Regulatory Alerts2002-06-27
Pennsylvania Department of Banking Non-Objection to Savings Bank Acquiring Employee Benefits Consulting Subsidiary
The Pennsylvania Department of Banking issued a non-objection to a Warren, Pennsylvania bank acquiring an employee benefits consulting firm as a wholly-owned subsidiary under Section 201(c) of the Banking Code of 1965. The approval is conditional upon restricting the subsidiary's activities to specified pension and 401(k) consulting services, establishing borrowing limits between the entities, and ensuring actuarial services remain integrally related to consulting. The Department acknowledged receipt of the bank's board resolution and director identification while requesting final incorporation documents and financial statements to complete its records.
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