R. Kinney Williams - Yennik, Inc.
R. Kinney Williams
Yennik, Inc.

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  Bank Regulatory News

January 1998

FDIC January 29, 1998 - New Rules For Currency Transaction Reporting Exemptions
The Financial Crimes Enforcement Network (FinCEN) recently announced a new rule on currency transaction reporting exemptions. The attached final rule took effect on January 1, 1998, and finalized the interim rule issued on April 24, 1996.

OCC January 23, 1998 - NEW BANK CHARTERS AND MERGERS TO GET YEAR 2000 SCRUTINY
Washington, D.C. -- The Office of the Comptroller of the Currency (OCC) has advised national banks that their year 2000 preparations will be a factor in the agency's review of applications for new bank charters, mergers and technology-intensive operating subsidiaries.

Applications Bulletin - Federal Reserve Bank of Dallas week ending January 23, 1998
Community Group, Inc., The, Dallas, TX, to acquire Delaware Community Group, Inc., The, Wilmington, DE, and United Community Bank, N.A., Highland Village, TX
Delaware Community Group, Inc., The, Wilmington, DE, to acquire United Community Bank, N.A., Highland Village, TX
Mainbancorp, Inc., Austin, TX, to acquire First National Bancorporation, Inc., Ennis, TX, and the First National Bank of Ennis, Ennis, TX
Maincorp Intermediate Holding Company, Wilmington, DE, to merge with First National Bancorporation, Inc., Ennis, TX

January 21, 1998  Federal Regulators Propose Common Form for Merger Applications
To promote consistency and reduce regulatory burden, the four federal financial institution regulatory agencies of banks and thrifts have proposed a uniform application for institutions to use for mergers, consolidations and combinations.

FDIC January 20, 1998 - Revisions to the Reports of Condition and Income (Call Report) for 1998
The Federal Financial Institutions Examination Council (FFIEC) has approved a few revisions to the reporting requirements for the Reports of Condition and Income (Call Report) for 1998. The FFIEC is providing this advance notification to assist you in planning for these upcoming Call Report changes. The changes must be approved by the U.S. Office of Management and Budget (OMB) before they can become final.

Applications Bulletin - Federal Reserve Bank of Dallas week ending January 16, 1998
United Central Bank, Garland, TX, to establish a branch at 404 E. Veterans Blvd., Killeen, TX 78543
Mainbancorp, Austin, TX, to acquire First National Bancorporation, Inc., Ennis, TX, and the First National Bank of Ennis, Ennis, TX 
Maincorp Intermediate Holding Company, Wilmington, DE, to merge with First National Bancorporation, Inc., Ennis, TX

January 15, 1998 - WASHINGTON, D.C. -- Comptroller of the Currency Eugene A. Ludwig advised President Clinton and Treasury Secretary Robert E. Rubin today that he will leave office when his term expires on April 4.

FDIC January 14, 1998 - Asset Threshold for Reporting Calendar Year 1998 HMDA Data
The Board of Governors of the Federal Reserve System has published the attached revisions to its staff commentary that interprets the requirements of Regulation C, Home Mortgage Disclosure.

January 13, 1998 - OCC APPROVES A NATIONAL BANK TO CERTIFY DIGITAL SIGNATURES
Washington, D.C. -- The Office of the Comptroller of the Currency (OCC) has conditionally approved an application for a Utah bank to be the first financial institution to offer digital signature products to its customers. Digital signatures are used for electronic authentication of the sender of an electronic message -- much like a notary verifies the signature of an individual in a physical setting. As interest grows in electronic commerce, digital signatures can provide an important way for consumers and businesses to decide which electronic communications they can trust.

Applications Bulletin - Federal Reserve Bank of Dallas week ending January 9, 1998
Texas State Bank, McAllen, TX, to establish branches at 116 East Hidalgo Avenue, Raymondville,TX 78580, 2000 FM 802, Brownsville, TX 78521, 3201 Central Blvd., Brownsville, TX 78520, 629 East Elizabeth, Brownsville, TX 78520,
and 3255 Boca Chica Blvd., Brownsville, TX 78520
Texas State Bank, McAllen, TX, to merge with Bank of Texas, Raymondville, TX
Texas State Bank, McAllen, TX, to merge with Texas Bank & Trust Company, Brownsville, TX
Texas State Bank, McAllen, TX, to merge with Brownsville National Bank, Brownsville, TX
Harlingen Bancshares, Harlingen, TX, to acquire Lower Rio Grande Valley Bancshares, Inc., La Feria, TX
State National Bancshares, Inc., Lubbock, TX, and State National Bancshares of Delaware, Dover, DE, to acquire First National Bank of Denver City, Denver City, TX
State National Bancshares, Inc., Lubbock, TX, to acquire First Sierra Bancshares, Inc., Truth or Consequences, NM
Texas Regional Bancshares, Inc., McAllen, TX, and Texas Regional Delaware, Inc., Wilmington, DE, to acquire Brownsville Bancshares, Inc., Brownsville, TX, BNB Bancshares, Inc., Wilmington, DE, and Brownsville National Bank, Brownsville, TX;
Texas Regional Bancshares, Inc., McAllen, TX, and Texas Regional Delaware, Inc., Wilmington, DE, to acquire TB&T Bancshares, Inc., Brownsville, TX, and Texas Bank & Trust Company, Brownsville, TX
Texas Regional Bancshares, Inc., McAllen, TX, and Texas Regional Delaware, Inc., Wilmington, DE, to acquire Raymondville Bancorp, Inc., Raymondville, TX, and Bank of Texas, Raymondville, TX

FDIC January 9, 1998 - Interim Final Rule Amending Risk-Based Capital Requirements for Market Risk (Part 325 of the FDIC's Rules and Regulations)
The FDIC, the Office of the Comptroller of the Currency and the Federal Reserve Board have amended their respective risk-based capital requirements to reduce the regulatory burden for banks with significant trading activities. Attached is a copy of the interim final rule. Comments on the rule will be accepted through March 2, 1998.

FDIC January 9, 1998 - Rescission of Policy Statement Providing Guidance on External Auditing Procedures for State Nonmember Banks
The FDIC Board of Directors has rescinded the agency's "Statement of Policy Providing Guidance on External Auditing Procedures for State Nonmember Banks." The rescission took effect on December 31, 1997. The policy and the reasons for its rescission are summarized in the attached Federal Register notice.  Despite the policy statement rescission, a well-planned external auditing program should continue to be an integral part of the safe and sound operations of each institution. Still in effect is the FDIC's "Statement of Policy Regarding Independent External Auditing Programs of State Nonmember Banks," as amended on June 24, 1996, in which the FDIC strongly encourages each state nonmember bank to adopt an adequate external auditing program that includes an annual audit of its financial statements.

FDIC January 8, 1998 - Blocking of Accounts Associated With Terrorist Organizations
The U.S. Secretary of State recently designated 30 groups as Foreign Terrorist Organizations pursuant to the Antiterrorism and Effective Death Penalty Act of 1996. Their names have been added to Treasury's Office of Foreign Assets Control's (OFAC) master listing of Specially Designated Nationals and Blocked Persons. The listing is attached. New Foreign Terrorist Organizations Sanctions regulations also were published by OFAC on October 8, 1997, which are included in the attached Federal Register notice.

FDIC January 8, 1998 - ROOTS OF 1980s BANKING CRISES, LESSONS LEARNED ARE EVALUATED BY REGULATORS, INDUSTRY EXPERTS IN NEW FDIC STUDY - The Federal Deposit Insurance Corporation has published the most comprehensive analysis ever undertaken of the banking crises of the1980s and early 1990s and an evaluation of the lessons learned from these crises.

OCC January 5, 1998 - OCC Fines AMCORE Banks for HMDA Reporting Errors
WASHINGTON, D.C. -- The Office of the Comptroller of the Currency (OCC) today announced the assessment of a total of $6,000 in civil money penalties against AMCORE Bank, N.A., Rock River Valley and AMCORE Bank, N.A., Rockford, Illinois. The OCC assessed the penalties for violations of the data collection and reporting requirements of the Home Mortgage Disclosure Act (HMDA).

Applications Bulletin - Federal Reserve Bank of Dallas week ending January 2, 1998
Diboll State Bancshares, Inc., Diboll, TX, and Diboll State Bancshares of Delaware, Wilmington, DE, to acquire Pineland State Bank, Pineland, TX

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