Regulatory Alerts2009-07-09
Added · Updated
State Banking Board: Investment in the Valley Angel Investment Fund and NDSU Research Park Ventures, LLC
The North Dakota State Banking Board authorized all state-chartered banks to invest in The Angel Fund and NDSU Research Park Ventures, LLC, following a request from Choice Financial Group. This blanket approval replaces the previous practice of granting individual subsequent approvals for specific institutions. Additionally, the Board noted permissible procedures for banks to sell problem loans to their holding companies after obtaining Federal Reserve permission and determining fair market value.