitment null and void unless such proposal is approved
by the Regional Director of the FDIC's Kansas City Regional Office ("Regional
Director") prior to opening of the bank;
3. That federal deposit insurance shall not become effective unless and until the
applicant has been established as a federal savings bank, that it has authority to
conduct a banking business, and that its establishment and operation as a bank have
been fully approved by the Office of Thrift Supervision;
4. That A.G. Edwards, Inc., St. Louis, Missouri, a financial services holding company, obtain approval from the Office of Thrift Supervision to acquire voting stock control
of the bank prior to its opening;
5. That the insured institution shall be engaged in the business of receiving deposits
other than trust funds;
6. That until the conditional commitment herein granted becomes effective, the FDIC shall have the right to alter, suspend or withdraw said commitment should any
interim development be deemed to warrant such action; and
7. That if federal deposit insurance has not become effective within twelve months from
the date of this ORDER, or unless, in the meantime, a request for an extension
of
time has been approved by the FDIC, the consent granted herein shall expire at the
end of the said twelve-month period.
Dated at Washington, D.C. this 1st day of July 1998.
FEDERAL DEPOSIT INSURANCE CORPORATION
By: Mark S. Schmidt
Associate Director,
Division of Supervision
FEDERAL DEPOSIT INSURANCE CORPORATION
IN RE: A.G. Edwards Trust Company, FSB
St. Louis, St. Louis County, Missouri
Application for Federal Deposit Insurance
(Savings Association Insurance Fund)
STATEMENT
Pursuant to the provisions of Section 5 of the Federal Deposit
Insurance Act (12 U.S.C. 1815), an application for federal deposit insurance with
membership in the Savings Association Insurance Fund has been filed on behalf of A.G.
Edwards Trust Company, FSB (A.G. Edwards), a proposed new federal savings bank to be
located at Two North Jefferson Avenue, St. Louis, Missouri.
A.G. Edwards's sole shareholder will be A.G. Edwards, Inc. A.G.
Edwards's focus will be solely on trust services; by virtue of having a federal savings
bank charter, A.G. Edwards will be able to exercise trust powers in all 50 states and the
District of Columbia.
For the purposes of this proposal, the investment in fixed assets is
reasonable, capital is adequate, future earnings prospects are favorable, and management
is considered to be satisfactory. The proposal would not increase the risk to the deposit
insurance fund. No formal objections to this application have been filed with the FDIC.
Corporate powers to be exercised are consistent with the purpose of the Federal Deposit
Insurance Act. No undue risk to the Savings Association Insurance Fund is apparent.
Accordingly, based upon a careful evaluation of all available facts and
information, the Associate Director, pursuant to delegated authority, has concluded that
approval of the application is warranted.
ASSOCIATE DIRECTOR
DIVISION OF SUPERVISION
FEDERAL DEPOSIT INSURANCE CORPORATION
