75-5

75-5

May 23, 1975

Dear Mr. ________:

We regret the delay in writing to confirm our telephone conversation of April 14, 1975.

In our view, Ahmanson Bank and Trust Company is not prohibited by the Banking Law from conducting its trust business under the fictitious business name “Ahmanson Trust Company”, nor will this Department object if the Bank so conducts its trust business. If and when the Bank commences to transact trust business under the fictitious business name “Ahmanson Trust Company”, please advise us and forward to us a copy of the fictitious business name statement filed with the County Clerk pursuant to Chapter 5 (commencing with Section 17900), Part 3, Division 7 of the Business and Professions Code.

It is also our view that, if Ahmanson Bank and Trust Company should sell its commercial banking business to California Overseas Bank or any other commercial bank, Ahmanson Bank and Trust Company would not be required by Financial Code Section 3012 to surrender its certificate of authority to engage in commercial banking business. Rather, the Bank might structure the agreement of purchase and sale and the applications to this Department so that it would retain its certificate of authority not only to engage in trust business but also to engage in commercial banking business. Of course, the proposal that the Bank continue to engage in commercial banking business would be a factor that this Department would consider in passing upon the reorganization, and thus the proposal would be subject to the approval of this Department.

We are enclosing for your reference a copy of the provisions of Regulation Y of the Board of Governors of the Federal Reserve System which we discussed in our telephone conversation of May 12, 1975.

If you require any further clarification regarding these matters, please feel free to contact us.

Very truly yours,

JOHN H. SHERMAN
Chief Deputy Superintendent of Banks
By

JAMES F. CARRIG
Counsel

JFC:ap

cc: State Banking Department, LA

bcc: File – California Overseas Bank Opinion File

Help us improve the DFPI website! Share your feedback.

 

Last updated: Jun 28, 2019 @ 11:26 am