Recent corporate decisions

US Office of the Comptroller of the Currency: Quarterly Journal, Mar 2000

The OCC publishes monthly, in its publication Interpretations and Actions, corporate decisions that represent a new or changed policy, or present issues of general interest to the public or the banking industry. In addition, summaries of selected corporate decisions appear in each issue of the Quarterly Journal In the third quarter of 1999, the following corporate decisions were of particular importance because they were precedent-setting or otherwise represented issues of importance. If the summary includes a decision or approval number, the OCC's decision document may be found in interpretations and Actions. For decisions that have not been published yet, the summary includes the application control number which should be referenced in inquiries to the OCC regarding the decision.

Charters

On July 9, 1999, the OCC granted preliminary conditional approval to a proposal by Canadian Imperial Bank of Commerce, Toronto, Ontario, Canada, to charter a national bank titled CIBC National Bank, Maitland, Florida. The bank will deliver retail products and services through electronic channels such as telephone and the Internet, and will establish in-store banking kiosks on the premises of retail stores with which it has a joint marketing agreement. This program is based upon an existing program offered by CIBC in Canada known as President's Choice Financial. Initially, the bank will establish kiosks in Winn-Dixie Stores in Florida under the brand Marketplace Bank. Approval was granted subject to certain pre-opening requirements and ongoing conditions addressing capital, technology, and Internet security matters. [Conditional Approval No. 313]

On July 30, 1999, the OCC granted preliminary approval for Popular Inc. to establish a bank in Orlando, Florida, with the title of Banco Popular, National Association. In addition, the OCC granted approval for Banco Popular, National Association, to purchase certain assets and assume certain liabilities of the Culebra Branch of Banco Popular de Puerto Rico, San Juan, Puerto Rico. Banco Popular also applied to the Federal Reserve Board to establish a branch in Culebra, Puerto Rico, and for the bank to acquire, as an Agreement Corporation, an insurance agency in Culebra to conduct 12 USC 92 insurance agency activities. [Corporate Decision No. 99-22]

Mergers

On July 23,1999, the OCC granted approval for Firstar Bank, NA, Cincinnati, Ohio, to merge with eight Mercantile Corporation bank subsidiaries. While the OCC did not receive any direct protests on the application, the OCC investigated the concerns received by the Federal Reserve Bank of Chicago in connection with the holding company merger application. The OCC's investigation and analysis of the issues raised indicated no basis for denying or conditionally approving the application. The OCC's approval letter addresses the issues. [Corporate Decision No. 99-31]

On August 11, 1999, the OCC granted approval for KeyBank Interim National Bank of Michigan, Ann Arbor, Michigan, to purchase and assume the Indiana and Michigan branch offices of KeyBank, National Association, Cleveland, Ohio, pursuant to 12 USC 24(Seventh), 36(c), 36(d), 1828 (c) and 1831u. Also, on August 11, 1999, the OCC granted approval to KeyBank Interim National Bank of Michigan, Ann Arbor, Michigan, to merge with and into KeyBank, National Association, Cleveland, Ohio, pursuant to 12 USC 215a-1, 36(d), 1828 (c) and 1831 u. The resulting bank was authorized to retain and operate the offices of the merging banks under 12 USC 36(d) and 1831 u(d)(1 ). [Corporate Decision No. 99-24]

On September 13, 1999, the OCC granted approval to AMCORE Financial Inc., Rockford, Illinois, to merge nine affiliated bank and thrift subsidiaries located in Illinois and Wisconsin into AMCORE Bank National Association, Rockford, Illinois. The resulting national bank will have branches in Illinois and Wisconsin. [Corporate Decision 99-28]

Branches

On July 1, 1999, the OCC granted approval for First National Bank, Pierre, South Dakota, to establish a mobile branch. The mobile branch will perform various banking services at two nursing homes in Pierre. If the bank desires to operate the mobile branch at additional locations, it must file a new branch application and publish notice indicating that the application will extend the previous branch approval to the specific additional locations. [Corporate Decision No. 99-16]

On July 28, 1999, relying upon the Deposit Guaranty precedent, the OCC granted approval to five applications by four national banks to establish de novo branches in Oklahoma. The national bank applicants were Bank of Oklahoma, Tulsa, Oklahoma; InterBank, N.A., Elk City, Oklahoma; First National Bank of Weatherford, Weatherford, Oklahoma; and First Fidelity Bank, N.A., Oklahoma City, Oklahoma. The OCC's decision followed the July 1, 1999 expiration of an Oklahoma statute imposing branching restrictions on state-chartered savings and loan associations; or thrifts. Three banks protested the proposed branches arguing that Deposit Guaranty did not apply. [Corporate Decision No. 99-20]