Corporate Applications and Other Requests:
IN THIS ISSUE:
||Letter concludes that the bank's proposed securities
conduit lending services are legally permissible for a national bank.
||Letter confirms that the bank may purchase and hold the
preferred securities of two special purpose entities that hold interests in
Australian mortgage assets.
||Letter concludes that the OCC would not find a
violation of 12 CFR 37.3(a) in connection with a national bank's automobile
loan that includes a GAP feature offered by the bank because the OCC views the
underlying loan and the GAP feature as a single product, and the financial
arrangement does not create a separate product.
||Change in Bank Control Act notices in connection with
the proposed acquisition of First National Bank of Marin, Las Vegas, Nevada, by
Sherman Financial Group LLC, Radian Group, Inc., and MGIC Investment
Corporation. (Control Numbers 2004 WE 11 0010, 0011 & 0012),
03/04/2005, (REPUBLISHED WITH AGREEMENTS ATTACHED)
Approvals with conditions enforceable under 12 U.S.C.
Charters with standard conditions
||Direct Merchants Credit Bank, N.A., Phoenix, Arizona,
request for reduction of permanent capital. (Control Number 2004 WE 12 0161),
||Application by First National Bank of Mayfield,
Mayfield, Kentucky under 12 CFR 5.46 to elect the corporate governance
provisions of Kentucky law and complete a reverse stock split in accordance
with those provisions. (Control Number 2005 SO 12 0020),
||Application by Wells Fargo Bank, N.A., Sioux Falls,
South Dakota, to establish a mobile branch to serve Dane County, Wisconsin.
(Control Number 2005 ML 05 0102),
||Application to merge Atlantic Trust Company, National
Association, Boston, Massachusetts, and Atlantic Trust Co., National
Association, District of Columbia, into Atlantic Trust, National Association.
(Control Number 2004 NE 02 054),
||Application by Citibank, National Association, New
York, New York, for approval of an existing operating subsidiary to indirectly
acquire a general partnership in a Cayman Island limited partnership whose sole
activities are to hold and liquidate various foreign assets originally received
by the Bank in satisfaction of debts previously contracted. (Control Number
2005 ML 08 0003), WORD
||Application to combine Riggs Bank National Association,
McLean, Virginia, with PNC Bank, National Association, Pittsburgh,
Pennsylvania. (Control Numbers 2005 NE 02 0007; 2005 NE 02 0039; 2005 NE 08
0008; 2005 NE 09 0006; 2005 NE 12 0065 & 66; 2005 NE 12 0078 & 79),
||Application to establish a new uninsured national trust
bank with the title of Riggs National Trust Company. (Control Numbers 2005 NE
01 0001 & 2005 NE 08 0005), WORD
||Application to establish a new national trust bank with
the title of Wells Fargo Alaska Trust Company, National Association. (Control
Number 2003 ML 01 0004), WORD
Final Enforcement Actions
Enclosed is a copy of the OCC's news release number
announcing the availability of enforcement actions. Copies of the final actions
are available by writing to the OCC, Public Information Room, Mail Stop 1-5,
Washington, D.C. 20219. When ordering, specify the appropriate enforcement
Community Reinvestment Act (CRA) Performance Evaluations
Enclosed is a list of CRA performance evaluations that
became public during the period of
April 15, 2005 through May 14.
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 office of
Licensing. The Community Development Investment Letters are from the office of
Community Affairs. 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 timelier
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, Mail Stop 4-8, 250 E Street, S.W., Washington, DC 20219.
Prepayment is requested. Suggestions, comments or questions may be sent to
Jacqueline J. England, Comptroller of the Currency, Communications Division,
Mail Stop 3-2, Washington, DC 20219.