Board of Directors
100 East Spring Street
New Albany, Indiana 47150
Members of the Board:
We have reviewed your request to establish a wholly-owned foreign subsidiary to be located in and organized under the laws of Bermuda. The application was filed by Regional Bank ("the Bank") pursuant to Section 347.108(d) of the Federal Deposit Insurance Corporation's ("FDIC's") Rules and regulations. Pursuant to the authority vested in me by the FDIC's Board of Directors, I have today approved the application.
Your application was approved subject to the following conditions:
1. In addition to the records, controls, and reports required by Section 347.110(a) of the FDIC Rules and Regulations, the bank shall take all steps within its control to ensure that the foreign subsidiary and its officers, employees, agents, independent contractors, and affiliates provide the bank with access to information and records concerning foreign subsidiary business operations and transactions as permitted under Bermuda law. In addition to the requirements of Section 347.110(b) of the FDIC Rules and Regulations, the bank shall, upon request in connection with an FDIC examination of the bank or otherwise, provide such information to the FDIC.
2. This consent is granted based on the facts and circumstances presented or otherwise known to the FDIC in connection with this request. The activities of the subsidiary shall be limited to the holding and managing of the bank's investment securities portfolio. The bank shall notify the FDIC of any significant change in facts or circumstances and the FDIC shall have the right to alter, suspend, or withdraw its approval.
3. The bank shall obtain all necessary and final approvals from the appropriate foreign and domestic authorities prior to opening the foreign subsidiary.
4. If the proposed foreign subsidiary has not opened within 12 months from the date of this approval, unless in the meantime a request for an extension of time has been approved by the FDIC, the consent granted herein shall expire at the end of the said 12-month period.
Questions relating to this matter may be referred to Assistant Regional Director Thomas Wochas or Case Manager Betty Valdes in the Chicago Regional Office at 312-382-7500.
Michael J. Zamorski
Division of Supervision