Regulatory Alerts2002-03-27
Non-Objection to Capital Securities Issuance by Pennsylvania State-Chartered Bank
The Pennsylvania Department of Banking issued a non-objection letter to a Doylestown bank regarding its proposal to issue $2 million in unsecured 15-year capital securities. The Department clarified that while state law requires amortization, the bank may rely on federal regulations 12 CFR § 3.100 and § 5.47 which do not mandate such provisions. This approval is contingent upon the facts remaining consistent with those stated in the bank's March 13, 2002, notice.
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