The Federal Reserve Bank of San Francisco
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Notice of Formations & Mergers of, & Acquisitions by, BHCs; Change in Bank Control

Week ending 4/24/98

  • 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 Santa Barbara Bank and Trust, Santa Barbara, California, to re-establish its branch office at 2010 Mission Drive, Solvang, California. * Newspaper 4/29/98

    Section II
    Applications Subject to Both Newspaper and Federal Register Notice

    Type Application Ending date of comment period
    3(a)(1) Jefferson State Bancorp, Medford, Oregon, to become a bank holding companay by acquiring Bank of Southern Oregon, Medford, Oregon. * Newspaper 5/19/98
    Fed Reg 5/21/98
    3(a)(1) San Juan Bank Holding Company, Friday Harbor, Washington, to become a bank holding company by acquiring Islanders Bank, Friday Harbor, Washington. * Newspaper 5/15/98
    Fed Reg 5/26/98
    3(a)(5) Heritage Financial Corporation, Olympia, Washington, to acquire 100 percent of North Pacific Bancorporation, Tacoma, Washington. * Newspaper 5/15/98
    Fed Reg 5/22/98

    Section III
    Applications Subject to Federal Register Only

    Type Application Ending date of comment period
    4(c)(8) Palm Desert Investments, Palm Desert, California, to engage de novo, directly, in bringing together buyers and sellers in connection with the sale of Automated Teller Machines ("ATM's"), or management rights with respect to such ATM's. Fed Reg 5/12/98

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

    Type Application Ending date of comment period
    4(c)(8) Pedcor Bancorp, Indianapolis, Indiana, to engage in making debt and equity investments in connection with low-income housing through Pedcor Funding Corporation, Indianapolis, Indiana. 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:

    None

    The above listing has been prepared as a courtesy by the Federal Reserve Bank of San Francisco, and is not intended to replace formal notices required by statute or regulation; the Reserve Bank assumes no responsibility for errors or omissions.

    *Subject to CRA.