FEDERAL DEPOSIT INSURANCE CORPORATION
RE: The Greenwich Bank & Trust Company (In Organization)
Greenwich, Connecticut
Application for Federal Deposit Insurance
(Bank Insurance Fund)
ORDER
The undersigned, acting under delegated authority, has fully considered all available facts and
information relevant to the factors of Section 6 of the Federal Deposit Insurance Act and relating
to the application for federal deposit insurance, with membership in the Bank Insurance Fund, for
The Greenwich Bank & Trust Company, a proposed new state member bank, with its main office
to be located at 115 East Putnam Avenue, Greenwich, Fairfield County, Connecticut. 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 The Greenwich Bank & Trust Company for federal deposit insurance
should be, and the same hereby is, approved subject to the following conditions:
1. That beginning paid-in capital funds of not less than $10.000,000 be provided.
with $1,000,000 allocated to common stock and $9,000,000 allocated to surplus;
2. That a Tier 1 Leverage Capital Ratio, as defined in Part 325 of the FDIC's Rules
and Regulations, of no less than 8.0 percent be maintained during the bank's first
three years of operations;
3. That any changes in proposed management of the bank or proposed ownership (10
percent or more of stock) of the bank, including new acquisitions of or
subscriptions to 10 percent or more of stock, will render this commitment null and
void unless such proposed change is approved by the FDIC prior to the opening of
the bank;
4. That federal deposit insurance shall not become effective unless and until the
applicant has been established as a state bank with membership in the Federal
Reserve System, that it has authority to conduct a banking business, and that its
establishment and operation as a bank have been fully approved by the State of
Connecticut Department of Banking and the Federal Reserve Bank of New York;
5. That until the bank commences business, the Corporation shall have the right to
alter, suspend, or withdraw said approval should any interim development be
deemed to warrant such action;
6. That until the bank commences business. if the Corporation reprises its Policy
Statement on "Applications for Deposit Insurance" so as to differ in content with
any conditions imposed herein, the Corporation shall have the right to alter said
conditions to conform to such revised Policy Statement; 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 Corporation, the consent granted shall expire at
the end of said twelve-month period.
Dated at Washington, D.C., this 23rd day of December, 1997.
FEDERAL DEPOSIT INSURANCE CORPORATION
Michael Zamorski
Deputy Director
Division of Supervision
FEDERAL DEPOSIT INSURANCE CORPORATION
IN RE: The Greenwich Bank & Trust Company (In Organization)
Greenwich, Connecticut
Application for Federal Deposit Insurance
(Bank 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 Bank Insurance Fund, has
been filed on behalf of The Greenwich Bank & Trust Company, a proposed new state member
bank with a main office to be located at 115 East Putnam Avenue, Greenwich, Fairfield County,
Connecticut.
The proponents have delineated the Town of Greenwich, Connecticut as the primary trade area of
the proposed bank. A review of the proposed bank's Community Reinvestment Act Statement
and other available information indicates that no inconsistencies with the purposes of the
Community Reinvestment Act appear to exist.
Initial capitalization is adequate, and acceptable deposit growth and operating profits within a
reasonable period of time are projected. The factors relating to general character and fitness of
management and risk to the deposit insurance fund have been favorably resolved.
Accordingly. based on a careful evaluation of all available relevant facts and information, the
Deputy Director, acting under delegated authority, has concluded that approval of the application
is warranted.
DEPUTY DIRECTOR
DIVISION OF SUPERVISION
