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Equity Securities -
Listed stock
Bank may indirectly through a wholly-owned subsidiary engage in the trading of equity securities for its own account in stock listed on
a national securities exchange.
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.
ENTERPRISE BANK & TRUST - LOWELL, MA
|
Application or Notice |
Board or Delegated Authority |
Date of Approval |
Amount of Investment |
Percent of Tier I Capital |
Application
|
Delegated Authority
|
7/15/2005
|
$3.8M
|
6.35%
|
Investment in Listed Stock through a Wholly-Owned Subsidiary
|
Application or Notice |
Board or Delegated Authority |
Date of Approval |
Amount of Investment |
Percent of Tier I Capital |
Application
|
Board Action
|
9/30/2002
|
|
100%
|
Applicant seeks permission to invest in the stock of trust companies; bank holding companies; federal and
state savings associations; and savings and loan holding companies through a proposed wholly-owned
subsidiary.
S&T Bank
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APPLE BANK FOR SAVINGS
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SCARSDALE, NY
|
Application or Notice |
Board or Delegated Authority |
Date of Approval |
Amount of Investment |
Percent of Tier I Capital |
Application
|
Delegated Authority
|
8/17/2004
|
|
15%
|
Application to invest through subsidiary in shares listed on national securities exchanges and registered investment companies
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THE EQUITY BANK
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WETHERSFIELD, CT
|
Application or Notice |
Board or Delegated Authority |
Date of Approval |
Amount of Investment |
Percent of Tier I Capital |
Application
|
Delegated Authority
|
7/15/1998
|
|
7%
|
Application to hold portfolio investment through a wholly-owned subsidiary, the stock of corporations
listed on a national securities exchange, and to sell portions of the portfolio until complete divestiture.
|
THE SENECA FALLS SAVINGS BANK
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SENECA FALLS, NY
|
Application or Notice |
Board or Delegated Authority |
Date of Approval |
Amount of Investment |
Percent of Tier I Capital |
Application
|
Delegated Authority
|
6/30/2004
|
$1,106,221
|
20%
|
Application to acquire and retain equity securities through subsidiary organized as a limited liability company. The securities will be registered or traded on a national securities exchange
|
INVESTORS BANK & TRUST
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BOSTON, MA
|
Application or Notice |
Board or Delegated Authority |
Date of Approval |
Amount of Investment |
Percent of Tier I Capital |
Application
|
Board Action
|
6/3/1997
|
$ 450,000
|
0.74%
|
Application to establish a wholly-owned subsidiary for the purpose of purchasing and selling equity
securities.
Investors Bank & Trust Company
|
BOSTON BANK OF CONNECTICUT
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HARTFORD, CT
|
Application or Notice |
Board or Delegated Authority |
Date of Approval |
Amount of Investment |
Percent of Tier I Capital |
Application
|
Board Action
|
5/3/1995
|
42M
|
12.83%
|
Application to retain equity investments through a majority-owned subsidiary.
Bank of Boston Connecticut
|
BRENTWOOD BANK
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BETHEL PARK, PA
|
Application or Notice |
Board or Delegated Authority |
Date of Approval |
Amount of Investment |
Percent of Tier I Capital |
Application
|
Board Action
|
5/21/2004
|
|
25%
|
Application to acquire and retain equity securities through subsidiary organized as a limited liability company. The securities will be registered or traded on a national securities exchange
|
ELDERTON STATE BANK
-
ELDERTON, PA
|
Application or Notice |
Board or Delegated Authority |
Date of Approval |
Amount of Investment |
Percent of Tier I Capital |
Application
|
Board Action
|
3/21/1995
|
$ 164,000
|
3.95%
|
Application to continue to acquire equity investments, limited to Pennsylvania bank and bank holding
company stock through a wholly-owned subsidiary.
|
NEW HAVEN SAVINGS BANK
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NEW HAVEN, CT
|
Application or Notice |
Board or Delegated Authority |
Date of Approval |
Amount of Investment |
Percent of Tier I Capital |
Application
|
Board Action
|
11/9/2000
|
3M
|
0.92%
|
Bank seeks to purchase limited partnership interest through a de-novo, wholly-owned subsidiary. The
acquisition involves the private placement of partnership interests.
New Haven Savings Bank
|
FIRST SAVINGS BANK OF PERKASIE, PA
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PERKASIE, PA
|
Application or Notice |
Board or Delegated Authority |
Date of Approval |
Amount of Investment |
Percent of Tier I Capital |
Application
|
Board Action
|
11/9/1999
|
|
10.27%
|
Application to acquire and retain indirectly through a wholly-owned subsidiary the stock of banks, bank
holding companies, and other corporations listed on a national securities exchange, and the shares of
registered investment companies.
First Savings Bank of Perkasie
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FIRST ALABAMA BANK
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BIRMINGHAM, AL
|
Application or Notice |
Board or Delegated Authority |
Date of Approval |
Amount of Investment |
Percent of Tier I Capital |
Application
|
Board Action
|
11/26/1996
|
12M
|
1.5%
|
Application to trade equity securities as principle and through a wholly owned securities subsidiary for the
subsidiary's own account. The subsidiary, will engage in equity securities trading activities involving
common stock listed on the NASDAQ Stock Market's National Market and Small Cap Market.
First Alabama Bank
|
Application or Notice |
Board or Delegated Authority |
Date of Approval |
Amount of Investment |
Percent of Tier I Capital |
Application
|
Board Action
|
11/26/1996
|
7.3M
|
8.73%
|
Application to acquire and retain listed, unlisted common and preferred shares of insured bank and bank
holding company stock located in the State of Pennsylvania.
PFC Bank
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THE BANK OF WALNUT
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WALNUT, MS
|
Application or Notice |
Board or Delegated Authority |
Date of Approval |
Amount of Investment |
Percent of Tier I Capital |
Application
|
Board Action
|
|
2.2M
|
14%
|
Denial of application by bank with a history of unsafe and unsound investment practices to invest in
common or preferred stock.
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