Public Notice: Federal Universal Bank Powers

Public Notice

Department of Financial Institutions

Division of Banking

Notice of Approval of Federal Power

To be Exercised by a Universal bank

 

The Department of Financial Institutions, Division of Banking, pursuant to s. 222.0401 (2), Wis. Stats, has approved the following federal power to be exercised by a universal bank. A universal bank need not request the permission of the Division under this subsection to exercise the power described below.

With the prior approval of the Division of Banking, the appropriate federal regulatory agency, and 2/3 of the bank’s shareholders, a universal bank may transfer funds from the capital surplus account directly to the institution’s shareholder(s), as permitted by 12 CFR § 5.46.

Contact Person:

Ms. Cheryll Olson-Collins, Administrator

Department of Financial Institutions

Division of Banking

Telephone [phone]