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Interpretations and Actions: February 1997

Vol. 10, No. 2

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. Copies of documents not available electronically should be requested by e-mail or by postal mail from the Office of the Comptroller of the Currency, Attn: Public Reference Room, Mailstop 1-5, Washington, D.C. 20219.

Pleases 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
767 A bank may treat as a Type 1 security a variable obligation secured by Type 1 securities if the bank complies with certain requirements. (01/09/97)

No-Objection Letters

Letter No. Topic
97-01 No-objection to a Bank's proposal to adopt, in accordance with 12 C.F.R. 7.2000, a shareholder rights (anti-takeover) plan that is permitted under state law and not inconsistent with federal banking statutes and regulations. (12/31/96)

Corporate Decisions

Letter No. Topic
97-07 Mellon Bank, N.A., Greensburg, PA, request for modification of a voluntary commitment restricting purchases of mutual fund shares by Mellon Bank Corporation; (Control Number 97WO120006), (01/29/97).
97-08 Application for National Bank of Petersburg, Petersburg, Illinois, to purchase the assets and assume the liabilities of the Petersburg branch office of First of America Bank - Illinois, National Association, Bannockburn, Illinois, under the charter and title of National Bank of Petersburg; (Control Number 96CE02051), (01/5/97).
97-09 Application of Sierra National Bank, Tehachapi, California, to purchase certain assets and assume certain liabilities of the Tehachapi branch office of Wells Fargo Bank, National Association, San Francisco, California; (Control Number 96WE020033), (01/17/97).
97-10 Application of First & Ocean National Bank, Newburyport, Massachusetts, to change its main office location to Seabrook, New Hampshire, and establish a new branch at its former main office; (Control Numbers 96NE07047 & 96NE05178), (02/10/97).

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

Letter No. Topic
230 Letter of intent from Key Trust Company of Alaska, Anchorage, Alaska, to convert to a national trust bank. (Control Number 97CE01006), 01/08/97
231 Application for a new bank charter limited to fiduciary powers with the title of "Forethought National TrustBank," Batesville, Indiana. (Control Number 96CE01039), 01/30/97

Final Enforcement Actions

Enclosed is a copy of the OCC's news release number 97-17, 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 January 15 through February 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 73150, Chicago, IL 60673-7150. Prepayment is requested. Suggestions, comments or questions may be sent to Jacqueline J. England, Communications Division, Comptroller of the Currency, Washington, DC 20219.