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Decisions on Bank Applications

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Real Estate - Leasing (over 2% of Tier 1 capital)
Bank may indirectly through a wholly-owned subsidiary engage in the leasing of real property under certain circumstances involving over 2% of Tier 1 Capital.

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 FDICís 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.

UNION BANK & TRUST - LIVINGSTON, TN
Application or Notice Board or Delegated Authority Date of Approval Amount of Investment Percent of Tier I Capital
Application Delegated Authority 2/4/2005 $1,000 2%
Application to hold real estate and mineral rights acquired for debts previously contracted ("DPC"), and held for over ten years, in a wholly-owned subsidiary, .


ABINGTON SAVINGS BANK - JENKINTOWN, PA
Application or Notice Board or Delegated Authority Date of Approval Amount of Investment Percent of Tier I Capital
Application Delegated Authority 9/4/1998   9.84%
Application to continue to hold a number of real estate investments (apartment buildings) through a wholly- owned subsidiary. At the time of the application two of the apartment buildings were held directly by the bank.


BEAL SAVINGS BANK - LAS VEGAS, NV
Application or Notice Board or Delegated Authority Date of Approval Amount of Investment Percent of Tier I Capital
Application Delegated Authority 7/28/2004 $500,000 10%
De novo State bank with a Nevada Thrift Company charter seeks consent to engage in real estate investment activities permitted for thrift companies and banks under Nevada law. The activities include the acquisition, development, sale, rental, lease, and management of real estate;


MACHIAS - MACHIAS, ME
Application or Notice Board or Delegated Authority Date of Approval Amount of Investment Percent of Tier I Capital
Application Delegated Authority 7/28/1998 $ 375,000 14.5%
Application to continue to indirectly engage in real estate investment activity through a wholly-owned subsidiary, that owns a 50% interest in a real estate joint venture. The joint venture constructs multi- family residential and commercial real estate.


BORDER TRUST CO. - SOUTH CHINA, ME
Application or Notice Board or Delegated Authority Date of Approval Amount of Investment Percent of Tier I Capital
Application Board Action 7/17/1997 $ 314,853 6.11%
Application to continue to engage in real estate investment activities. Border Trust Company


PROVIDENT BANK - AMESBURY, MA
Application or Notice Board or Delegated Authority Date of Approval Amount of Investment Percent of Tier I Capital
Application Delegated Authority 6/18/2003 $1,600,000 6.5%
Application to continue to hold a parcel of land, with a building, across the street from the Bankís main office. Until recently, the property was owned by the Bank directly, but has now formed a subsidiary to hold the property.


BIDDEFORD SAVINGS BANK - BIDDEFORD, ME
Application or Notice Board or Delegated Authority Date of Approval Amount of Investment Percent of Tier I Capital
Application Delegated Authority 6/16/2000 1.1M 5.43%
The bank filed an application to engage in real estate investment through a wholly owned subsidiary. The bank will invest up to 5.43% of tier one capital in the subsidiary.


THE BOSTON BANK OF COMMERCE - BOSTON, MA
Application or Notice Board or Delegated Authority Date of Approval Amount of Investment Percent of Tier I Capital
Application Board Action 4/9/1996 $ 100,000 2.1%
Application to continue the purchase outstanding shares of thrift holding company that owns Federal Savings Bank. The Boston Bank of Commerce


CAPE COD COOPERATIVE - YARMOUTH PORT, MA
Application or Notice Board or Delegated Authority Date of Approval Amount of Investment Percent of Tier I Capital
Application Board Action 4/23/1996 $ 513,100 3.7%
Application to continue to engage in real estate investment activities through a wholly-owned subsidiary. Cape Cod Cooperative Bank


VALLEY VIEW STATE BANK/ WINONA SAVINGS BANK - WINONA, MO
Application or Notice Board or Delegated Authority Date of Approval Amount of Investment Percent of Tier I Capital
Application Board Action 3/14/1995 $271,592 5.27
Application to indirectly continue residential real estate investment and development activities through a wholly-owned subsidiary. Winona Savings Bank


PLANTERS & MERCHANTS - GILLET, AR
Application or Notice Board or Delegated Authority Date of Approval Amount of Investment Percent of Tier I Capital
Application Board Action 2/9/1995 $ 115,312 6.1%
Application to continue leasing previously foreclosed-condemned property to the U.S. Postal Service. The activity is conducted through a wholly-owned subsidiary, which was formed in 1986 for the specific purpose of developing this one property deeded to the bank through voluntary foreclosure ("DPC"). Planters & Merchants Bank


FARMERS & MERCHANTS BANK - REYNO, AR
Application or Notice Board or Delegated Authority Date of Approval Amount of Investment Percent of Tier I Capital
Application Board Action 2/3/1995 $ 60,000 5.3%
Application to continue to hold various income producing properties acquired due to defaulted loans ("DPC") through a wholly-owned subsidiary. Farmers and Merchants Bank


LOWELL FIVE CENT SAVINGS BANK - LOWELL, MA
Application or Notice Board or Delegated Authority Date of Approval Amount of Investment Percent of Tier I Capital
Application Board Action 2/20/1996 8.4M 20.30%
Application to develop and sell condominiums with retention until divestiture of certain unimproved land and two commercial properties. The Lowell Five Cent Savings Bank


TROY SAVINGS BANK - TROY, NY
Application or Notice Board or Delegated Authority Date of Approval Amount of Investment Percent of Tier I Capital
Application Board Action 2/11/1997 3.2M 2.67%
Application to retain investments, through wholly-owned subsidiaries. The investments include a limited partnership interest in realty property and direct ownership of one condominium unit. Real estate activities conducted by the bank through the subsidiary are limited to disposing of the assets and no capital infusions into the subsidiary are contemplated. The Bank must dispose of the properties by 12/31/99. The Troy Savings Bank


CITIZENS BANK - BOONEVILLE, AR
Application or Notice Board or Delegated Authority Date of Approval Amount of Investment Percent of Tier I Capital
Application Board Action 12/7/1995 $ 293,712 3.95%
Application to continue real estate investment, acquisition and development activities through a wholly- owned subsidiary. The subsidiary holds, improves and markets real estate obtained by the bank through foreclosure proceedings. Citizens Bank


CITIBANK DELAWARE - NEW CASTLE, DE
Application or Notice Board or Delegated Authority Date of Approval Amount of Investment Percent of Tier I Capital
Application Board Action 12/7/1995 33.4M 4.76%
Applicant request consent to conduct real estate leasing activities through its wholly-owned subsidiary. Citibank (Delaware)


JACKSON BANK & TRUST CO. - GAINESBORO, TN
Application or Notice Board or Delegated Authority Date of Approval Amount of Investment Percent of Tier I Capital
Application Board Action 12/4/1996 $ 364,000 3.5%
Application to indirectly continue to engage as principal in real estate investment activities through a wholly-owned subsidiary. The properties are leased to third parties, and have not been marketed for sale. Jackson Bank and Trust Company


FARMERS BANK & TRUST - MAGNOLIA, AR
Application or Notice Board or Delegated Authority Date of Approval Amount of Investment Percent of Tier I Capital
Application Board Action 12/21/1995 $ 644,247 3.32%
Application to continue to hold, develop and lease two properties through a wholly-owned subsidiary. Farmers Bank & Trust


MCGEHEE BANK - MCGEHEE, AR
Application or Notice Board or Delegated Authority Date of Approval Amount of Investment Percent of Tier I Capital
Application Board Action 12/21/1995 $ 750,000 5.5%
Application to continue real estate acquisition, development and leasing activities through a wholly owned subsidiary. McGehee Bank


BEAL BANK, S.S.B. - DALLAS, TX
Application or Notice Board or Delegated Authority Date of Approval Amount of Investment Percent of Tier I Capital
Application Board Action 12/19/1995 3M 7.6%
Application to continue to engage in real estate investment, development and leasing activities through a wholly-owned subsidiary, following a 1994 conversion from a state savings association to a SAIF insured state chartered savings bank. Beal Bank


WARE CO-OPERATIVE BANK - WARE, MA
Application or Notice Board or Delegated Authority Date of Approval Amount of Investment Percent of Tier I Capital
Application Board Action 11/8/1995 $ 190,200 3.44%
Application to engage in real estate investment activity involving the retention of the bank's former office building until sale in a reasonable market is feasible. Ware Co-operative Bank


BANK OF CAVE CITY - CAVE CITY, AR
Application or Notice Board or Delegated Authority Date of Approval Amount of Investment Percent of Tier I Capital
Application Board Action 11/14/1995 $ 240,000 7.38%
Application to continue equity investments in real estate following their transfer to a wholly-owned subsidiary. Bank of Cave City


BERKSHIRE COUNTY SAVINGS BANK - PITTSFIELD, MA
Application or Notice Board or Delegated Authority Date of Approval Amount of Investment Percent of Tier I Capital
Application Board Action 10/20/1995   2.17%
Application to continue real estate investment, development and leasing activities through two wholly- owned subsidiaries. Berkshire County Savings Bank


WEYMOUTH SAVINGS BANK - WEYMOUTH, MA
Application or Notice Board or Delegated Authority Date of Approval Amount of Investment Percent of Tier I Capital
Application Delegated Authority 10/20/1995 $ 714,425 5.5%
Application to retain investment, through a wholly-owned subsidiary, in two parcels of land. Weymouth Savings Bank


FREMONT BANK - FREMONT, CA
Application or Notice Board or Delegated Authority Date of Approval Amount of Investment Percent of Tier I Capital
Application Board Action 1/23/1996 7.3M 20%
Denial of application to engage in direct real estate investment activities as principle with order to divest the properties immediately. Approval to conduct real estate activities through a subsidiary with standard Part 362 separateness and capital conditions. Fremont Bank


BANK OF MULBERRY - MULBERRY, AR
Application or Notice Board or Delegated Authority Date of Approval Amount of Investment Percent of Tier I Capital
Application Board Action   $ 496,000 25.87%
Denial of application to conduct real estate investment activities directly as principle, through a majority owned general partnership interest. Bank of Mulberry




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