Regulatory Alerts2025-10-30 | Conditional Approval 1349Added
Conditional Approval 1349 — Application by Boston Trust Walden Company to Convert to a National Bank
The Office of the Comptroller of the Currency conditionally approves the conversion of Boston Trust Walden Company, a Massachusetts state trust company, to a national bank named Boston Trust Walden National Association. The approval authorizes the bank to operate without taking deposits or holding Federal Deposit Insurance Corporation insurance, while permitting the continuation of fiduciary activities and its operating subsidiary. The bank must comply with specific capital requirements, including maintaining $5 million in tier 1 capital with 75 percent in eligible liquid assets, and must bring nonconforming third-party custodial arrangements into compliance within two years. Additionally, the bank must satisfy pre-conversion requirements such as establishing a consumer compliance policy, obtaining fidelity bond coverage, and securing Federal Reserve membership before commencing business.