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Miscellaneous -
Annuity
Bank may continue to hold an annuity issued by an insurance company that was purchased in conjunction with a deferred
compensation agreement.
Disclaimer
The following list shows those activities and investments approved by the FDIC under Section 24 of the
Federal Deposit Insurance Act and Part 362 of the FDIC’s Rules and Regulations, 12 C.F.R. Part 362. The list provides
insured state banks and their counsel some initial guidance regarding activities and investments that the FDIC may approve
under Section 24. However, the fact that a particular activity or investment has received FDIC approval in the past does not
affect the obligation of another institution to seek permission from the FDIC to engage in the same or similar activity.
Additionally, the fact that a particular investment or activity has been approved in the past does not restrict the FDIC's review
of future requests to engage in similar activities nor our ability to impose prudential standards on the conduct of that activity.
Finally, it should be borne in mind that since the time any particular application was approved, key statutory or regulatory
changes may have taken place, which might impact how the issues would be treated today.
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SECURITY BANK
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SHELDON, IA
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| Application or Notice |
Board or Delegated Authority |
Date of Approval |
Amount of Investment |
Percent of Tier I Capital |
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Application
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Board Action
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7/26/1996
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$ 515,739
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8.4%
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Application to hold nine annuities, issued by two insurance companies purchased in conjunction with
deferred compensation agreements for various current or former bank officers/directors.
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POWESHIEK COUNTY SAVINGS BANK
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BROOKLYN, IA
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| Application or Notice |
Board or Delegated Authority |
Date of Approval |
Amount of Investment |
Percent of Tier I Capital |
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Application
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Board Action
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5/28/1996
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2.3M
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1%
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Application to continue to hold an annuity purchased in 1985, prior to the effective date of Section 24.
The bank is the sole owner and beneficiary of the annuity which has a cash surrender value of less than 1%
of Tier 1 Capital.
Poweshiek County Savings Bank
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RUTHVEN STATE BANK
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RUTHVEN, IA
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| Application or Notice |
Board or Delegated Authority |
Date of Approval |
Amount of Investment |
Percent of Tier I Capital |
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Application
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Board Action
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5/21/1996
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5M
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5.58%
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Application to hold an annuity issued by an insurance company that was purchased in conjunction with a
deferred compensation agreement for the bank's president. The purchase of the annuity is after the effective
date of Section 24 and the bank is the sole owner and beneficiary.
Ruthven State Bank
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