Notice of Formations & Mergers of, &
Acquisitions by, BHCs; Change in Bank Control
Week ending 6/12/98
| Type |
Application |
Ending date of comment period |
| Branch |
Valley Independent Bank, El Centro, California, to establish a branch
office at 39-700 Bob Hope Drive, Suite 100, Rancho Mirage, California.
* |
Newspaper 4/30/98 |
None
None
| Type |
Application |
Ending date of comment period |
| S/R |
Eldorado Bank, Tustin, California, to pay a $1 million dividend
to Commerce Security Bancorp, Inc., Lauguna Hills, California. |
None |
| Member |
Valencia National Bank, Santa Clarita, California, to become a member
of the Federal Reserve System. |
None |
| 4(c)(8) |
Ten-day post consummation notice from First Security Corporation,
Salt Lake City, Utah, to engage in providing management consulting
advice and, to a limited extent, providing financial and investment
advisory activities through First Security Specialized Services, Inc.,
Salt Lake City, Utah. |
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.
|
