Corporate Applications:
November 1999
Vol. 12, No. 11
IN THIS ISSUE:
PLEASE NOTE: Interpretive Letters and No Objection Letters reflect
the views of the Comptroller's legal staff. Corporate Decisions and
Decisions (CRA) are from the office of Bank Organization and Structure.
The list of CRA Ratings is from the Communications Division. For copies
of the evaluation, you should contact the bank directly or the Office of
the Comptroller of the Currency, Attn: Public Reference Room, Mailstop 1-5,
Washington, D.C. 20219.
Members of the news media are encouraged to cite the letter number when
reporting or summarizing documents from this package. This helps to process
single requests in a more timely manner.
Interpretive Letters
Letter No. | Topic |
867 |
Islamic Murabaha financing transactions, whereby a national
bank acquires the property on behalf of the customer and then resells
the property to the customer at a mark up on an installment basis, are
permissible for national banks as part of the business of banking.
06/01/99 |
868 |
Letter permits bank, as part of an overall enterprise with an
unrelated company, to make a minority investment in the company by
receiving, retaining, and -- at some future date -- exercising warrants
to acquire stock in the company.
08/16/99 |
869 |
Letter finds that national bank may adopt corporate governance
provisions of Alabama state law and engage in a share exchange to
ensure that newly formed parent holding company will own 100
percent of shares of bank. 10/12/99 |
870 |
Letter finds that national bank may adopt corporate governance
provisions of Washington state law and engage in a share exchange to
ensure that newly formed parent holding company will own 100 percent
of shares of bank. 10/12/99 |
871 |
National bank may acquire direct non-controlling investment in
commercial finance company LLC engaged in the business of making
secured and unsecured loans to owners, operators and third-party
landlords of franchised, licensed or branded retail businesses.
LLC may also engage, either directly or through subsidiaries not
yet established, in assisting customers in private placements of
debt and equity on an agency basis.
10/14/99 |
CRA Decisions
Letter No. | Topic |
100 |
Application to merge Provident Bank, Dallas, Texas, into Inwood National
Bank, Dallas, Texas, under the charter and title of Inwood National Bank.
(Control Number 1999 SW 02 0036),
10/14/99 |
101 |
Application to merge Southern California Bank, Newport
Beach, California and Santa Monica Bank, Santa Monica,
California, into U.S. Bank National Association, Minneapolis,
Minnesota, under the charter and title of U.S. Bank National
Association. (Control Number 1999 MW 02 0025),
10/29/99 |
Corporate Decisions
Letter No. | Topic |
99-34 |
Application to convert Bank of America FSB, Salt Lake City,
Utah, into Bank of America Utah, National Association, Salt lake
City, Utah, and thereupon to merge with and into Bank of America,
National Association, Charlotte, North Carolina. (Control Numbers
1999 ML 01 0004 & 1999 ML 02 0026),
10/01/99 |
99-35 |
Request of First National Bank of Omaha, Omaha, Nebraska, for
approval to expand the activities of an existing operating subsidiary
to include adding links to merchant processing-related third party
vendors on its Internet site. (Control Number 1999 MW 08 0022),
10/20/99 |
99-36 |
Application by Huntington National Bank, Columbus, Ohio, to establish
an operating subsidiary to reinsure mortgage insurance. (Control Number 1999
CE 08 0021), 10/29/99 |
99-37 |
Application by Wachovia Bank, National Association, Winston-Salem,
North Carolina, to establish an operating subsidiary to reinsure mortgage
insurance. (Control Number 1999 SE 08 0038),
10/29/99 |
99-38 |
Application by Broadway National Bank, Chelsea, Massachusetts to
acquire an insurance agency as an operating subsidiary.
(Control Number 1999 NE 08 0038),
10/29/99 |
Approvals with conditions enforceable under 12 U.S.C. 1818
Letter No. | Topic |
331 |
Application by National Bank of Commerce, Memphis, Tennessee, to
expand the activities of its operating subsidiary, NBC Capital Markets
Group, Inc., to engage in various securities activities including
underwriting and dealing in corporate bonds, dealing in and privately
placing trust preferred securities and buying and selling collateralized
mortgage obligations. (Control Number 1999 WO 08 0012),
11/03/99 |
332 |
Application by Chase Manhattan Bank, USA, National Association
Wilmington, Delaware, First Union National Bank, Charlotte, North
Carolina, and Wells Fargo Bank, San Francisco, California, to invest
in a limited liability company through de novo and existing operating
subsidiaries. (Control Number 1999 WO 08 014),
10/18/99 |
333 |
Application for approval for PNC Mortgage Corp. of America, a
wholly-owned operating subsidiary of PNC Bank, NA, to hold a non-
controlling minority interest in MERSCORP, Inc. (Control Number
1999 NE 08 0037), 10/19/99 |
334 |
Application by Citibank, National Association, New York, New
York, to expand the activities of an existing operating subsidiary,
Citicorp Mortgage, Inc., to act as agent in selling certain credit
related insurance products. (Control Number 1999 ML 08 0005),
10/30/99 |
Final Enforcement Actions
Enclosed is a copy of the OCC's news release number 99-109,
announcing the availability of enforcement actions. Copies of the final actions are available
by writing to the OCC, Public Reference Room, Mailstop 1-5, Washington, D.C. 20219.
When ordering, specify the appropriate enforcement action number.
COMMUNITY REINVESTMENT ACT (CRA) Performance Evaluations
Enclosed is a list of CRA performance evaluations that became public during
the period of October 15 through November 14.
INTERPRETATIONS AND ACTIONS is published monthly by the Office of the
Comptroller of the Currency. Subscriptions are available at a rate of $175
per year by writing to the Comptroller of the Currency, P.O. Box 70004,
Chicago, IL 60673-0004. Prepayment is requested. Suggestions, comments or
questions may be sent to Jacqueline J. England, Communications Division,
Comptroller of the Currency, Washington, DC 20219.
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