Washington Mutual Bank
FDIC: Decisions on Bank Applications - Washington Mutual Savings Bank
Since 1972, national banks or their subsidiaries have been prohibited from acting as full-scale travel agents by the OCC as a result of two court cases which held that such activities were not authorized for national banks under the National Banking Act. Subsidiaries of state chartered, FDIC-insured banks may not engage as principal in an activity prohibited to subsidiaries of nationally chartered banks unless they obtain consent from the FDIC. Consent may not be granted unless the bank is in compliance with applicable capital standards and the FDIC determines that the activity poses no significant risk to, the appropriate deposit insurance fund. The State authority permits mutual savings banks to own travel agencies. ... [Read More]
Washington Horse Racing Commission
Deanna served as president of Washington Mutual’s Consumer group, a consumer bank network of 2000 retail banking stores with nearly 30,000 employees. Since the early 1990’s, she was responsible for marketing, research and brand management. In 1999, she led a team that developed and launched the bank’s retail banking concept, Occasio. ... Deanna serves on the boards of Catellus Development Corporation (NYSE: CDX), a premier diversified real estate development company and UNICO, a private real estate investment and operating company. Additionally, she chairs the board of trustees of the University of Puget Sound. She is a board member of the Seattle Foundation and is past president of the Seattle Children’s Theatre board and Arts Fund. Deanna graduated cum laude from the University of Puget Sound with degrees in political science and urban affairs. She completed the Advanced Executive Program at the Kellogg School of Management at Northwestern University. In October 2003, U.S. Banker named her one of the top 15 women in banking to watch. ... [Read More]
FDIC: Decisions on Bank Applications - EverTrust Financial Group, Inc.
The notice of proposed mutual-to-stock conversion and subsequent amendments thereto, filed on behalf of Mutual Bancshares, Everett, Washington, now known as EverTrust Financial Group, Inc., ("EFG") have been reviewed by the Federal Deposit Insurance Corporation ("FDIC") pursuant to Section 303.161 of the FDIC Rules and Regulations. As described in the notice and amendments, EFG proposes to convert from a Washington-chartered mutual holding company to a Washington-chartered stock holding company. Stock of EFG will be offered for sale in conjunction with the transaction. Mutual Bancshares was formed in 1993 as a holding company as part of the mutual-to-stock conversion of Everett Mutual Bank ("EMB"), Everett, Washington. In anticipation of this proposed transaction, Mutual Bancshares changed its name to EverTrust Financial Group, Inc. EFG owns, in addition to EMB, the Commercial Bank of Everett, Everett, Washington; I-Pro, Inc., Kent, Washington; and Mutual Bancshares Capital, Inc., Both ... [Read More]
FDIC: Decisions on Bank Applications - Timberland Savings Bank, SSB
The notice of proposed mutual-to-stock conversion and subsequent amendments thereto, filed on behalf of Timberland Savings Bank, SSB, Hoquiam, Washington (TSB), have been reviewed by the Federal Deposit Insurance Corporation (FDIC) pursuant to section 303.15 of the FDIC Rules and Regulations. This application was made in connection with TSB's proposal to convert from a Washington-chartered mutual savings bank to a Washington-chartered stock savings bank. ... 3. TSB must receive final approval from the appropriate State of Washington officials (State Authority) for its establishment as a stock savings bank and final approval must be received form the Federal Reserve Bank of San Francisco and the State Authority for Timberland Bancorp, Inc., to acquire TSB. ... [Read More]
FDIC: Decisions on Bank Applications - First Savings Bank of Renton
The transaction is the result of the Mutual Institution's Plan of Reorganization which includes the formation by the Mutual Institution of a state-chartered mutual holding company, First Financial Holdings, MHC, Renton, Washington ("MHC"), which will be capitalized with up to $500,000. MHC will organize and wholly own a stock holding company, First Financial of Renton, Inc., Renton, Washington ("Stock Holding Company"), which will be capitalized with $100,000. MHC will also organize and own Interim Bank, as a subsidiary of the Stock Holding Company. An application for establishment of MHC and the Stock Holding Company, as bank holding companies has been filed with the Federal Reserve Bank of San Francisco. The Mutual Institution will exchange its charter for a Washington stock savings bank charter and will become a wholly-owned subsidiary of MHC after a merger with Interim. MHC will then transfer 100% of the stock of the merged bank into Stock Holding Company, which will in turn be a w ... [Read More]
FDIC: Decisions on Bank Applications - Brookline Savings Bank
Pursuant to Sections 5 and 18(c) of the Federal Deposit Insurance Act (the Act), applications have been filed on behalf of Brookline Savings Bank, Brookline, Massachusetts ("Stock Bank"), a newly-formed state-chartered stock savings bank and Bank Insurance Fund member, for federal deposit insurance and for the Corporation's consent to merge with Brookline Savings Bank, Brookline, Massachusetts ("Mutual Bank"), a state-chartered mutual savings bank and Bank Insurance Fund member, with total resources of $682,069,000 and total deposits of $483,114,000, as of September 30, 1997, under the charter of Stock Bank and the title of Mutual Bank. To facilitate the conversion from mutual to stock form, application has also been made for federal deposit insurance for Brookline De Novo Savings Bank which will immediately reorganize as Brookline Bancorp, MHC ("MHC"), a state-chartered mutual holding company. ... [Read More]
FDIC: Decisions on Bank Applications - South Shore Co-operative Bank
Upon consummation of the reorganization, the deposits of the Mutual Institution will continue to be insured under the Bank Insurance Fund. On the effective date of the reorganization, the Resultant Bank will be a stock bank and the wholly owned subsidiary of South Shore Mutual Holding Company. Applications for the establishment of South Shore Mutual Holding Company have been filed with the Federal Reserve System. Following the consummation of the merger, the Resultant Bank will operate the same banking business, with the same management, at the same locations now being served by the Mutual Institution. The proposed transaction, per se, will not alter the competitive structure of banking in the market served by the Mutual Institution. South Shore Co-operative Bank's principal office will continue to be located at 195 Washington Street, Weymouth, Massachusetts. ... [Read More]
FDIC: Decisions on Bank Applications - Rainier Pacific Savings Bank
This notice was filed in connection with the Bank's Plan of Conversion from State Mutual Savings Bank to State Stock Savings Bank and Formation of a Holding Company (Plan). Pursuant to the Plan, the Bank will convert to a Washington-chartered stock savings bank and will become a wholly-owned subsidiary of the newly formed Rainier Pacific Financial Group, Inc., (Holding Company). Concurrently with the conversion, the Holding Company intends to offer for sale its common stock on a priority basis to qualifying depositors and an employee stock ownership plan. In addition, the Holding Company plans to fund a charitable foundation (Foundation) in an amount up to 8 percent of the offering, or up to a maximum contribution of $1.1 million (at the maximum, as adjusted). The funding for the Foundation will be 80% stock and 20% cash. ... [Read More]
FDIC: Decisions on Bank Applications - Heritage Savings Bank
The notice of proposed mutual-to-stock conversion and subsequent amendments thereto, filed on behalf of Heritage Savings Bank, Olympia, Washington ("the Bank"), have been reviewed by the Federal Deposit Insurance Corporation ("FDIC") pursuant to section 303.15 of the FDIC Rules and Regulations. As described in the notice and amendments, Heritage Financial Corporation, MHC, a mutual holding company, ("the MHC") proposes to convert from mutual to stock form through a series of transactions wherein the Bank will become the wholly-owned subsidiary of Heritage Financial Company, a newly created stock holding company, and the existing mutual holding company will be eliminated. Stock of the new holding company will be offered for sale in conjunction with the transaction. ... [Read More]
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