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Interpretations and Actions: July 2003

Vol. 16, No. 7

Interpretive Letters

Letter No. Topic
968 Letter states that 12 U.S.C. 85, including "most favored lender" provision, applies to operating subsidiaries to the same extent that it applies to the parent bank. 02/12/2003
969 Letter confirms that a bank may pool individual fiduciary accounts and self-deposit them in a short-term investment fund. 04/28/2003
970 Letter concludes that a national bank may, pursuant to 12 U.S.C. 24(7), acquire and hold a non-controlling equity interest in a limited purpose state-chartered bank that will (1) take deposits from depository institutions; (2) buy and sell loan participations; (3) engage in lending transactions permissible for national banks; and (4) provide correspondent services to depository institutions (subject to four conditions regarding non-controlling investments by national banks). 06/25/2003

Corporate Decisions

Letter No. Topic
2003-8 Application to charter Rock Asia Capital Bank, National Association, Arcadia, California. (Control Number 2003 WE 01 0003) 06/18/2003
2003-9 Application by First National Bank of Norway, Norway, Michigan, to establish a messenger service as both a wholly-owned operating subsidiary and a branch of the bank. (Control Numbers 2003 CE 08 006 & 2003 CE 05 0072), 06/25/2003
2003-10 Application by Citibank USA, N.A., Sioux Falls, South Dakota, to expand the activities of Citicorp Diners Club, Inc., its wholly-owned operating subsidiary. (Control Number 2003 ML 08 0009), 06/27/2003

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

Letter No. Topic
595 Application on behalf of Wachovia Bank, National Association to establish an operating subsidiary in which a financial services company chartered and operating in the United Kingdom will also have an interest. (Control Number 2003 ML 08 0006), 06/05/2003
596 Application by Horizon National Bank, Leawood, Kansas to establish a branch at 254 Tudor Road, Lee's Summit, Missouri. (Control Number 2003 MW 05 031), 06/11/2003
597 Application by First National Bank of Abilene, Abilene, Texas to establish a new uninsured national trust bank, which will engage solely in fiduciary activities with the title of "First Financial Trust & Asset Management Company, National Association," Abilene, Texas. (Control Number 2003 SW 01 0002), 06/13/2003
598 Application by Commerce Bank/Delaware, National Association, Wilmington, Delaware, to establish a branch at 2035 Limestone Road, Wilmington, New Castle County, Delaware. (Control Number 2002 NE 05 0065), 06/20/2003
599 Application to convert Freedom Trust Company, Concord, New Hampshire to a national trust bank to be known as "Freedom Trust Company, National Association," Concord, New Hampshire and the application to merge Freedom Trust Company, National Association, Concord, New Hampshire with and into First Financial Trust, National Association, Newton, Massachusetts, under the charter and title of the latter. (Control Numbers 2003 NE 01 006; 2003 NE 02 015 & 2003 NE 12 095), 06/25/2003

Final Enforcement Actions

Enclosed is a copy of the OCC's news release number 2003-54 , 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, 2003 through July 14, 2003.

PLEASE NOTE: Interpretive Letters and No-Objection Letters reflect the views of the Comptroller's legal staff. Corporate Decisions, CRA Decisions and Conditional Approvals are from the Licensing department. The list of CRA Ratings is from the Communications Division. For copies of the CRA evaluations, you may either contact the bank directly, or you may write to the Office of the Comptroller of the Currency (OCC) in any of three ways: by mail to the OCC, Attn: Public Information Room, Mail Stop 1-5, Washington, D.C. 20219; by fax to (202) 874-4448; or by e-mail to You may also write to the OCC for copies of enforcement actions and charters with standard conditions.

Members of the news media are encouraged to cite the letter number when reporting or summarizing documents from this package. This helps us to process single requests based upon your citation in a more timely manner.

The Office of the Comptroller of the Currency publishes INTERPRETATIONS AND ACTIONS monthly. Subscriptions are available at a rate of $175 per year by writing to the Comptroller of the Currency, ATTN: Accounts Receivable, Mailstop 4-8, 250 E Street, S.W., Washington, DC 20219. Prepayment is requested. Suggestions, comments or questions may be sent to Jacqueline J. England, Communications Division, Comptroller of the Currency, Mail Stop 3-2, Washington, DC 20219.