Regulatory Alerts2025-11-19 | Conditional Approval 1351Added
Conditional Approval 1351 — Application by Citizens Business Bank to Convert to a National Bank and Exercise Fiduciary Powers
The Office of the Comptroller of the Currency conditionally approves Citizens Business Bank’s application to convert to a national bank under Charter Number 25382 and exercise fiduciary powers. The approval is subject to conditions requiring the bank to seek approval to retain public welfare investments exceeding the five percent capital and surplus limit and to divest unapproved investments. Prior to commencing business, the bank must satisfy pre-conversion requirements including purchasing fidelity bond coverage, ensuring compliance with credit life insurance regulations, adopting safe and sound operation policies, applying for Federal Reserve Bank stock, and having directors own qualifying shares. The approval automatically terminates if the conversion is not consummated within six months.