Bank is currently well capitalized under relevant federal guidelines, and all the subsidiaries of FBRG that are subject to regulatory capital requirements exceed the required minimum capital levels.
In addition, FBRG holds a small number of shares as a passive minority investor in several depository institutions over which it exercises no control.
Before its acquisition by FBRG, Bank, then doing business as Rushmore Trust and Savings, FSB ("Rushmore"), received an overall rating of "satisfactory" from its primary federal supervisor, the Office of Thrift Supervision ("OTS"), at its most recent evaluation for CRA performance, as of June 1999.
In connection with the reorganization, Applicants have also filed notices under section 4(c)(8) and (j) of the BHC Act to retain interests of greater than 5 percent of the voting shares of three savings and loan associations held by FBRG and thereby engage in operating savings and loan associations.
FBRG has indicated that it expects the proposal would improve the financial position and future business prospects of the organization.
The Board notes that neither FBRG nor its subsidiaries or affiliates makes this type of loan.