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Decisions on Bank Applications

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First Hawaiian BankCard, National Association

FEDERAL DEPOSIT INSURANCE CORPORATION

In Re: First Hawaiian BankCard, National Association
Scottsdale, Arizona
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 First Hawaiian BankCard, National Association, a proposed new limited purpose credit card bank to be located at 7100 E. Lincoln Drive, D-227, Scottsdale, Maricopa County, Arizona, 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 First Hawaiian BankCard, National Association for Federal deposit insurance be, and the same hereby is, approved subject to the following conditions:

1. Beginning paid in capital funds shall not be less than $20,000,000.

2. Federal deposit insurance shall not become effective until the applicant is authorized to operate as a national bank by the Office of the Comptroller of the Currency.

3. Until the bank is established, the Corporation shall have the right to alter, suspend, or withdraw the said commitment should any interim development warrant such action.

4. That the insured institution shall be engaged in the business of receiving deposits, other than trust funds.

5. If deposit insurance has not become effective within twelve months from the date of this ORDER, the consent granted herein shall expire, unless the Corporation approves a request for an extension of the deadline prior to the expiration.

Dated at Washington, D.C. this 9th day of September, 2001.

By: /S/ John M. Lane____
John M. Lane
Associate Director
Division of Supervision


FEDERAL DEPOSIT INSURANCE CORPORATION

IN RE: First Hawaiian BankCard, National Association
Scottsdale, Arizona
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 First Hawaiian BankCard, National Association, a proposed new limited purpose credit card bank to be located at 7100 E. Lincoln Drive, D-227, Scottsdale, Maricopa County, Arizona.

The applicant is to be established under the provisions of the Competitive Equality Banking Act (CEBA). As a credit card bank, First Hawaiian BankCard, N.A. will engage only in credit card operations, will not accept demand deposits, will not accept savings or time deposits of less than $100,000, and will not make commercial loans.

For the purposes of this proposal, the investment in fixed assets is reasonable and capital is adequate. Future earnings prospects are attainable, and management is considered satisfactory. 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 Bank 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



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