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 11/07/97

  • 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 VI - CRA examinations scheduled

    • Section I
    Applications Subject to Newspaper Notice Only

    Type Application Ending date of comment period
    Branch Garfield Bank, Montebello, California to establish a branch office at 15615 Alton Parkway, Irvine, California. *

    Newspaper 10/24/97
    Branch The Bank of Casa Grande Valley, Casa Grande, Arizona, to establish a branch office at 13640 S. Sunland Gin Road, Arizona City, Arizona. * Newspaper 12/05/97

    Section II
    Applications Subject to Both Newspaper and Federal Register Notice

    Type Application Ending date of comment period
    CIC Michael Frank Maluccio, Glendale, California, to increase his ownership to more than ten percent of Verdugo Banking Company, Glendale, California. *

    Newspaper N/Avail

    Fed Reg 11/28/97
    3(a)(1) Community West Bancshares, Goleta, California, to become a bank holding company by acquiring Goleta National Bank, Goleta, California. *

    Newspaper 11/30/97

    Fed Reg N/Avail
    3(a)(1) Urban Bank, Makati City, Philippines, to become a bank holding company by acquiring Redwood Bancorp, San Francisco, California. *

    Newspaper N/Avail

    Fed Reg N/Avail

    Section III
    Applications Subject to Federal Register Only

    Type Application Ending date of comment period
    4(c)(8) First Security Corporation, Salt Lake City, Utah, to engage in underwriting and dealing in certain "bank eligible" and "bank ineligible" securities, other securities related activities, and activities incidental thereto through the establishment of a Section 20 broker dealer subisidiary, First Security Capital Markets, Inc., Salt Lake City, Utah.

    Fed Reg N/Avail

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

    Type Application Ending date of comment period
    4(c)(8) BankAmerica Corporation, San Francisco, California, through its subsidiary, First Franklin Companies, Inc., San Jose, California, to further engage in mortgage lending and servicing activities through the acquisition of National Equity Corporation, Irvine, California. 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

    Section VI
    CRA examinations scheduled

    None

    The above listing has been prepared as a courtesy by the Federal Reserve Bank of San Franci/ñP