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Notice of Formations & Mergers of, & Acquisitions by, BHCs; Change in Bank Control

Week ending 07/03/1999

  • 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 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) EverTrust Financial Group, Inc., to become a bank holding company by acquring Everett Mutual Bank and Commercial Bank of Everett, all of Everett, Washington. * Newspaper - 08/04/1999
    Fed Reg - N/Avail

     

    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 Southwest Partners, Inc., both of Des Moines, Iowa, to engage through a joint venture subsidiary, United Mortgage Group, San Diego, California, in extending credit and servicing loans. Fed Reg - 07/21/1999
    4(c)(8) Wells Fargo & Company, San Francisco, California, Norwest Mortgage, Inc., and Southwest Partners, Inc., both of Des Moines, Iowa, to engage through a joint venture subsidiary, Gold Coast Mortgage, San Diego, California, in residential mortgage lending activities. Fed Reg - 07/22/1999


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

    Type Application Ending date of comment period
    4(c)(8) Wells Fargo & Company, San Francisco, California, and Norwest Insurance, Inc., Minneapolis, Minnesota, to acquire certain assets of Goodson Insurance Agency, Inc., Denver, Colorado.  
    Waiver CVB Financial Corp., Ontario, California, request for waiver of any Bank Holding Company Act application requirement in connection with its proposed merger of Orange National Bancorp, Orange, California, and the subsequent merger of Orange National Bank, Orange, California, with and into Citizens Business Bank, Ontario, California.  

    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
    496171 Farmers & Merchants Bank
    of Rockford
    25 N. Mullan Road
    Spokane, WA 99214-0917
    (509) 921-2265

    		02/22/1999 06/28/1999 O X    
    877369 Valley Independent Bank
    1498 Main Street
    El Centro, CA 92243-9951
    (760) 352-5000    		 02/01/1999 06/28/1999 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.

    *Subject to CRA.