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

Week ending 11/21/98

  • 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 VI - CRA Examinations Scheduled for First Quarter of 1999

    • Section I
    Applications Subject to Newspaper Notice Only

    None

    Section II
    Applications Subject to Both Newspaper and Federal Register Notice

    Type Application Ending date of comment period
    3(a)(1)

    Hancock Park Acquisition, L.L.C., and Hancock Park Acquistion L.P., both of Inverness, Illinois, to become bank holding companies through the acquisition of Bank of Coronado, Coronado, California. *

    Newspaper - 12/18/1998
    Fed Reg - 12/18/1998
    3(a)(5) Heritage Financial Corporation, Olympia, Washington, to merge with Harbor Bancorp, Inc., and thereby indirectly acquire Bank of Grays Harbor, both of Aberdeen, Washington. * Newspaper - 12/10/1998
    Fed Reg - 12/14/1998
    3(a)(5) Heritage Financial Corporation, Olympia, Washington, to merge with Washington Independent Bancshares, Inc., and thereby indirectly acquire Central Valley Bank, N.A., both of Toppenish, Washington. *

    Newspaper - 12/10/1998
    Fed Reg - 12/14/1998

    Section III
    Applications Subject to Federal Register Only

    Type Application Ending date of comment period
    4(c)(8)

    Wells Fargo & Company, San Francisco, California, Norwest Mortgage, Inc., and Norwest Ventures, LLC, both of Des Monies, Iowa, to engage in: (1) a joint venture through their subsidiary, Service Mortgage Group, LLC, Louisville, Kentucky; and (2) a joint venture through their subsidiary, Academy Financial Services, LLC, Alpharetta, Georgia, in residential mortgage lending activities.

    Fed Reg - 12/04/1998
    4(c)(8) Wells Fargo & Company, San Francisco, California, Norwest Mortgage, Inc., and Norwest Ventures, LLC, both of Des Moines, Iowa, to engage in a joint venture through their subsidiary, Mortgage Professionals of Tampa Bay, LLC, Tampa, Florida, in residential mortgage lending activities. Fed Reg - 12/08/1998
    4(c)(8) VIB Corp., El Centro, California, to acquire Bank of Stockdale, F.S.B., Bakersfield, California, and thereby engage in the operation of a savings association. Fed Reg - 12/08/1998
    4(c)(8) Philippine National Bank, Manila, The Philippines, and Century Holding Corporation, Beverly Hills, California, to acquire PNB Remittance Centers, Inc., Los Angeles, California, and thereby engage in money remittance activities. Fed Reg - 12/09/1998

     

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

    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:

    O = Outstanding
    S = Satisfactory
    NI = Needs to improve
    SN = Substantial noncompliance

    The following state member banks have been examined and their CRA public evaluations are now available:

    RSSD
    number
    Institution/Location    		 Examination
    date    		 CRA
    public date    		 CRA
    rating    		 Exam type
    Lrg Bk     SmBk
    REVISED:
    172961    		 North County Bank
    444 S. Escondido Boulevard
    Escondido, CA 92025
    (760) 743-2200    		 06/29/1998 11/12/1998 S

    X    

    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.

    Section VI
    CRA Examinations Scheduled for First Quarter of 1999

    Institution Location
    First Security Bank Las Vegas, NV
    Capital Bank of North County Carlsbad, CA
    California Center Bank Los Angeles, CA
    M&I Thunderbird Bank Phoenix, AZ
    Valley Independent Bank El Centro, CA
    Hacienda Bank Santa Maria, CA
    Bank of Ephraim Ephraim, UT
    Farmers & Merchants Bank of Rockford Spokane, WA
    East County Bank Antioch, CA
    Regency Bank Fresno, CA
    Peninsula Bank of Commerce Millbrae, CA
    Golden Gate Bank San Francisco, CA
    Silicon Valley Bank Santa Clara, CA
    Valencia Bank Valencia, CA

    The inclusion on the list of institutions that are scheduled to undergo CRA examinations in the next calendar quarter is not determinative of whether the institution will be examined in that quarter. Reserve Banks may need to defer a planned examination or conduct an unforeseen examination because of scheduling difficulties or other circumstances.

    *Subject to CRA.

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