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Interpretations and Actions: July 1997

Vol. 10, No. 7

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 to the Office of the Comptroller of the Currency, Attn: Public Reference Room, Mailstop 1-5, Washington, D.C. 20219.

Please 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
786 Letter finds that national banks may elect corporate governance provisions of state law, and complete a reverse stock split in accordance with those provisions, provided state law provides reasonable dissenters' rights and bank has legitimate business purpose. (06/09/97)
787 Letter states that the meaning of "qualified investment" under the CRA regulations includes both "direct" and "indirect" investments. (06/10/97)
788 A national bank may not produce examination reports to a state court judge without OCC's approval. (06/18/97)
789 State law prohibiting national banks from displaying their names on ATMs and giving state regulatory authority over ATMs is preempted. (06/27/97)
790 Participation exception in lending limits regulation applies to the participation of a line of credit on which draws may be made by the customer on consecutive days, provided the participation funding is received by the lead bank by the end of the next business day after each advance to the customer is made. (07/02/97)

Corporate Decisions

Letter No. Topic
97-48 Application for Lebanon Citizens National Bank, Lebanon, Ohio, to purchase certain assets and assume certain liabilities of three Ohio branch offices of KeyBank, National Association, Cleveland, Ohio; (Control Number 97CEO20027), (06/12/97).
97-49 Application by First National Bank of Pennsylvania, Greenville, Pennsylvania, to acquire a branch in Brookfield, Ohio, from The Metropolitan Savings Bank of Ohio, Youngstown, Ohio; (Control Number 97NE020019), (06/19/97).
97-50 Application of Aurora National Bank, Aurora, Colorado to elect the corporate governance provisions of Colorado law and complete a reverse stock split in accordance with those provisions; (Control Number 97WE120132), (06/20/97).
97-51 Application to merge Mercantile Bank of Illinois National Association, Hartford, Illinois, and Mark Twain Bank, Laude, Missouri, with and into Mercantile Bank National Association, St. Louis, Missouri; (Control Number 97MW020034), (06/20/97).
97-52 Applications of Bank of America Trust Company of Florida, N.A., Boca Raton, Florida; Bank of America Florida Interim National Bank, Boca Raton, Florida; and Bank of America National Trust & Savings Association, San Francisco, California; (Control Number 97MLO20017), (06/25/97).
97-53 Application to merge Bank of America Illinois, Chicago, with and into Bank of America National Trust and Savings Association, San Francisco, California; (Control Number 97ML020001), (06/25/97).
97-54 Application of KeyBank National Association, Cleveland, Ohio, to acquire an operating subsidiary which has invested in corporations, limited partnerships and a general partnership which engage in leasing activities; (Control Number 97CE08018), (06/26/97).
97-55 Applications to merge First American National Bank of Kentucky, Bowling Green, Kentucky, with and into First American National Bank, Nashville, Tennessee, retain its branches and main office; (Control Number 97SE020020, 97SE050067 & 97SE050068, & 97SE020029), (06/26/97).
97-56 Application by First National Community Bank, East Liverpool, Ohio, to acquire a branch in New Cumberland, West Virginia; (Control Number 97CEO20041), (06/26/97).
97-57 Application by Wells Fargo Bank, N.A., San Francisco, California, to establish a branch in Miramar, California; (Control Number 97ML050318), (06/30/97).
97-58 Application by Norwest Bank Nevada, F.S.B., Las Vegas, Nevada to convert to a national banking association under the title of Norwest Bank Nevada, National Association; (Control Number 97MW01013), (06/30/97).
97-59 Application to charter Banco de Prestamos National Bank, Queens, New York; (Control Number 96NE010020), (07/07/97).
97-60 Application by Barnett Bank, National Association, Jacksonville, Florida, to expand the activities of an existing, indirect operating subsidiary and thereby engage in certain Internet-based finder activities related to sales of pre-owned automobiles; (Control Number 97SE080024), (07/01/97).

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

Letter No. Topic
248 Notice of BankBoston, N.A., Boston, Massachusetts, to acquire and hold through an operating subsidiary 50 percent interest in a limited liability company engaging in credit card and debit card transaction processing services to merchant businesses. (Control Number 97ML080012), 06/27/97
249 Application by Presbyterian Church (USA) Foundation to charter a national trust bank with the title "New Covenant Trust Company, National Association," Jeffersonville, Indiana. (Control Number 97CE010023), 06/30/97

Final Enforcement Actions

Enclosed is a copy of the OCC's news release number 97-67 , 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 June 15 through July 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.