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BPA Bank, N.A.

IN RE: BPA Bank, N.A. ("BPA Bank")
Newark, Essex County, New Jersey
Application for Federal Deposit Insurance (Bank Insurance Fund)

ORDER

The undersigned, acting under delegated authority, has fully considered all relevant facts and information relating to the factors of Section 6 of the Federal Deposit Insurance Act regarding the application for Federal deposit insurance for BPA Bank, a proposed new bank to be located at 255 Lafayette Street, Newark, Essex County, New Jersey, 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 BPA Bank 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 $30,000,000 be provided, of which not less than $2,500,000 shall be allocated to common stock and $27,500,000 to surplus;

2. That the Tier 1 capital to assets ratio be maintained at not less than 8 percent during the first three years of operation;

3. 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 commitment null and void unless any such change in proposed management or proposed ownership is approved by the New York Regional Director prior to opening the bank;

4. That Federal deposit insurance shall not become effective unless and until the applicant has been established as a national bank, has authority to conduct a banking business and has been fully approved by the Comptroller of the Currency to be established and operated as a bank;

5. That until the conditional commitment herein granted becomes effective, the Corporation shall have the right to alter, suspend, or withdraw said commitment should any interim development be deemed by the Corporation to warrant such action; and

6. That if Federal deposit insurance has not become effective within twelve months from the date of the 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 the said twelve-month period.

Dated at Washington, D.C., this day of October 2000.

FEDERAL DEPOSIT INSURANCE CORPORATION

By: ___________________________
John M. Lane, Associate Director
Division of Supervision


FEDERAL DEPOSIT INSURANCE CORPORATION

IN RE: BPA Bank, N.A. ("BPA Bank")
Newark, Essex County, New Jersey
Application for Federal Deposit Insurance (Bank Insurance Fund)

STATEMENT

Pursuant to the provision of Section 5 of the Federal Deposit Insurance Act (12 U.S.C. 1815), an application for Federal deposit insurance has been filed for BPA Bank, a proposed new full-service bank, to be located at 255 Lafayette Street, Newark, Essex County, New Jersey.

BPA Bank will be a wholly-owned subsidiary of Banco Portugues do Atlantico (USA), Inc. ("Banco Portugues"), a proposed, shell bank holding company which will be located in Newark, New Jersey. BPA Bank will be a fourth-tier subsidiary of Banco Comercial Portugues, S.A. ("Banco Comercial Portugues"), a commercial bank organized under the laws of the Republic of Portugal with its main office in Oporto, Portugal.

BPA Bank's capital, management, financial history, future earnings prospects, ability to meet the convenience and needs of the community, consistency of corporate powers, and the risk to the Bank Insurance Fund are acceptable.

Accordingly, based upon careful evaluation of all available facts and information and upon assurances made by applicant, the Associate Director, acting under delegated authority, has concluded that approval of the application is warranted.

ASSOCIATE DIRECTOR
DIVISION OF SUPERVISION



Last Updated 03/24/2011 Legal@fdic.gov