Corporate Applications:

March 2006

Vol. 19, No. 3

IN THIS ISSUE:

Interpretive Letters

Letter No.	Topic
1048a	Letter restates representations made by the bank and relied upon in issuing Interpretive Letter #1048, published January 2006. WORD 02/27/2006
1051	Letter provides confirmation that national bank may purchase and hold below investment grade debt in connection with a comprehensive program to hedge the counterparty credit risk exposure that arises from its derivatives activities. The letter concludes that the bank may engage in the transactions it proposes, where the bank's examiner-in-charge is satisfied that the bank has adequate risk management and measurement systems and controls and does not object to the activity. WORD 02/15/2006
1052	Letter applies lending limit combination rules to three credit programs contemplated by a national bank, in which the bank would make loans, or make or buy leases, to independent contractors. The letter finds that each of the programs results in loan combinations under the lending limit. In addition, the second program involves partial attribution of leases to the seller under the lending limit's third-party paper rule. WORD 11/30/2005
1053	Letter discusses Interpretive Letters #1044, 1045 and 1048. Bank premises facilities must be established in good faith in furtherance of bank's business operations, and burden is on bank to demonstrate a legitimate business reason based on accommodating its banking business. WORD 01/31/2006
1054	Letter reviews OCC interpretive letters and federal case law that makes clear that state statutes that prohibit on-us check cashing fees do not apply to national bank. WORD 07/27/2005
1055	Letter reviews OCC interpretive letters and federal case law that makes clear that state statutes that prohibit on-us check cashing fees do not apply to national bank. WORD 08/02/2005

Approvals with conditions enforceable under 12 U.S.C. 1818

Letter No.	Topic
729	Application by Barclays Global Investors, National Association, San Francisco, California, to reduce its permanent capital. (Control Number 2006 WE 12 0038), WORD 02/02/2006
730	Application by FBR National Trust Company (FBRNTC) to sell of the deposit liabilities and substantially all of the assets to Cardinal Bank, McLean, Virginia and to merge FBRNTC into its nonbank affiliate, FBR Bancorp, Inc. (Control Numbers 2005 NE 12 315 & 317), WORD 02/02/2006
731	Application to establish a new national bank with the title of Southwest Capital Bank, National Association, Fort Myers, Florida. (Control Number 2005 SO 01 0020), WORD 02/03/2006
732	Application by Western Financial Bank to convert to a national banking association with the title of Western Financial Bank, National Association (WFBNA) and merge Wachovia Bank, National Association, Charlotte, North Carolina, with and into WFBNA with the resulting title of Wachovia Bank, National Association and head office location of Charlotte, North Carolina. (Control Numbers 2005 ML 01 0007 & 2005 ML 02 0007), WORD 02/13/2006
733	Application by CornerBank, N.A., Winfield, Kansas to establish a wholly owned operating subsidiary to provide Internet access to its customers and nonbank customers as part of its package of Internet banking activities.. (Control Number 2005 WE 08 0022), WORD 02/16/2006
734	Application to charter First National Bank of Virginia, Virginia Beach, Virginia, and to approve the messenger service. (Control Numbers 2005 SO 01 0021 & 2006 SO 05 0046), WORD 02/22/2006
735	Application to establish a new national bank with the title of Texas Citizens Bank, National Association," Pasadena, Texas. (Control Number 2005 SO 01 0022), WORD 02/24/2006

Final Enforcement Actions

Enclosed is a copy of the OCC's news release number 2006-32, announcing the availability of enforcement actions. Copies of the final actions are available by writing to the OCC, Public Information Room, Mail Stop 1-5, Washington, D.C. 20219. When ordering, specify the appropriate enforcement action number.

Community Reinvestment Act (CRA) Performance Evaluations

Enclosed is a list of CRA performance evaluations that became public during the period of February 15, 2006 through March 14, 2006.

PLEASE NOTE: Interpretive Letters and No-Objection Letters reflect the views of the Comptroller's legal staff. Corporate Decisions, CRA Decisions and Conditional Approvals are from the office of Licensing. The Community Development Investment Letters are from the office of Community Affairs. The list of CRA Ratings is from the Communications Division. For copies of the CRA evaluations, you may either contact the bank directly, or you may write to the Office of the Comptroller of the Currency (OCC) in any of three ways: by mail to the OCC, Attn: Public Information Room, Mail Stop 1-5, Washington, D.C. 20219; by fax to (202) 874-4448; or by e-mail to FOIA-PA@occ.treas.gov. You may also write to the OCC for copies of enforcement actions and charters with standard conditions.

Members of the news media are encouraged to cite the letter number when reporting or summarizing documents from this package. This helps us to process single requests based upon your citation in a timelier manner.

The Office of the Comptroller of the Currency publishes INTERPRETATIONS AND ACTIONS monthly. Subscriptions are available at a rate of $175 per year by writing to the Comptroller of the Currency, ATTN: Accounts Receivable, Mail Stop 4-8, 250 E Street, S.W., Washington, DC 20219. Prepayment is requested. Suggestions, comments or questions may be sent to Jacqueline J. England, Comptroller of the Currency, Communications Division, Mail Stop 3-2, Washington, DC 20219.