FEDERAL DEPOSIT INSURANCE CORPORATION
IN
RE: Mercantile Trust Company, National Association St. Louis, Missouri
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 relating to the application for federal deposit insurance, with membership
in the Bank Insurance Fund, for Mercantile Trust Company, National Association, an
operating noninsured national trust company located at Seventh and Locust Streets, 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 on behalf of Mercantile Trust Company, National
Association, St. Louis, Missouri 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 $2,000,000 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 the stock,
will render this approval null and void unless such proposed change is approved by the
Corporation prior to opening of the insured institution;
3. That the insured institution shall be engaged in the business of receiving deposits
other than trust funds;
4. That until the insured national 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; and,
5. 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 lst day of July, 1998.
FEDERAL DEPOSIT INSURANCE CORPORATION
By:
Mark S. Schmidt
Associate Director
Division of Supervision
FEDERAL DEPOSIT INSURANCE CORPORATION
IN RE: Mercantile Trust Company, National Association
St. Louis, Missouri
Application for Federal Deposit Insurance
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 Mercantile Trust Company, National Association, (Bank),
an operating noninsured national trust company located at Seventh and Locust Streets, St.
Louis, Missouri.
The Bank's focus will be solely on fiduciary services; by virtue of having a national
bank charter, the Bank will be able to exercise trust business across state lines. As a
limited purpose institution which will be insured to continue to exercise trust powers,
the Bank will not make loans or accept deposits from the public. The only deposits, other
than trust funds, accepted are anticipated to be from intercompany organizations.
For the purposes of the deposit insurance application, the investment in fixed assets
is reasonable, capital is adequate, future earnings prospects are satisfactory, and
management is considered capable. The Bank's satisfactory operating history as an
operating noninsured national trust company since establishment in 1993 further indicates
that the proposal would not represent an undue risk to the deposit insurance fund. No
formal objections have been filed with the FDIC, and corporate powers to be exercised are
consistent with the purposes of the Federal Deposit Insurance Act. The Office of the
Comptroller of the Currency, the Bank's primary regulatory authority, granted conditional
approval of applications submitted related to this request on June 10, 1998.
Accordingly, based on a careful evaluation of all available relevant facts and
information, the Associate Director has concluded that approval of the application is
warranted.
ASSOCIATE DIRECTOR
DIVISION OF SUPERVISION
FEDERAL DEPOSIT INSURANCE CORPORATION
