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Interpretations and Actions: December 1997

Vol. 10, No. 12

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
806 Letter states that United Bank of Kuwait's Federal Branch may enter into net leases of real estate to serve the home finance needs of its Muslim customers, who are prohibited by religious principles from obtaining traditional mortgages. (10/17/97)
807 Letter opines that the flood insurance statutory and regulatory requirements apply when a lender extend the term of a short-term home equity line of credit. (10/27/97)
808 Application of the common enterprise tests to different cattle feedlot scenarios. (11/03/97)

Corporate Decisions

Letter No. Topic
97-98 State to national conversion for Mercantile Bank of Arkansas, North Little Rock, Arkansas, and Request for Fiduciary Powers; (Control Numbers 97MW01029 & 97MW12164), (10/02/97).
97-99 Application by Roosevelt Bank, Chesterfield, Missouri, to convert to a national bank with the title of "Roosevelt Bank National Association" and with a request to exercise fiduciary powers; (Control Numbers 97MW01032 & 97MW12177), (11/09/97) Application by Roosevelt Bank National Association, Chesterfield, Missouri, to merge with Mercantile Bank National Association, Hartford, Illinois, under the charter of Roosevelt Bank National Association, withe the title of "Mercantile Bank National Association," with its head office in Hartford, Illinois. Also a request for the resulting bank to reduce its capital surplus account by $49 million immediately following the merger; (Control Number 97MW02073), (11/09/97).
97-100 Application of SunTrust Bank, South Georgia, National Association, Leesburg, Georgia, to establish a branch in Albany, Georgia; (Control Number 97SE050177), (11/13/97).
97-101 Application to merge The Crockett State Bank, Crockett, Texas, into First National Bank of Huntsville, Huntsville, Texas, under the charter and title of First National Bank of Huntsville; (Control Numbers 97SW020075 & 97SW080022), (11/21/97).
97-102 Application for Liberty National Bank, Ada, Ohio, to purchase certain assets and assume certain liabilities of the Kenton, Ohio branch of The Commercial Savings Bank, Upper Sandusky, Ohio; (Control Number 97CE020075), (12/01/97).
97-103 Application to merge Whitney Bank of Alabama, Mobile, Alabama, Whitney National Bank of Florida, Pensacola, Florida, and Whitney National Bank of Mississippi, Gulfport, Mississippi, with and into Whitney National Bank of New Orleans, Louisiana; (Control Number 97SW020087), (12/02/97).
97-104 Application to merge thirty-one affiliated banks with and into Union Planters National Bank, Memphis, Tennessee; (Control Number 97SE020055), (12/03/97).
97-105 Application of Waterhouse National Bank, White Plains, New York, to relocate its main office to Jersey City, New Jersey; (Control Number 97NE070006), (12/06/97).
97-106 Application of Camden National Bank, Camden, Maine, to purchase the assets and assume the liabilities of four branches, located in Maine, of KeyBank National Association , Cleveland, Ohio; (Control Number 97MW020076), (12/05/97).
97-107 Application of Republic National Bank, Phoenix, Arizona, to acquire branches of Bank One, Arizona, N.A., Phoenix, Arizona, and Bank One, Utah, N.A., Salt Lake City, Utah; (Control Number 97MW020076), (12/05/97).
97-108 Application of First National Bank of Ashland, Ashland, Alabama, to purchase certain assets and assume certain liabilities ("The Ashland and Tuskegee branches") of SouthTrust Bank, N.A., Birmingham, Alabama; (Control Number 97SE020048), (11/14/97).
97-109 Application to Franklin Bank, National Association, Southfield, Michigan, to establish an operating subsidiary to hold mortgage assets; (Control Number 97CE080040), (12/16/97).
97-110 Applications of Great Lakes National Bank, Ann Arbor, Michigan, to establish a branch in Highland, Indiana, and to purchase the Highland, Indiana branch of Bank of America, FSB, Portland, Oregon; (Control Numbers 97MW020084 & 97MW050166), (12/24/97).
97-111 Application to merge First USA Federal Savings Bank, Wilmington, Delaware, with and into Bank One, N.A., Columbus, Ohio; (Control Number 97ML020010), (12/30/97).
97-112 Application by First Bank Richmond, S.B., Richmond, Indiana, to merge with and into an interim national bank; (Control Number 97CE020080), (12/30/97).
97-113 Application to convert State Bank of La Crosse, La Crosse, Wisconsin, to a national banking association with the title of "First National Bank of La Crescent" and to relocate the resulting national bank to La Crescent, Minnesota; (Control Numbers 97MW010037 & 97MW070038), (12/30/97).

Approvals with Conditions Enforceable under 12 U.S.C. 1818

Letter No. Topic
260 Application by Intercontinental National Bank to establish a domestic branch. (Control Number 97SW050179), 12/03/97
261 Application by Congress Asset Management Company to charter a national trust bank in Boston, Massachusetts, with the title "Congress Trust, National Association." (Control Number 97NE010014), 12/05/97
262 Application by Zions First National Bank, Salt Lake City, Utah, to commence new activities in an operating subsidiary (engage in underwriting, dealing in and investing in securities of states and their political subdivisions). (Control Number 97WO080003), 12/11/97
263 Request by Avco National Bank, Costa Mesa, California, to resume full banking operations. (Control Number 95CE070020), 12/18/97
264 Application by First Union National Bank, Charlotte, North Carolina, to establish and invest in a limited partnership through an operating subsidiary which will engage in purchasing, selling, servicing, and warehousing of home mortgage loans and home equity loans. (Control Number 97ML080030), 12/29/97
265 Application by Bank One, N.A., to acquire an operating subsidiary that holds (1) a 50 percent interest in a limited liability company engaging in credit and debit card transaction processing services to merchant businesses, and (2) less than a 5 percent interest in a limited partnership engaging in targeted and customized marketing to holders of the members' credit card. (Control Number 97ML080032), 12/29/97

Final Enforcement Actions

Enclosed is a copy of the OCC's news release number 98-2 , 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 November 15 through December 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.