FEDERAL DEPOSIT INSURANCE CORPORATION
IN RE: Nationwide Trust Company, FSB (Proposed)
Columbus, Franklin County, Ohio
Application for Federal Deposit Insurance
(Savings Association Insurance Fund)
ORDER
The undersigned, acting under delegated authority, has fully considered all facts and
information relevant to the factors of Section 6 of the Federal Deposit Insurance Act
relating to the application for federal deposit insurance for Nationwide Trust Company,
FSB, a proposed new limited purpose federal savings bank to be located at Three Nationwide
Plaza, Columbus, Ohio, 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 Nationwide Trust Company, FSB for federal
deposit insurance be, and the same hereby is, approved subject to the following
conditions:
1. That beginning paid-in capital funds of not less than $3,500,000 be provided, of
which not less than $2,800,000 shall be allocated to common stock and $700,000
to surplus;
2. That any changes in proposed management or proposed ownership (10
percent or more of stock), including new acquisitions of or subscriptions
to 10 percent or more of stock, will render this commitment null and void
unless such proposal is approved by the Regional Director of the FDIC's
Chicago Regional Office ("Regional Director") prior to opening of the
Bank;
3. That federal deposit insurance shall not become effective unless and until the
applicant has been established as a federal savings bank, that it has authority to
conduct a banking business, and that its establishment and operation as a bank
have been fully approved by the Office of Thrift Supervision;
4. That Nationwide Financial Services, Inc., Columbus, Ohio, a financial services holding company, obtain approval from the Office of Thrift
Supervision to acquire voting stock control of the bank prior to its opening;
5. That the insured institution shall be engaged in the business of receiving deposits, other than trust funds;
6. That until the conditional commitment herein granted becomes effective, the FDIC shall have the right to alter. suspend or withdraw said commitment should
any interim development be deemed to warrant such action: and
7. 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 FDIC, the consent granted herein
shall expire at the end of the said twelve-month period.
Dated at Washington, D.C. this 1st day of July 1998.
FEDERAL DEPOSIT INSURANCE CORPORATION
By: Mark S. Schmidt
Associate Director
Division of Supervision
FEDERAL DEPOSIT INSURANCE CORPORATION
IN RE: Nationwide Trust Company, FSB
Columbus, Franklin County, Ohio
Application for Federal Deposit Insurance
(Savings Association 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 Savings
Association Insurance Fund has been filed on behalf of Nationwide Trust Company, FSB
(Nationwide), a proposed new federal savings bank to be located at Three Nationwide Plaza,
Columbus, Ohio.
Nationwide's sole shareholder will be Nationwide Financial Services, Inc., a member of
the Nationwide Insurance Enterprises Group. Nationwide's focus will be solely on trust
services; by virtue of having a federal savings bank charter, Nationwide will be able to
exercise trust powers in all 50 states and the District of Columbia.
For the purposes of this proposal, the investment in fixed assets is reasonable,
capital is adequate, future earnings prospects are favorable, and management is considered
to be satisfactory. The proposal would not increase the risk to the deposit insurance
fund. 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 Savings Association 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