95-8

September 22, 1995

Re: Use of Conference Telephone By Directors:

Dear Mr. ________:

This is in response to your letter of June 15, 1995, and is written follow-up to our verbal approval given to you by phone on July 19, 1995.

In your correspondence you indicated that three of the bank’s board members reside in Taiwan. You asked if it was permissible for them to participate in board meetings through telephone conference calls.

Attendance at board meetings through the use of conference phones is acceptable to the State Banking Department as long as speaker phones are used and all members can speak and hear one other during meeting proceedings. The board minutes should reflect that the individuals attendance was via phone conferencing.

If you have any questions, or require any further information concerning this matter, please phone me.

Very truly yours,

CONRAD W. HEWITT
Superintendent of Banks

By:

DONALD L. GRIGSBY
Assistant Deputy
Superintendent of Banks

DLG:mc

cc: Federal Deposit Insurance Corporation – S.F.
State Banking Department – S.F.