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Notice of Formations & Mergers of, & Acquisitions by, BHCs; Change in Bank Control

Week ending 2/27/98

  • Section I - Applications Subject to Newspaper Notice Only
  • Section II - Applications Subject to Both Newspaper and Federal Register Notice
  • Section III - Applications Subject to Federal Register Only
  • Section IV - Applications Not Subject to Federal Register Notice or Newspaper Notice
  • Section V - Availability of CRA Public Evaluations

    • Section I
    Applications Subject to Newspaper Notice Only

    Type Application Ending date of comment period
    Branch Barnes Banking Company, Kaysville, Utah, to establish a branch office at 4800 South 1900 West, Roy, Utah. * Newspaper 3/16/98

    Section II
    Applications Subject to Both Newspaper and Federal Register Notice

    Type Application Ending date of comment period
    CIC Y.C. Yang, John C. Yang, Stephen C. Yang, and Paul C. Yang, all of San Francisco, California, to increase their ownership to more than 25 percent of National American Bancorp, San Francisco, California. * Newspaper 3/14/98
    Fed Reg 3/10/98
    3(a)(5) Zions Bancorporation, Salt Lake City, Utah, and its subsidiary, Val Cor Bancorporation, Inc., Cortez, Colorado, to acquire SBT Bankshares, Inc., and its subsidiary, State Bank and Trust of Colorado Springs, both of Colorado Springs, Colorado. * Newspaper 3/19/98
    Fed Reg 3/13/98

    Section III
    Applications Subject to Federal Register Only

    Type Application Ending date of comment period
    4(c)(8) Zions Bancorporation, Salt Lake City, Utah, and its subsidiary, Val Cor Bancorporation, Inc., Cortez, Colorado, to acquire SBT Mortgage, LLC, Colorado Springs, Colorado. Fed Reg 3/13/98

    Section IV
    Applications Not Subject to Federal Register Notice or Newspaper Notice

    Type Application Ending date of comment period
    COM First Security Corporation, Salt Lake City, Utah, requests relief of commitment that First Security Capital Markets, Inc., Salt Lake City, Utah, be permitted to come into compliance with the gross revenue limit for the period March 1, 1998, through March 31, 1999, in connection with its Section 20 application. None

    Section V
    Publicly available CRA evaluations

    The Community Reinvestment Act is intended to encourage depository institutions to help meet the credit needs of the communities in which they operate, including low- and moderate-income neighborhoods. It was enacted by the Congress in 1977 (12 U.S.C. 2901) and is implemented by Regulation BB (12 CFR 228). The regulation was revised in May 1995.

    The CRA requires that each depository institution's record in helping meet the credit needs of its entire community be evaluated periodically. That record is taken into account in considering an institution's application for deposit facilities.

    A copy of an institution's CRA evaluation may be obtained directly from the institution or Reserve Bank.

    The federal bank regulators use the following four performance levels to rate an institution's performance under CRA:

    Outstanding
    Satisfactory
    Needs to improve
    Substantial noncompliance

    The following state member banks have been examined and their CRA public evaluations are now available:

    RSSD number Institution/
    Location    		 Examination
    date    		 CRA
    public date    		 CRA
    rating    		 Exam type
    Large bank Small bank

    54861

    		 Security First Bank
    141 West Bastanchury Road
    Fullerton, CA 92835
    (714) 536-0142    		 10/28/97 2/25/98 Satisfactory X
    1884140 Verdugo Banking Company
    500 N. Brand Blvd., Suite 100
    Glendale, CA 91203
    (818) 549-1000    		 11/03/97 2/26/98 Satisfactory X

    The above listing has been prepared as a courtesy by the Fed