FEDERAL DEPOSIT INSURANCE CORPORATION
IN RE: Delafield State Bank Delafield, Waukesha County, Wisconsin
Application for Federal Deposit Insurance (Bank Insurance Fund)
ORDER
The undersigned, acting under delegated authority, has fully considered all available
facts and information relevant to the factors of Section 6 of the Federal Deposit
Insurance Act and relating to the application for federal deposit insurance, with
membership in the Bank Insurance Fund, for Delafield State Bank, a proposed new state
member bank, with its temporary main office to be located at 417 Genesee Street,
Delafield, Waukesha County, Wisconsin, 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 Delafield State Bank for federal deposit insurance
should be, and the same hereby is, approved subject to the following conditions:
1. That beginning paid-in capital funds of not less than $8,000,000 be provided, with
$1,200,000 allocated to common stock and $6,800,000 allocated to surplus;
2. That a Tier I Leverage Capital Ratio, as defined in Part 325 of the FDIC's Rules
and Regulations, of no less than 8.0 percent be maintained during the bank's first
three years of operations;
3. That any changes in proposed management of the bank or proposed ownership (10
percent or more of stock) of the bank, including new acquisitions of or
subscriptions to 10 percent or more of stock, will render this commitment null and
void unless such proposed change is approved by the FDIC prior to the opening of
the bank;
4. That federal deposit insurance shall not become effective unless and until the applicant has been established as a state bank with membership in the Federal
Reserve System, that it has authority to conduct a banking business, and that its
establishment and operation as a bank have been fully approved by the
Department of Financial Institutions of the State of Wisconsin and the Federal
Reserve Bank of Chicago;
5. That the lease for the permanent bank building, which will be constructed and owned by an Organizer of the bank, will provide for lease payments that do not
exceed leasing rates for similar properties in the bank's locality;
6. That until the bank commences business, the Corporation shall have the right to alter, suspend, or withdraw said approval should any interim development be
deemed to warrant such action;
7. That until the bank commences business, if the Corporation revises its Policy
Statement on "Applications for Deposit Insurance" so as to differ in content
with
any conditions imposed herein, the Corporation shall have the right to alter said
conditions to conform to such revised Policy Statement; and
8. That if federal deposit insurance has not become effective within twelve months from the date of this 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 said twelve-month period.
Dated at Washington, D.C., this 14th day of July , 1998.
FEDERAL DEPOSIT INSURANCE CORPORATION
Mark S. Schmidt
Associate Director
Division of Supervision
FEDERAL DEPOSIT INSURANCE CORPORATION
IN RE: Delafield State Bank
Delafield, Waukesha County, Wisconsin
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 Delafield State Bank, a proposed new state member bank
with a temporary main office to be located at 417 Genesee Street, Delafield, Waukesha
County, Wisconsin..
The proponents have delineated Waukesha County, Wisconsin, as the primary trade area of
the proposed bank. A review of the proposed bank's Community Reinvestment Act Statement
and other available information indicates that no inconsistencies with the purposes of the
Community Reinvestment Act appear to exist.
Initial capitalization is adequate, and acceptable deposit growth and operating profits
within a reasonable period of time are projected. The factors relating to general
character and fitness of management and risk to the deposit insurance fund have been
favorably resolved.
Accordingly, based on a careful evaluation of all available relevant facts and
information, the Associate Director, acting under delegated authority, has concluded that
approval of the application is warranted.
ASSOCIATE DIRECTOR
DIVISION OF SUPERVISION