ORDERS ISSUED UNDER INTERNATIONAL BANKING ACT.Banco BBA-Creditanstalt S.A. Sao Paulo Paulo is the Portuguese form of the given name Paul:
Order Approving Establishment of a Representative Office Banco BBA-Creditanstalt S.A. ("Bank"), Sao Paulo, Brazil, a foreign bank within the meaning of the International Banking Act ("IBA IBA
International Bar Association
IBA (in Britain) Independent Broadcasting Authority
IBA n abbr (Brit) (= Independent Broadcasting Authority "), has applied under section 10(a) of the IBA (12 U.S.C. [sections] 3107(a)) to stablish stab·lish
tr.v. stab·lish, stab·lished, stab·lish·ing Archaic
To establish. a representative office in New York New York, state, United States
New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , New York. The Foreign Bank Supervision Enhancement Act of 1991, which amended a·mend
v. a·mend·ed, a·mend·ing, a·mends
1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive.
2. the IBA, provides that a foreign bank must obtain the approval of the Board to establish a representative office in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. .
Notice of the application, affording interested persons an opportunity to submit comments, has been published in a newspaper of general circulation in New York, New York (New York Post The New York Post is the 13th-oldest newspaper published in the United States and the oldest to have been published continually as a daily. Since 1976, it has been owned by Australian-born billionaire Rupert Murdoch's News Corporation and is one of the 10 , February February: see month. 13, 1998). The time for filing comments has expired ex·pire
v. ex·pired, ex·pir·ing, ex·pires
1. To come to an end; terminate: My membership in the club has expired.
2. , and the Board has considered the application and all comments received.
Bank, with assets of approximately $6.8 billion,(1) was incorporated in Brazil in 1988. Bank engages in a full range of commercial and investment banking activities. In addition, through subsidiaries, Bank provides consumer loans and private banking services. Bank operates five banking offices in Brazil, a branch in Nassau Nassau, former duchy, Germany
Nassau (nä`sou), former duchy, W central Germany, situated N and E of the Main and Rhine rivers. It is now mostly included in the state of Hesse, and partly in the state of Rhineland-Palatinate. , the Bahamas, and a representative office in Buenos Aires Buenos Aires (bwā`nəs ī`rēz, âr`ēz, Span. bwā`nōs ī`rās), city and federal district (1991 pop. , Argentina Argentina (ärjəntē`nə, Span. ärhāntē`nä), officially Argentine Republic, republic (2005 est. pop. 39,538,000), 1,072,157 sq mi (2,776,889 sq km), S South America. . Bank recently received approval from the U.K. Financial Services Authority The Financial Services Authority ("FSA") is an independent non-departmental public body and quasi-judicial body that regulates the financial services industry in the United Kingdom. Its main office is based in Canary Wharf, London, with another office in Edinburgh. to establish a representative office in London London, city, Canada
London, city (1991 pop. 303,165), SE Ont., Canada, on the Thames River. The site was chosen in 1792 by Governor Simcoe to be the capital of Upper Canada, but York was made capital instead. London was settled in 1826. , England England, the largest and most populous portion of the United Kingdom of Great Britain and Northern Ireland (1991 pop. 46,382,050), 50,334 sq mi (130,365 sq km). It is bounded by Wales and the Irish Sea on the west and Scotland on the north. .
Bank is a subsidiary of BBA BBA
Bachelor of Business Administration Participacoes S.A. ("Participacoes"), Sao Paulo, Brazil, a holding company, and Bank Austria Bank Austria Creditanstalt is a Central and Eastern European bank, 96.35% owned by UniCredit Group.
BA-CA's history goes as far back as 1855, the year the Creditanstalt was founded. Aktiengesellschaft Aktiengesellschaft (IPA: ['aktsiəngəzεlʃaft]; abbreviated AG) is a German term that refers to a corporation that is limited by shares, i.e., owned by shareholders. ("Bank Austria"), Vienna Vienna, city and province, Austria
Vienna (vēĕn`ə), Ger. Wien, city and province (1991 pop. 1,539,848), 160 sq mi (414 sq km), capital and largest city of Austria and administrative seat of Lower Austria, NE Austria, on , Austria Austria (ô`strēə), Ger. Österreich [eastern march], officially Republic of Austria, federal republic (2005 est. pop. 8,185,000), 32,374 sq mi (83,849 sq km), central Europe. . Participacoes owns a registered brokerdealer, BBA Securities Corp., in New York, New York. Bank Austria operates branches in Greenwich, Connecticut Greenwich is a town in Fairfield County, Connecticut, United States. As of the 2000 census, the town had a total population of 61,101. It is home to many hedge funds and other financial service companies that have left Manhattan. Of the $1. , and New York, New York; representative offices in Atlanta Atlanta (ətlăn`tə, ăt–), city (1990 pop. 394,017), state capital and seat of Fulton co., NW Ga., on the Chattahoochee R. and Peachtree Creek, near the Appalachian foothills; inc. 1847. , Georgia Georgia, country, Asia
Georgia (jôr`jə), Georgian Sakartvelo, Rus. Gruziya, officially Republic of Georgia, republic (2005 est. pop. 4,677,000), c.26,900 sq mi (69,700 sq km), in W Transcaucasia. , Chicago Chicago, city, United States
Chicago (shĭkä`gō, shĭkô`gō), city (1990 pop. 2,783,726), seat of Cook co., NE Ill., on Lake Michigan; inc. 1837. , Illinois Illinois, river, United States
Illinois, river, 273 mi (439 km) long, formed by the confluence of the Des Plaines and Kankakee rivers, NE Ill., and flowing SW to the Mississippi at Grafton, Ill. It is an important commercial and recreational waterway. , and San Francisco, California “San Francisco” redirects here. For other uses, see San Francisco (disambiguation).
The City and County of San Francisco (EN IPA: [sænfrənˈsɪskoʊ] ; and owns several U.S. subsidiaries that engage in nonbanking activities in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.
As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with the Bank Holding Company Act ("BHC BHC benzene hexachloride.
?-BHC see benzene hexachloride. Act") and Regulation Y.(2)
The proposed representative office would solicit new business, conduct research, and act as a liaison between Bank's head office in Brazil and customers in the United States.
In acting on an application to establish a representative office, the IBA and Regulation K provide that the Board shall take into account whether the foreign bank engages directly in the business of banking outside the United States and has furnished fur·nish
tr.v. fur·nished, fur·nish·ing, fur·nish·es
1. To equip with what is needed, especially to provide furniture for.
2. to the Board the information it needs to assess the application adequately. The Board also shall take into account whether the foreign bank and any foreign bank parent is subject to comprehensive supervision or regulation on a consolidated basis by its home country supervisor (12 U.S.C. [sections] 3107(a)(2); 12 C.F.R. 211.24(d)(2)).(3) In addition, the Board may take into account additional standards set forth in the IBA and Regulation K (12 U.S.C. [sections] 3105(d)(3)-(4); 12 C.F.R. 211.24(c)(2)). The Board previously has stated that the standards that apply to the establishment of a branch or agency need not in every case apply to the establishment of a representative office, because representative offices do not engage in a banking business and cannot take deposits or make loans.(4)
With respect to home country supervision of Bank, the Board has considered the following information. Bank is subject to the regulatory and supervisory authority of the Central Bank of Brazil The Brazilian Central Bank (Portuguese: Banco Central do Brasil) is Brazil's highest monetary authority in, and the country's governing body in, finance and economics. It was established on December 31, 1964.
The Central Bank is linked with the Ministry of Finance. ("Central Bank"), which has primary responsibility for the regulation of financial institutions in Brazil. The Central Bank has no objection A formal attestation or declaration of disapproval concerning a specific point of law or procedure during the course of a trial; a statement indicating disagreement with a judge's ruling. to Bank's establishment of the proposed representative office. The Board has previously determined that the Central Bank exercises a significant degree of supervision over the activities of two other Brazilian banks, both of which were approved to establish representative offices in the United States.(5) The Board has determined that Bank is supervised su·per·vise
tr.v. su·per·vised, su·per·vis·ing, su·per·vis·es
To have the charge and direction of; superintend.
[Middle English *supervisen, from Medieval Latin by the Central Bank on substantially the same terms and conditions as the other Brazilian banks.
Bank Austria is subject to the supervisory authority of the Austrian Federal Ministry of Finance ("Ministry") and the Austrian National Bank. The Board has previously determined that the Austrian supervisors exercise a significant degree of supervision over the activities of Bank Austria in connection with the establishment of a representative office in Chicago, Illinois.(6)
Based on all the facts of record, the Board has determined that factors relating to relating to relate prep → concernant
relating to relate prep → bezüglich +gen, mit Bezug auf +acc the supervision of Bank and Bank Austria by their respective home country supervisors are consistent with approval of the proposed representative office.
The Board also has determined that for the purposes of the IBA and Regulation K, Bank and Bank Austria engage directly in the business of banking outside of the United States. Bank and its parent companies have provided the Board with information necessary to assess the application through submissions that address the relevant issues.
The Board also has taken into account the additional standards set forth in section 7 of the IBA and Regulation K (see 12 U.S.C. [sections] 3105(d)(3)-(4), 12 C.F.R. 211.24(c)(2)). As noted above, the Central Bank has no objection to Bank's establishment of the proposed representative office. The Board also has determined that financial and managerial factors are consistent with approval of the proposed representative office. Bank appears to have the experience and capacity to support the proposed representative office and has established controls and procedures for the proposed representative office to ensure compliance with U.S. law.
With respect to access to information about Bank's operations, the Board has reviewed the restrictions on disclosure in relevant jurisdictions in which Bank operates and has communicated with relevant government authorities regarding access to information. Bank and its ultimate parents have committed to make available to the Board such information on the operations of Bank and any of its affiliates that the Board deems necessary to determine and enforce compliance with the IBA, the BHC Act, as amended, and other applicable federal law. To the extent that the provision of such information to the Board may be prohibited pro·hib·it
tr.v. pro·hib·it·ed, pro·hib·it·ing, pro·hib·its
1. To forbid by authority: Smoking is prohibited in most theaters. See Synonyms at forbid.
2. by law, Bank and its ultimate parents have committed to cooperate with the Board to obtain any necessary consents or waivers that might be required from third parties for disclosure of such information. In addition, subject to certain conditions, the Central Bank and Ministry may share information on Bank's operations with other supervisors, including the Board. In light of these commitments and other facts of record, and subject to the conditions described below, the Board concludes that Bank has provided adequate assurances of access to any necessary information that the Board may request.
On the basis of all the facts of record, and subject to the commitments made by Bank and its ultimate parents, and the terms and conditions set forth in this order, the Board has determined that Bank's application to establish a representative office should be, and hereby is, approved. Should any restrictions on access to information on the operations or activities of Bank and its affiliates subsequently interfere with the Board's ability to obtain information to determine and enforce compliance by Bank or its affiliates with applicable federal statutes, the Board may require termination of any of Bank's direct or indirect activities in the United States. Approval of this application also is specifically conditioned on compliance by Bank and its ultimate parents with the commitments made in connection with this application and with the conditions in this order.(7) The commitments and conditions referred to above are conditions imposed in writing by the Board in connection with its decision, and may be enforced in proceedings under 12 U.S.C. [sections] 1818 against Bank and its affiliates.
By order of the Board of Governors, effective May 17, 1999.
Voting for this action: Chairman Greenspan Green·span , Alan Born 1926.
American economist who was appointed chairman of the board of governors of the Federal Reserve System in 1987. , Vice Chair Rivlin Rivlin (Hebrew: ריבלין) may refer to:
American writer and a founder of Barnard College at Columbia University (1889). Her plays include The Dominant Sex (1911) and Black Souls (1932). , Ferguson Ferguson, city (1990 pop. 22,286), St. Louis co., E Mo., a suburb of St. Louis; inc. 1894. It is primarily residential. , and Gramlich.
(1.) Data are as of December December: see month. 31, 1998.
(2.) Bank Austria's Greenwich, Connecticut, branch, and its Atlanta, Georgia, and San Francisco, California, representative offices were previously owned by Creditanstalt-Bankverein ("Creditanstalt The Creditanstalt (CA) was an Austrian bank. The Creditanstalt was based in Vienna, founded 1855 as K. k. priv. Österreichische Credit-Anstalt für Handel und Gewerbe "). Effective September September: see month. 24, 1998, Creditanstalt was merged with and into Bank Austria. Before the merger, Bank Austria received approval from the Board, under section 211.24(a)(3) of Regulation K, to continue to operate these offices pending consideration of its application.
(3.) In assessing this standard, the Board considers, among other factors, the extent to which the home country supervisors:
(i) Ensure that the bank has adequate procedures for monitoring and controlling its activities worldwide; (ii) Obtain information on the condition of the bank and its subsidiaries and offices through regular examination reports, audit reports, or otherwise; (iii) Obtain information on the dealings with and relationship between the bank and its affiliates, both foreign and domestic; (iv) Receive from the bank financial reports that are consolidated on a worldwide basis, or comparable information that permits analysis of the bank's financial condition on a worldwide consolidated basis; (v) Evaluate prudential standards, such as capital adequacy and risk asset exposure, on a worldwide basis. These are indicia of comprehensive consolidated supervision. No single factor is essential and other elements may inform the Board's determination.
(4.) See 58 Federal Register 6348, 6351 (1993). See also Citizens National Bank, 79 Federal Reserve Bulletin 805 (1993); Agricultural Bank of China The Agricultural Bank of China (ABC) (Simplified Chinese: 中国农业银行; Traditional Chinese: 中國農業銀行 , 83 Federal Reserve Bulletin 617 (1997).
(5.) See Banco Bandeirantes For other uses, see Bandeirantes (disambiguation).
The Bandeirantes were Brazilian colonial scouts who took part in the Bandeiras, exploration expeditions. Through these, the Bandeirantes expanded Portuguese America from the small limits of the Tordesilhas Line to roughly , S.A., 81 Federal Reserve Bulletin 742 (1995); Unibanco-Uniao de Bancos Brasileiros, S.A., 82 Federal Reserve Bulletin 1148 (1996).
(6.) See Bank Austria, A.G., 81 Federal Reserve Bulletin 979 (1995).
(7.) The Board's authority to approve the establishment of the proposed representative office parallels the authority of the State of New York to license offices of a foreign bank. The Board's approval of this application does not supplant sup·plant
tr.v. sup·plant·ed, sup·plant·ing, sup·plants
1. To usurp the place of, especially through intrigue or underhanded tactics.
2. the authority of the State of New York and its agent, the New York State Banking Department ("Department"), to license the proposed representative office of Bank in accordance with any terms or conditions that the Department may impose.
APPLICATIONS APPROVED UNDER BANK HOLDING COMPANY ACT
By the Secretary of the Board
Recent applications have been approved by the Secretary of the Board as listed below. Copies are available upon request to the Freedom of Information Office, Office of the Secretary, Board of Governors of the Federal Reserve System Board of Governors of the Federal Reserve System
The managing body of the Federal Reserve System, which sets policies on bank practices and the money supply. , Washington Washington, town, England
Washington, town (1991 pop. 48,856), Sunderland metropolitan district, NE England. Washington was designated one of the new towns in 1964 to alleviate overpopulation in the Tyneside-Wearside area. , D.C. 20551.
Section 3 Applicant(s) Bank(s) Effective Date FirstBank Holding Company FirstBank of Adams May 27, 1999 Employee Stock Ownership County, Thornton, Plan, Lakewood, Colorado Colorado FirstBank Holding Company of Colorado, Lakewood, Colorado FirstBank Holding Company FirstBank of El Paso May 21, 1999 Employee Stock Ownership County, Colorado Plan, Lakewood, Colorado Springs, Colorado FirstBank Holding Company of Colorado, Lakewood, Colorado First Security XEON Financial May 14, 1999 Corporation, Salt Lake Corporation, City, Utah Stateline, Nevada Nevada Banking Company, Stateline, Nevada Comstock Bancorp, Reno, Nevada Comstock Bank, Reno, Nevada Section 4 Applicant(s) Bank(s) Effective date Cullen/Frost Bankers, Frost Securities, May 21, 1999 Inc., San Antonio, Texas Inc., Dallas, Texas New Galveston Company, Wilmington, Delaware First National of Path Technology May 17, 1999 Nebraska, Inc., Omaha, Group, Inc., Des Nebraska Moines, Iowa Old Kent Financial CFSB Bancorp, Inc., May 27, 1999 Corporation, Grand Lansing, Michigan Rapids, Michigan Community First Bank, Lansing, Michigan Community First Mortgage Corporation, Lansing, Michigan Capitol Consolidated Financial Corporation, Lansing, Michigan Allegan Insurance Agency, Inc., Lansing, Michigan
By Federal Reserve Banks
Recent applications have been approved by the Federal Reserve Banks as listed below. Copies are available upon request to the Reserve Banks.
Section 3 Applicant(s) Bank(s) Amoret Bancshares, Inc., C.J. Bancshares, Inc., Butler, Missouri Harrisonville, Missouri Citizens Bank of Missouri, Harrisonville, Missouri Bloomfield Hills Bancorp, Inc., The Bank of Rochester, Bloomfield Hills, Michigan Rochester, Michigan BOK Financial Corporation, Chaparral Bancshares, Inc., Tulsa, Oklahoma Richardson, Texas Canyon Creek National Bank, Richardson, Texas Van Alstyne Financial Corporation, Van Alstyne, Texas BOK Financial Corporation, Mid-Cities Bancshares, Inc., Tulsa, Oklahoma Hurst, Texas Mid-Cities National Bank, Hurst, Texas BSB Bancorp, Inc., Skaneateles Savings Bank, Binghamton, New York Ridgefield, Connecticut BSB Bank and Trust Company, Skaneateles Bancorp, Inc., Binghamton, New York Ridgefield, Connecticut Capitol Bancorp Limited, East Valley Community Bank, Lansing, Michigan Chandler, Arizona Sun Community Bancorp Limited, Phoenix, Arizona Centon Bancorp, Inc., Richton Bank and Trust Company, Richton, Mississippi Richton, Mississippi Central Financial Corporation, Mid-America Bancorp, Inc., Hutchinson, Kansas Jewell, Kansas Citizens Bancshares of Southwest Citizens National Bank of Florida, Southwest Florida, Naples, Florida Naples, Florida CNB, Inc., Centennial National Bank, Walker, Minnesota Walker, Minnesota Decatur Corporation, Inc., Spectrum Bancorporation, Inc., Leon, Iowa Omaha, Nebraska Durant Bancorp, Inc., First United Bank and Trust Durant, Oklahoma Company, Durant, Oklahoma First Shawnee Bancshares, Inc., Shawnee, Oklahoma First State Bank and Trust Company, Shawnee, Oklahoma Fifth Third Bancorp, South Florida Bank Holding Cincinnati, Ohio Company, First Financial Banc Corporation, Fort Myers, Florida El Dorado, Arkansas First Financial Bank, A Federal Savings Bank, El Dorado, Arkansas First National Bank of Nevada First Bank of Arkansas, N.A., Holding Company, Scottsdale, Arizona Scottsdale, Arizona F & M Bancorporation, Inc., F & M Merger Corporation, Kaukauna, Wisconsin Kaukauna, Wisconsin CBE, Inc., Elkhorn, Wisconsin Community Bank of Elkhorn, Elkhorn, Wisconsin FNBR Holding Corporation, Yampa Valley National Bank, Meeker, Colorado Hayden, Colorado First National Bank of the Rockies, Meeker, Colorado Foresight Financial Group, Inc., State Bank FFG, Freeport, Illinois Freeport, Illinois Hudson City, MHC, Hudson City Savings Bank, Paramus, New Jersey Paramus, New Jersey Hudson City Bancorp, Inc., Paramus, New Jersey Macks Creek Bancshares, Inc., Bank of Macks Creek, Macks Creek, Missouri Macks Creek, Missouri MHBC Investments Limited Bank of England, Partnership, England, Arkansas Little Rock, Arkansas Minster Financial Corp, Minster Bank, Minster, Ohio Minster, Ohio New Commerce BanCorp, New Commerce Bank, N.A., Simpsonville, South Carolina Simpsonville, South Carolina Newco Alaska, Inc., First Bancorp, Inc., Ketchikan, Alaska Ketchikan, Alaska First Bank, Ketchikan, Alaska Ogden Bancshares, Inc., Community Bank of Boone, Ogden, Iowa Boone, Iowa Oswego County, MHC, Oswego County Savings Bank, Oswego, New York Oswego, New York Oswego County Bancorp, Inc., Oswego, New York Penn Laurel Financial Corp., Clearfield Bank & Trust Curwensville, Pennsylvania Company, Poteau Bancshares, Inc., Clearfield, Pennsylvania Poteau, Oklahoma The First State Bank, First Poteau Corporation, Wister, Oklahoma Poteau, Oklahoma Rich Land Bancorp, Inc., Cisne State Bank, Olney, Illinois Cisne, Illinois Roxton Corporation Employee Stock The Roxton Corporation, Ownership Plan, Celeste, Texas Waco, Texas Sharon Bancshares, Inc., First Northwest Bancshares, Martin, Tennessee Inc., Kenton, Tennessee First State Bank, Kenton, Tennessee Simmons First National NBC Bank Corp., Corporation, El Dorado, Arkansas Pine Bluff, Arkansas National Bank of Commerce of El Dorado, El Dorado, Arkansas South Texas Bancorp, Inc., Hebbronville State Bank, Hebbronville, Texas Hebbronville, Texas South Texas Bancorp of Delaware, Inc., Wilmington, Delaware Sterling Bancorp, Inc., Northeast Bancorp, Inc., Lancaster, Pennsylvania North East, Maryland First National Bank of North East, North East, Maryland Summit Bancorp, Prime Bancorp, Inc., Princeton, New Jersey Fort Washington, Pennsylvania First Valley Corporation, Prime Bank, Bethlehem, Pennsylvania Philadelphia, Pennsylvania Van Orin Bancorp, Inc., First State Bank of Van Orin, Van Orin, Illinois Van Orin, Illinois W Holding Company, Inc., Westernbank Puerto Rico, Mayaguez, Puerto Rico Mayaguez, Puerto Rico Applicant(s) Reserve Bank Effective Date Amoret Bancshares, Inc., Kansas City May 20, 1999 Butler, Missouri Bloomfield Hills Bancorp, Inc., Chicago May 5, 1999 Bloomfield Hills, Michigan BOK Financial Corporation, Kansas City April 30, 199 Tulsa, Oklahoma BOK Financial Corporation, Kansas City May 12, 1999 Tulsa, Oklahoma BSB Bancorp, Inc., New York April 28, 1999 Binghamton, New York BSB Bank and Trust Company, Binghamton, New York Capitol Bancorp Limited, Chicago May 3, 1999 Lansing, Michigan Sun Community Bancorp Limited, Phoenix, Arizona Centon Bancorp, Inc., Atlanta May 5, 1999 Richton, Mississippi Central Financial Corporation, Kansas City May 14, 1999 Hutchinson, Kansas Citizens Bancshares of Southwest Atlanta May 6, 1999 Florida, Naples, Florida CNB, Inc., Minneapolis April 29, 1999 Walker, Minnesota Decatur Corporation, Inc., Chicago May 12, 1999 Leon, Iowa Durant Bancorp, Inc., Kansas City May 12, 1999 Durant, Oklahoma Fifth Third Bancorp, Cleveland April 27, 1999 Cincinnati, Ohio First Financial Banc Corporation, St. Louis April 27, 1999 El Dorado, Arkansas First National Bank of Nevada San Francisco April 20, 1999 Holding Company, Scottsdale, Arizona F & M Bancorporation, Inc., Chicago April 21, 1999 Kaukauna, Wisconsin FNBR Holding Corporation, Kansas City April 21, 1999 Meeker, Colorado First National Bank of the Rockies, Meeker, Colorado Foresight Financial Group, Inc., Chicago April 22, 1999 Freeport, Illinois Hudson City, MHC, New York May 14, 1999 Paramus, New Jersey Hudson City Bancorp, Inc., Paramus, New Jersey Macks Creek Bancshares, Inc., St. Louis May 14, 1999 Macks Creek, Missouri MHBC Investments Limited St. Louis April 29, 1999 Partnership, Little Rock, Arkansas Minster Financial Corp, Cleveland May 6, 1999 Minster, Ohio New Commerce BanCorp, Richmond April 29, 1999 Simpsonville, South Carolina Newco Alaska, Inc., San Francisco May 13, 1999 Ketchikan, Alaska Ogden Bancshares, Inc., Chicago May 18, 1999 Ogden, Iowa Oswego County, MHC, New York May 20, 1999 Oswego, New York Oswego County Bancorp, Inc., Oswego, New York Penn Laurel Financial Corp., Philadelphia May 18, 1999 Curwensville, Pennsylvania Poteau Bancshares, Inc., Kansas City May 19, 1999 Poteau, Oklahoma First Poteau Corporation, Poteau, Oklahoma Rich Land Bancorp, Inc., St. Louis April 23, 1999 Olney, Illinois Roxton Corporation Employee Stock Dallas April 22, 1999 Ownership Plan, Waco, Texas Sharon Bancshares, Inc., St. Louis May 13, 1999 Martin, Tennessee Simmons First National St. Louis May 20, 1999 Corporation, Pine Bluff, Arkansas South Texas Bancorp, Inc., Dallas April 24, 1999 Hebbronville, Texas South Texas Bancorp of Delaware, Inc., Wilmington, Delaware Sterling Bancorp, Inc., Philadelphia May 10, 1999 Lancaster, Pennsylvania Summit Bancorp, New York May 17, 1999 Princeton, New Jersey First Valley Corporation, Bethlehem, Pennsylvania Van Orin Bancorp, Inc., Chicago May 6, 1999 Van Orin, Illinois W Holding Company, Inc., New York May 17, 1999 Mayaguez, Puerto Rico Section 4 Applicant(s) Nonbanking Activity/Company Bank of Montreal, Nesbitt Burns Securities, Inc., Toronto, Canada Chicago, Illinois Bankmont Financial Corp., Chicago, Illinois The Bank of New York Company, BNY Trust Company of Missouri, Inc., St. Louis, Missouri New York, New York Union Planters Bank, N.A., Memphis, Tennessee Community Trust Financial Drummond Association, Inc., Services Corp., Cartersville, Georgia Hiram, Georgia Bartow Loan Company, Community Loan Company, Cartersville, Georgia Hiram, Georgia First Finance, Cartersville, Georgia Dahlonega Loan Company, Dahlonega, Georgia Griffin Finance & Thrift, Griffin, Georgia First Finance & Thrift, Rome, Georgia Darlington County Bancshares, Darlington County Bank, Inc., Darlington, South Carolina Darlington, South Carolina Transatlantic Capital Company, Deutsche Bank AG, L.L.C., Frankfurt, Germany New York, New York German American Capital Corporation, New York, New York BSI Financial Services, Inc., First Mutual of Richmond, Inc., Titusville, Pennsylvania Richmond, Indiana Richmond Mutual Bancorporation, Inc., Richmond, Indiana Beloit Development, L.P., First National Bankshares of Beloit, Kansas Beloit, Inc., Beloit, Kansas Kennedy American Mortgage, LLC, Guaranty Development Company, Bozeman, Montana Livingston, Montana Beloit Development, L.P., Guaranty, Inc., Beloit, Kansas Beloit, Kansas North Country Financial Group, North Country Financial Inc., Corporation, Denver, Colorado Manistique, Michigan Passumpsic Bancorp, Passumpsic Bank, FSB, St. Johnsbury, Vermont Littleton, New Hampshire Piesco, Inc., Springfield Investment Company Springfield, Minnesota Doing Business as F&M Insurance Agency, Springfield, Minnesota Readlyn Bancshares, Inc., To engage in extending credit Saint Paul, Minnesota and servicing loans Republic Bancorp, Inc., D & N Financial Corporation, Ann Arbor, Michigan Hancock, Michigan D & N Bank, Hancock, Michigan D & N Mortgage Corporation, Hancock, Michigan D & N Capital Corporation, Hancock, Michigan Sharon Bancshares, Inc., American Holdings Investment, Martin, Tennessee Inc., SunTrust Banks, Inc., Union City, Tennessee Atlanta, Georgia SunTrust Community Development Corporation, Atlanta, Georgia Regency Development Associates, Inc., Raleigh, North Carolina Regency Constructors, Inc., Susquehanna Bancshares, Inc., Raleigh, North Carolina Lititz, Pennsylvania AExpert, Inc., Lititz, Pennsylvania AExpert Advisory, Inc., Trustmark Corporation, Lititz, Pennsylvania Jackson, Mississippi Trustmark Bankcard, National Association, Virginia Commonwealth Financial Columbus, Georgia Corporation, Virginia Commonwealth Trust Culpeper, Virginia Company, Culpeper, Virginia Applicant(s) Reserve Bank Effective Date Bank of Montreal, Chicago April 23, 1999 Toronto, Canada Bankmont Financial Corp., Chicago, Illinois The Bank of New York Company, New York April 29, 1999 Inc., New York, New York Community Trust Financial Atlanta May 10, 1999 Services Corp., Hiram, Georgia Community Loan Company, Hiram, Georgia Darlington County Bancshares, Richmond May 3, 1999 Inc., Darlington, South Carolina New York May 12, 1999 Deutsche Bank AG, Frankfurt, Germany German American Capital Corporation, New York, New York Chicago April 29, 1999 First Mutual of Richmond, Inc., Richmond, Indiana Richmond Mutual Bancorporation, Inc., Richmond, Indiana Kansas City May 10, 1999 First National Bankshares of Beloit, Inc., Beloit, Kansas Minneapolis May 3, 1999 Guaranty Development Company, Livingston, Montana Kansas City April 21, 1999 Guaranty, Inc., Beloit, Kansas Minneapolis May 13, 1999 North Country Financial Corporation, Manistique, Michigan Passumpsic Bancorp, Boston May 7, 1999 St. Johnsbury, Vermont Piesco, Inc., Minneapolis May 3, 1999 Springfield, Minnesota Readlyn Bancshares, Inc., Chicago April 30, 1999 Saint Paul, Minnesota Republic Bancorp, Inc., Chicago April 29, 1999 Ann Arbor, Michigan Sharon Bancshares, Inc., St. Louis May 4, 1999 Martin, Tennessee SunTrust Banks, Inc., Atlanta April 29, 1999 Atlanta, Georgia Susquehanna Bancshares, Inc., Lititz, Pennsylvania Philadelphia April 22, 1999 Trustmark Corporation, Jackson, Mississippi Atlanta April 27, 1999 Virginia Commonwealth Financial Corporation, Richmond April 26, 1999 Culpeper, Virginia Sections 3 and 4 Applicant(s) Nonbanking Activity/Company BB&T Corporation, First Citizens Corporation, Winston-Salem, North Carolina Newnan, Georgia FCNB Corp, First Frederick Financial Frederick, Maryland Corporation, Frederick, Maryland Applicant(s) Reserve Bank Effective Date BB&T Corporation, Richmond May 12, 1999 Winston-Salem, North Carolina FCNB Corp, Richmond May 19, 1999 Frederick, Maryland
APPLICATIONS APPROVED UNDER BANK MERGER ACT
By the Secretary of the Board
Recent applications have been approved by the Secretary of the Board as listed below. Copies are available upon request to the Freedom of Information Office, Office of the Secretary, Board of Governors of the Federal Reserve System, Washington, D.C. 20551.
Applicant(s) Bank(s) Effective Date Central Savings Bank, North Country Bank & May 7, 1999 Sault Ste. Made, Trust, Michigan Manistique, Michigan First Security Bank of Comstock Bank, May 14, 1999 Nevada, Reno, Nevada Salt Lake City, Utah Nevada Banking Company, First Security Stateline, Nevada Corporation, Salt Lake City, Utah
By Federal Reserve Banks
Recent applications have been approved by the Federal Reserve Banks as listed below. Copies are available upon request to the Reserve Banks.
Applicant(s) Bank(s) BANKFIRST, Minnesota BANKFIRST, Sioux Falls, South Dakota Minneapolis, Minnesota The Eaton Bank, World Savings Bank, FSB, Eaton, Colorado Oakland, California FCNB Bank, First Bank of Frederick, Frederick, Maryland Frederick, Maryland Minster Bank, MSB Interim Bank, Minster, Ohio Minster, Ohio Summit Bank, Prime Bank, Bethlehem, Pennsylvania Philadelphia, Pennsylvania Applicant(s) Reserve Bank Effective Date BANKFIRST, Minneapolis May 12, 1999 Sioux Falls, South Dakota The Eaton Bank, Kansas City May 19, 1999 Eaton, Colorado FCNB Bank, Richmond May 19, 1999 Frederick, Maryland Minster Bank, Cleveland May 6, 1999 Minster, Ohio Summit Bank, Philadelphia May 17, 1999 Bethlehem, Pennsylvania
PENDING CASES INVOLVING THE BOARD OF GOVERNORS
This list of pending cases does not include suits against the Federal Reserve Banks in which the Board of Governors is not named a party.
Sedgwick may refer to: Places
Hunter v. Board of Governors, No. 1:98CV02994 (TFH TFH Technische Fachhochschule (German: Engeneering College/University)
TFH 24 Hours (Movie)
TFH Thread from Hell (newsgroups)
TFH Tinfoil Hat
TFH Thanks For Helping ) (D.D.C., filed December 9, 1998). Action under the Freedom of Information Act and the Privacy Act.
Folstad v. Board of Governors, No. 1:99 CV 124 (W.D. Mich., filed February 17, 1999). Freedom of Information Act complaint. On March 23, 1999, the Board filed a motion to dismiss or for summary judgment.
Nelson v. Greenspan, No. 1:99CV00215 (EGS EGS European Geophysical Society
EGS European Graduate School
EGS El Goonish Shive (webcomic)
EGS Environmental Goods and Services
EGS Employment Guarantee Scheme (UK)
EGS EOS Ground System ) (D.D.C., filed January January: see month. 28, 1999). Employment discrimination complaint. On March 29, 1999, the Board filed a motion to dismiss the action.
Fraternal Order of Police The Fraternal Order of Police is a US-based organization of sworn law enforcement officers. It is the world's largest organization of rank and file sworn officers, with over 2100 local lodges and over 325,000 members. v. Board of Governors, No. 1:98CV03116 (D. D.C., filed December 22, 1998). Declaratory judgment declaratory judgment
In law, a judgment merely declaring a right or establishing the legal status or interpretation of a law or instrument. It is binding but is distinguished from other judgments or court opinions in that it includes no executive element (an order that action challenging Board labor practices. On February 26, 1999, the Board filed a motion to dismiss the action.
Inner City Press/Community on the Move v. Board of Governors, No.98-9604 (2d Cir., filed December 3, 1998). Appeal of district court order dated October October: see month. 6, 1998, granting summary judgment for the Board in a Freedom of Information Act case.
Independent Bankers Association of America America [for Amerigo Vespucci], the lands of the Western Hemisphere—North America, Central (or Middle) America, and South America. The world map published in 1507 by Martin Waldseemüller is the first known cartographic use of the name. v. Board of Governors, No. 98-1482 (D.C. Cir., filed October 21, 1998). Petition for review of a Board order dated September 23, 1998, conditionally approving the applications of Travelers Group, Inc., New York, New York, to become a bank holding company by acquiring Citicorp, New York, New York, and its bank and nonbank non·bank
Of, relating to, or done by a business or an institution that is not a bank but performs similar services. subsidiaries.
Board of Governors v. Carrasco Carrasco is a neighborhood in the capital city of Uruguay, Montevideo. It used to be a very elegant high-class seaside resort between 1920 and 1940, but as time went by it turned into one of the most luxurious neighborhoods of Montevideo. , No. 98 Civ. 3474 (LAK LAK
In currencies, this is the abbreviation for the Laos Kip.
The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. ) (S.D.N.Y., filed May 15, 1998). Action to freeze assets of individual pending administrative adjudication The process by which an Administrative Agency issues an order, such order being affirmative, negative, injunctive, or declaratory in form.
Most formal proceedings before an administrative agency follow the process of either rule making or adjudication. of civil money penalty assessment by the Board. On May 26, 1998, the court issued a preliminary injunction A temporary order made by a court at the request of one party that prevents the other party from pursuing a particular course of conduct until the conclusion of a trial on the merits.
A preliminary injunction is regarded as extraordinary relief. restraining RESTRAINING. Narrowing down, making less extensive; as, a restraining statute, by which the common law is narrowed down or made less extensive in its operation. the transfer or disposition of the individual's assets and appointing the Federal Reserve Bank of New York The Bank of New York, abbrieviated to BNY, was a global financial services company that existed until its merger with the Mellon Financial Corporation on July 2, 2007. The bank now continues under the new name of The Bank of New York Mellon Corporation. as receiver for those assets.
Board of Governors v. Pharaon Pha´ra`on
n. 1. See Pharaoh, 2. , No. 98-6101 (2d Cir., filed May 4, 1998). Appeal and cross-appeal of district court order granting in part and denying in part the Board's motion for summary judgment motion for summary judgment n. a written request for a judgment in the moving party's favor before a lawsuit goes to trial and based on recorded (testimony outside court) affidavits (or declarations under penalty of perjury), depositions, admissions of fact, answers seeking prejudgment pre·judge
tr.v. pre·judged, pre·judg·ing, pre·judg·es
To judge beforehand without possessing adequate evidence.
pre·judg interest and a statutory surcharge An overcharge or additional cost.
A surcharge is an added liability imposed on something that is already due, such as a tax on tax. It also refers to the penalty a court can impose on a fiduciary for breaching a duty. in connection with a civil money penalty assessed by the Board. On February 24, 1999, the court granted the Board's appeal and denied the cross-appeal, and remanded the matter to the district court for determination of prejudgment interest due to the Board.
Fenili v. Davidson Da·vid·son , Jo(seph) 1883-1952.
American sculptor best remembered for his vigorous portrait busts of Woodrow Wilson, Franklin D. Roosevelt, and Albert Einstein, among others. , No. C-98-01568-CW (N.D. California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). , filed April 17, 1998). Tort and constitutional claim arising out of return of a check. On June June: see month. 5, 1998, the Board filed its motion to dismiss.
Logan Logan, city (1990 pop. 32,762), seat of Cache co., N Utah, on the Logan River; inc. 1859. It is the center of an irrigated dairy and farm area, with huge cheese plants, other food-processing facilities, and diverse manufactures. v. Greenspan, No. 1:98CV00049 (D.D.C., filed January 9, 1998). Employment discrimination complaint.
Goldman Gold·man , Emma 1869-1940.
Russian-born American anarchist. Jailed repeatedly for her advocacy of birth control and opposition to military conscription, she was deported to the Soviet Union in 1919. v. Department of the Treasury, No. 98-9451 (llth Circuit, filed November November: see month. 10, 1998). Appeal from a District Court order dismissing an action challenging Federal Reserve notes as lawful Licit; legally warranted or authorized.
The terms lawful and legal differ in that the former contemplates the substance of law, whereas the latter alludes to the form of law. A lawful act is authorized, sanctioned, or not forbidden by law. money.
Kerr v. Department of the Treasury, No. CV-S-97-01877-DWH (D. Nev., filed December 22, 1997). Challenge to income taxation and Federal Reserve notes. On September 3, 1998, a motion to dismiss was filed on behalf of all federal defendants. The court dismissed the action on March 31, 1999, and on April 28, 1999, the plaintiff filed a notice of appeal.
Bettersworth v. Board of Governors, No. 97-CA-624 (W.D. Tex., filed August 21, 1997). Privacy Act case. On June 1, 1999, the Board filed a motion for summary judgment.
FINAL ENFORCEMENT ORDERS ISSUED BY THE BOARD OF GOVERNORS
B. O.T. Corporation, N. V., Curacao, Netherlands Antilles Netherlands Antilles, island group, an autonomous part of the Netherlands (2005 est. pop. 220,000), 371 sq mi (961 sq km), West Indies. Formerly known as the Dutch West Indies and Netherlands West Indies, they are divided into two groups.
The Federal Reserve Board announced on May 21, 1999, the issuance of a consent Order against B.O.T. Corporation, N.V., Curacao, Netherlands Antilles.
WRITTEN AGREEMENTS APPROVED BY FEDERAL RESERVE BANKS
Wellington State Bank Wellington, Texas Wellington is a city in Collingsworth County, Texas, United States. The population was 2,275 at the 2000 census. It is the county seat of Collingsworth CountyGR6.
The Federal Reserve Board announced on May 18, 1999, the execution of a Written Agreement by and among the Wellington State Bank, Wellington, Texas, the Federal Reserve Bank of Dallas The Federal Reserve Bank of Dallas covers the Eleventh Federal Reserve District, which includes Texas, northern Louisiana and southern New Mexico. It has branch offices in El Paso, Houston, and San Antonio. , and The Banking Commissioner of Texas.
ROBERT DE V. FRIERSON
Associate Secretary of the Board3