Explanatory All Institutions Letter
September 12, 2005
TO THE INDIVIDUAL OR INSTITUTION ADDRESSED:
Re: Final Adoption of Amendment to Part 207 of the Special Regulations of the Banking Board (Permission to Serve as an Executive Officer, Director or Trustee of Banks, Trust Companies, Savings Banks, Savings and Loan Associations, National Banks, Federal Savings and Loan Associations and Bank Holding Companies)
At its September 1, 2005 meeting the Banking Board authorized the final adoption of the attached proposed amendment to Part 207 of the Special Regulations of the Banking Board . The amendment will become effective upon publication in the State Register which is expected on September 21, 2005.
At its May 10, 2005 meeting, the Banking Board granted permission for Mr. Scott Shay to continue to serve as both a director of Bank Hapoalim, B.M. and an executive officer of Signature Bank.
Pursuant to Section 70.2 of the General Regulations of the Banking Board, as then written, such permission was required to be expressed by the addition of a new Section 207.3 of the Special Regulations of the Banking Board.
While the Banking Board has amended Section 70.2 to remove this requirement, the amendment had not yet become effective at the time permission for this interlock was granted.
Very truly yours,
Sam L. Abram
Secretary of the Banking Board