APPENDIXES APPENDIX 1.—MATERIALS RELATING TO FINANCIAL GENERAL BANKSHARES, INC. FEDERAL RESERVE BOARD Meeting regarding applications of Credit and Commerce American Holdings, N.V., Willemstad, Netherlands, Antilles, and Credit and Commerce American Investment, N.B., Amsterdam, Netherland ("Applicants") to acquire Financial General Bankshares, Inc., ("F6"). April 23, 1981 The Board met in Room B 1215, Main Board Building, at 20th and Constitution, N.W., Washington, D.C., at 9:39 a.m. ROBERT E. MANNION, Chairman, presiding. (213) Robert E. Mannion, Deputy General Counsel, Legal Division and Regulation Don E. Kline, Assistant Director, Division of Banking James E. Huffman, Supervisory Financial Analyst, Division James S. Keller, Senior Attorney, Legal Division Applicants: Sheikh Kamal Adham, Saudi Arabia Abdul Raouf Khalil, Saudi Arabia Faisal Saud al Fulaij, Kuwait El Sayed El Sayed El Gohary, Saudi Arabia Clark Clifford, Clifford & Warnke Robert Altman, Clifford & Warnke Baldwin Tuttle, Kutak, Rock & Huie James Fogelson, Wachtell, Lipton, Rosen & Katz FG: Mr. Jack Beddow, Secretary & Executive Vice Presi1ent Federal Reserve Bank of Richmond: Lloyd Bostian, Jr., Vice President, Examining William Spaulding, Jr., Senior Examiner William D. Martin, III, Vice President & General Counsel 3& B Donald L. Welker, Associate Economist, Research Department Comptroller of the Currency: Robert R. Bench, Assistant Chief National Bank Examiner, Multinational Banking Darrell W. Duchow, Deputy Director, Bank Organization and Structure State Supervisory Agencies: Maryland Charles R. Georgius, Deputy Bank Commissioner New York Geofredo Rodriguez, Supervising Bank Examiner Virginia Sidney A. Bailey, Commissioner of Financial Institutions William Schutt, Associate General Counsel, State Corporation Commission 1 2 3 PROCEEDINGS (9:39 a.m.) MR. MANNION: Good morning, I am Robert Mannion. I'm the Deputy General Counsel of the Board of Governors 5 of the Federal Reserve System. I'm pleased to welcome 6 you here to an informal meeting that has been scheduled 7 by the Board of Governors of the Federal Reserve to consider the applications of Credit and Commerce American Holdings of Willemstad, Netherlands Antilles, and Credit and Commerce American Investment of Amster dam, Netherlands, to acquire Financial General Bank shares, a registered bank holding company with banking subsidiaries in Maryland, New York, Tennessee, and Virginia. By letter of April 8, 1981, from the Board's assistant secretary, counsel for the applicants was advised of the Board's decision to have a meeting with respect to the appliations. At the same time, the banking supervisory authorities for the states of Maryland, New York, Tennessee, and Virginia and the Comptroller of the Currency were invited to send observers to the meeting and participate in these proceedings. Subsequently, it was determined that the hearing or the meeting would be held today, April (202) 234-4433 5 1 2 3 5 6 7 8 9 23rd, and all the agencies and the applicant were The various parties that have agreed to send observers and participate are here with one exception which may be joining us later. The state of Tennessee declined to send an observer or to participate formally in this proceeding. Maryland has indicated that they will be sending an observer, although that representative is not yet here. New York has sent Mr. Geofredo Rodriguez. 10 11 12 13 14 15 Mr. Rodriguez, if you could just raise your hand is contained in an April 20th letter to the Board's assistant secretary. "We request that the Board staff make it clear that the Department reserves the right independent ly to review any application filed by CCAH or CCAI or their principals and to make such further inquiries and conduct such further proceedings as it deems necessary or appropriate in connection therewith. And that the Department's participation or lack of participation in the Board's meeting does not constitute (202) 234-4433 11-301 0 - 83 - 15 |