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Decisions on Bank Applications

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Real Estate - Development (2% of Tier 1 capital or less)
Bank may indirectly through a wholly-owned subsidiary develop residential-commercial real estate from the initial stage involving 2% of Tier 1 Capital or less.

Disclaimer
The following list shows those activities and investments approved by the FDIC under Section 24 of the Federal Deposit Insurance Act and Part 362 of the FDIC’s Rules and Regulations, 12 C.F.R. Part 362. The list provides insured state banks and their counsel some initial guidance regarding activities and investments that the FDIC may approve under Section 24. However, the fact that a particular activity or investment has received FDIC approval in the past does not affect the obligation of another institution to seek permission from the FDIC to engage in the same or similar activity. Additionally, the fact that a particular investment or activity has been approved in the past does not restrict the FDIC's review of future requests to engage in similar activities nor our ability to impose prudential standards on the conduct of that activity. Finally, it should be borne in mind that since the time any particular application was approved, key statutory or regulatory changes may have taken place, which might impact how the issues would be treated today.

BANK OF THE WEST - SAN FRANCISCO, CA
Application or Notice Board or Delegated Authority Date of Approval Amount of Investment Percent of Tier I Capital
Application Delegated Authority 8/13/1998 1,304M 0.3%
Application to continue to retain through a wholly-owned subsidiary, an indirect interest in real estate consisting of commercial lots until June 30, 2001. The Bank filed a divestiture plan in February 1994 projecting full divestiture by December 19, 1996; however, divestiture was not completed within this statutory time frame.


COMMUNITY BANK OF FLA - HOMESTEAD, FL
Application or Notice Board or Delegated Authority Date of Approval Amount of Investment Percent of Tier I Capital
Notice Delegated Authority 6/8/1999 $244,02.25 2%
Application to continue conducting real estate and securities activities through two subsidiaries.


FARMERS AND MERCHANTS BANK OF HILL CITY - HILL CITY, KS
Application or Notice Board or Delegated Authority Date of Approval Amount of Investment Percent of Tier I Capital
Notice Delegated Authority 6/23/2004 $16,000.00 1%
Notice of intent to develop an industrial park and sell 70 acres of land through a wholly-owned subsidiary in this community of 1,604 residents.


MUTUAL SAVINGS BANK - MILWAUKEE, WI
Application or Notice Board or Delegated Authority Date of Approval Amount of Investment Percent of Tier I Capital
Notice Delegated Authority 5/10/2000 2.2M 1.3%
Notice of intent to continue to hold and sell land adjacent to the Bank's executive offices through an existing wholly-owned subsidiary. In May 1995, the FDIC's Washington office approved the bank's application to hold the excess property, subject to the condition that the bank would seek FDIC approval to continue to hold the property if divestiture had not been accomplished within five years. The current notice was filed in answer to that condition. The subsidiary also holds land acquired by the bank in connection with debts previously contracted. The consent granted to the bank by the FDIC to hold that property expires on December 19, 2001.


CHASE MANHATTAN BANK - NEW CASTLE, DE
Application or Notice Board or Delegated Authority Date of Approval Amount of Investment Percent of Tier I Capital
Notice Delegated Authority 4/5/1999   2%
Notice by bank of intent to establish subsidiary funded by an equity contribution to make investments in real estate.


ELLIS STATE BANK - ELLIS, KS
Application or Notice Board or Delegated Authority Date of Approval Amount of Investment Percent of Tier I Capital
Application Board Action 4/23/1996 $ 70,000 1.82%
Application to organize a wholly owned subsidiary (de novo) for investment and development activities. Ellis State Bank


FIRST FEDERAL SAVINGS BANK OF ELIZABETHTOWN - ELIZABETHTOWN, KY
Application or Notice Board or Delegated Authority Date of Approval Amount of Investment Percent of Tier I Capital
Notice Delegated Authority 4/22/2003 $ 553,543 2%
Notice of intent to continue to engage in real estate investment activities through a wholly–owned subsidiary. The activities involve the marketing of commercial lots in an office park.


HOME STAR BANK - MANTENO, IL
Application or Notice Board or Delegated Authority Date of Approval Amount of Investment Percent of Tier I Capital
Notice Delegated Authority 4/13/2000 $ 335,000 1.86%
Bank provides notice of intent to indirectly engage in real estate investment activities through a wholly- owned subsidiary. The Bank agrees to limit the maximum total equity investment in the subsidiary, including direct contributions or future increases in retained earnings, to 2% of the Bank's Tier I capital.


THE PROVIDENT BANK - AMESBURY, MA
Application or Notice Board or Delegated Authority Date of Approval Amount of Investment Percent of Tier I Capital
Notice Delegated Authority 3/10/2000 $ 391,500 2%
Application to engage in real estate investment and development activities through a wholly owned subsidiary formed as a limited liability company under Massachusetts law.


FARMERS STATE BANK - WESTMORELAND, KS
Application or Notice Board or Delegated Authority Date of Approval Amount of Investment Percent of Tier I Capital
Notice Delegated Authority 2/28/2001 $ 190,000 1.6%
Notice by bank to establish subsidiary that will construct a 5,000 square foot building for use as the community's only grocery store through a lease arrangement based on 1% of the profit.


FARMERS AND MERCHANTS BANK - GRANITE QUARRY, NC
Application or Notice Board or Delegated Authority Date of Approval Amount of Investment Percent of Tier I Capital
Application Board Action 2/22/1995 $ 209,000 1.62%
Application to develop and sell through a wholly-owned subsidiary, a nine-unit office condominium project. Farmers and Merchants Bank


OAK BROOK BANK - OAK BROOK, IL
Application or Notice Board or Delegated Authority Date of Approval Amount of Investment Percent of Tier I Capital
Application Delegated Authority 12/2/1999 $ 100,000 2%
Application to amend previous approval, to engage in development of residential real estate through a wholly-owned subsidiary. The Chicago Regional Office understood the application to be limited to real estate investments within DuPage County, Illinois. The bank intended the application to include real estate investments throughout Illinois. The order was modified to encompass the entire state.


FIRST REGIONAL BANK - CENTURY CITY, CA
Application or Notice Board or Delegated Authority Date of Approval Amount of Investment Percent of Tier I Capital
Application Board Action 11/14/1996 2.6M 0.001%
Application to organize a wholly-owned subsidiary to continue, real estate investment and development activities until orderly divestiture are completed. First Regional Bank


RIDGESTONE BANK - BROOKFIELD, WI
Application or Notice Board or Delegated Authority Date of Approval Amount of Investment Percent of Tier I Capital
Application Delegated Authority 10/4/2000 $ 120,000 2%
Application to continue through a wholly-owned subsidiary, the purchase and sale of one model home at a time. RidgeStone Bank


GREEN POINT BANK - NEW YORK, NY
Application or Notice Board or Delegated Authority Date of Approval Amount of Investment Percent of Tier I Capital
Application Board Action 10/25/1995 5.5M 0.50%
Application to divest and transfer real estate investment activities (shopping centers) to proposed wholly- owned subsidiaries. GreenPoint Bank


EVERETT SAVINGS BANK - EVERETT, MA
Application or Notice Board or Delegated Authority Date of Approval Amount of Investment Percent of Tier I Capital
Application Board Action 10/25/1995 $ 35,000 0%
Application to continue to hold a two story commercial office building through a wholly owned subsidiary with a 25% limited partnership interest. Everett Savings Bank


BANTERRA BANK - MARION, IL
Application or Notice Board or Delegated Authority Date of Approval Amount of Investment Percent of Tier I Capital
Notice Delegated Authority 10/10/2000 $ 540,000  
Notice of subsidiaries intent to purchase a parcel of real estate adjacent to the main bank building, from the bank's chairman, to be re-sold to developers.


EQUITABLE CO-OPERATIVE BANK - LYNN, MA
Application or Notice Board or Delegated Authority Date of Approval Amount of Investment Percent of Tier I Capital
Notice Delegated Authority 1/25/2001 $ 200,000 2%
Notice of intent to engage in real estate investment and development activities through a wholly owned subsidiary, that will develop relatively small real estate projects in the bank's market area. The bank hopes to provide end loans to the prospective buyers.




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