Notice of Formations & Mergers of, &
Acquisitions by, BHCs; Change in Bank Control
Week ending 5/29/98
| Type |
Application |
Ending date of comment period |
| Member |
First State Bank, Flagstaff, Arizona, to become a member of the
Federal Reserve System. * |
Newspaper N/Avail |
| Type |
Application |
Ending date of comment period |
| 3(a)(3) |
Security Bank Holding Company and Security Bank Holding Company
Employee Stock Ownership Plan, both of Coos Bay, Oregon, to acquire
McKenzie State Bank, Springfield, Oregon. * |
Newspaper 6/30/98
Fed Reg 6/26/98 |
| 3(a)(1) |
Arizona Bancshares, Inc., Flagstaff, Arizona, to become a bank holding
company by acquiring First State Bank, Flagstaff, Arizona. * |
Newspaper N/Avail
Fed Reg 6/22/98 |
None
None
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.
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