DOCSLIB.ORG

$668,130,000 Department of Water and Power of the City of Los

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
$668,130,000 Department of Water and Power of the City of Los NEW ISSUE – FULL BOOK-ENTRY-ONLY RATINGS: Fitch: “AA-” Moody’s: “Aa3” Standard & Poor’s: “AA-” (See “RATINGS” herein) In the opinion of Orrick, Herrington & Sutcliffe LLP, Bond Counsel to the Department, based on an analysis of existing laws, regulations, rulings and court decisions, and assuming, among other matters, the accuracy of certain representations and compliance with certain covenants, interest on the Series B Bonds is excluded from gross income for federal income tax purposes under Section 103 of the Internal Revenue Code of 1986. In the further opinion of Bond Counsel, interest on the Series B Bonds is not a specific preference item for purposes of the federal individual or corporate alternative minimum taxes although Bond Counsel observes that such interest is included in adjusted current earnings when calculating corporate alternative minimum taxable income. Bond Counsel is of the opinion that interest on the Series A Bonds is not excluded from gross income for federal income tax purposes. Bond Counsel is also of the opinion that interest on the Series A/B Bonds is exempt from State of California personal income taxes. Bond Counsel expresses no opinion regarding any other tax consequences related to the ownership or disposition of, or the accrual or receipt of interest on, the Series A/B Bonds. See “TAX MATTERS” herein. $668,130,000 Department of Water and Power of the City of Los Angeles Power System Revenue Bonds $616,000,000 $52,130,000 2010 Series A 2010 Series B (Federally Taxable – Direct Payment - Build America Bonds) Dated: Date of Delivery Due: As shown on the inside front cover This cover page contains certain information for general reference only. It is not intended to be a summary of the security or terms of this issue. Investors are advised to read the entire Official Statement to obtain information essential to the making of an informed investment decision. Capitalized terms used on this cover page not otherwise defined shall have the meanings set forth herein. The Department of Water and Power of the City of Los Angeles Power System Revenue Bonds, 2010 Series A (the “Series A Bonds”) and the Department of Water and Power of the City of Los Angeles Power System Revenue Bonds, 2010 Series B (the “Series B Bonds” and together with the Series A Bonds, the “Series A/B Bonds”) will be issued by the Department of Water and Power of the City of Los Angeles (the “Department”) to provide funds to pay costs of Capital Improvements to the Power System, to refund certain outstanding bonds of the Department and to pay certain Costs of Issuance of the Series A/B Bonds. See “APPLICATION OF PROCEEDS.” Interest on the Series A/B Bonds is payable on each January 1 and July 1, commencing January 1, 2011. The Series A/B Bonds will be dated the date of original delivery and will mature in the principal amount and in the years and bear interest at the respective rates of interest per annum, all set forth on the inside front cover. The Series A/B Bonds will be issued in fully registered form and will be registered in the name of Cede & Co., as nominee of The Depository Trust Company, New York, New York (“DTC”). Individual purchases of interests in the Series A/B Bonds will be made in book-entry form only, in the principal amount of $5,000 or any integral multiple thereof for sales within the United States. For sales made outside the United States, the minimum purchase and trading amount is 20 units (20 Series A/B Bonds in an aggregate principal amount of $100,000) as described herein. Purchasers of such interests will not receive physical certificates representing their interests in the Series A/B Bonds purchased. Principal of and interest and premium, if any, on the Series A/B Bonds are payable directly to DTC by the Treasurer of the City of Los Angeles, as fiscal agent. Upon receipt of such payments, DTC is obligated in turn to remit such payments to the DTC Participants for subsequent disbursement to the Beneficial Owners of the Series A/B Bonds, as described herein. Beneficial owners’ rights will be governed as to such payments, the receipt of notices (including any notice of redemption) and other communications and various other matters by the rules and operating procedures applicable to the DTC book-entry system, as described herein. Beneficial interests in the Series A/B Bonds may be held through DTC, Clearstream, Luxembourg or Euroclear Bank as operator of the Euroclear System, directly as a participant or indirectly through organizations that are participants in such systems. See APPENDIX C — “DTC BOOK-ENTRY SYSTEM AND GLOBAL CLEARANCE PROCEDURES.” The Series A/B Bonds are being offered for sale in those jurisdictions in the United States of America, Europe, Asia and elsewhere where it is lawful to make such offers. The distribution of this Official Statement and the offering, sale and delivery of the Series A/B Bonds in certain jurisdictions is restricted by law. See “INFORMATION CONCERNING OFFERING RESTRICTIONS IN CERTAIN JURISDICTIONS OUTSIDE THE UNITED STATES” in the introductory section of this Official Statement The Department currently intends to designate the Series A Bonds as direct payment “Build America Bonds” for purposes of the American Recovery and Reinvestment Act of 2009 (the “Recovery Act”). Subject to the Department’s compliance with certain requirements under the Recovery Act and the Internal Revenue Code of 1986, as amended (the “Code”), the Department expects to receive cash subsidy payments from the United States Treasury equal to 35% of the interest payable on the Series A Bonds. Such cash subsidy payments received by the Department will be deposited to the Power Revenue Fund. The Series A/B Bonds are subject to optional and mandatory sinking fund redemption prior to maturity as described herein. See “THE SERIES A/B BONDS — Optional Redemption” and “— Mandatory Redemption.” The Series A/B Bonds will be special obligations of the Department payable only from the Power Revenue Fund and not out of any other fund or moneys of the Department or the City of Los Angeles (the “City”). The Series A/B Bonds will not constitute or evidence an indebtedness of the City or a lien or charge on any property or the general revenues of the City. Neither the faith and credit nor the taxing power of the City will be pledged to the payment of the Series A/B Bonds. See “SOURCE OF PAYMENT.” The Series A/B Bonds are offered when, as and if issued and received by the Underwriters, subject to the approval of validity by Orrick, Herrington & Sutcliffe LLP,Bond Counsel to the Department, and to certain other conditions. Certain legal matters will be passed upon for the Department by the Office of the City Attorney of the City and by Orrick, Herrington & Sutcliffe LLP, Disclosure Counsel to the Department, and for the Underwriters by Nossaman LLP. It is expected that the Series A/B Bonds, in definitive form, will be available for delivery through the facilities of DTC in the United States and that DTC will deliver the Series A/B Bonds through Euroclear and Clearstream Luxembourg in Europe, on or about June 2, 2010. Series A Bonds Morgan Stanley J.P. Morgan Siebert Brandford Shank & Co., LLC Citi De La Rosa & Co. Goldman, Sachs & Co. Fidelity Capital Markets Ramirez & Co., Inc. Series B Bonds Morgan Stanley J.P. Morgan Backstrom McCarley Fidelity Capital Markets RBC Capital Markets Wells Fargo Berry & Co., LLC Securities Dated: May 20, 2010 MATURITY SCHEDULE $616,000,000 Department of Water and Power of the City of Los Angeles Power System Revenue Bonds, 2010 Series A (Federally Taxable – Direct Payment - Build America Bonds) $316,000,000 5.716% Term Bonds due July 1, 2039 - Yield 5.716% Price 100%; CUSIP No.† 544495UG7 $300,000,000 6.166% Term Bonds due July 1, 2040 - Yield 6.166% Price 100%; CUSIP No.† 544495UH5 $52,130,000 Department of Water and Power of the City of Los Angeles Power System Revenue Bonds, 2010 Series B Maturity Principal Interest CUSIP † Date Amount Rate Yield Price Numbers January 1, 2011 $1,100,000 2.000% 0.400% 100.926% 544495UJ1 July 1, 2011 230,000 2.000 0.600 101.505 544495UU6 July 1, 2012 5,200,000 2.000 0.820 102.429 544495UK8 July 1, 2013 6,925,000 4.000 1.290 108.157 544495UL6 July 1, 2014 5,485,000 5.000 1.680 113.039 544495UM4 July 1, 2015 2,085,000 2.100 2.100 100.000 544495UN2 July 1, 2015 2,620,000 5.000 2.100 113.904 544495UV4 July 1, 2018 4,575,000 3.000 2.980 100.141 544495UP7 July 1, 2018 1,090,000 5.000 2.980 114.408 544495UW2 July 1, 2019 5,650,000 5.000 3.160 114.423 544495UQ5 July 1, 2020 2,360,000 4.000 3.320 105.783 544495UR3 July 1, 2020 2,910,000 5.000 3.320 114.290 544495UX0 July 1, 2021 2,265,000 3.375 3.420 99.585 544495US1 July 1, 2021 3,915,000 5.000 3.420C 113.373C 544495UY8 July 1, 2022 5,720,000 5.000 3.520C 112.465C 544495UT9 C – Priced to July 1, 2020 Call Date DEPARTMENT OF WATER AND POWER OF THE CITY OF LOS ANGELES 111 North Hope Street Los Angeles, California 90012 BOARD OF WATER AND POWER COMMISSIONERS LEE KANON ALPERT, President VACANT, Vice President FORESCEE HOGAN-ROWLES JONATHAN PARFREY THOMAS S.
Load more

Recommended publications
  • Stipulation and Consent to Issuance of an Order of Prohibition, Lenard
    - I Y I ” .., UNITED STATES OF AMERICA Before The l OFFICE OF THRIFT SUPERVISION In the Matter of ; OTS Order No. SF-97-007 LENARD CAWTA. j Dated: -oh 88. 1997 Former Employee and Institution-Affiliated Party of CALIFORNIA FEDERAL BANK, A F.S.B.; San Francisco, California. ! I STIPULATION AND CONSENT TO ISSUANCE OF AN ORDER OF PROHIBITION WHEREAS, the Office of Thrift Supervision ("OTS"), based upon information derived from the exercise of its regulatory responsibilities, has informed Lenard Canta ("CAWTA"), a former employee and institution-affiliated party of California Federal Bank, a F.S.B. ("CalFed" or "the Association"), OTS No. 5099, that the OTS is of the opinion that the grounds exist to initiate an administrative prohibition proceeding against CAWTA pursuant to 12 U.S.C. B 1818(e)'; and WHEREAS, CAWTA desires to cooperate with the OTS to avoid the time and expense of such administrative litigation and, without admitting or denying that such grounds exist, but admitting the statements and conclusions in Paragraph 1 below, hereby stipulates and agrees to the following terms: 'All references in this Stipulation and Consent and the Order of Prohibition to the U.S.C. are as amended. - _I 1. Jurisdiction. l (a) CalFed, at all times relevant hereto, was a "savings association" within the meaning of 12 U.S.C. § 1813(b) and Section 2(4) of the Home Owners' Loan Act, 12 U.S.C. 0 1462(4). Accordingly, CalFed is an "insured depository institution" as that term is defined in 12 U.S.C. § 1813(c). (b) CANTA, as a former employee of CalFed, isdeemed to be an "institution-affiliated party" as that term is defined in (12 U.S.C.
    [Show full text]
  • 2016 National Interagency Community Reinvestment Conference
    February 7-10, 2016 Los Angeles, CA Sponsored by Federal Reserve Bank of San Francisco Federal Deposit Insurance Corporation Office of the Comptroller of the Currency Community Development Financial Institutions Fund JW Marriott at L.A. Live 900 West Olympic Boulevard Los Angeles, CA 90015 213-765-8600 Conference Registration Diamond Ballroom Plaza To Conference Ballrooms Ź Studio 3 Atrium Platinum Ballroom Olympic Studios 1, 2 Gold Ballroom 2 elcome to the 2016 National Interagency Community Reinvestment Conference and [V3VZ(UNLSLZHJP[`[OH[L_LTWSPÄLZIV[O[OLJOHSSLUNLZHUKVWWVY[\UP[PLZMHJPUN[OL Wcommunity development sector. Economic opportunity does not happen in a vacuum: it takes a coordinated approach to housing, LK\JH[PVUW\ISPJZHML[`OLHS[OJHYL[YHUZWVY[H[PVUHUKQVIZ6]LY[OLUL_[[OYLLKH`Z^L^PSS L_WSVYL[OLWH[O^H`Z[VVWWVY[\UP[`[OH[JHUJYLH[L]PIYHU[ULPNOIVYOVVKZMVYHSS(TLYPJHUZ >OL[OLY`V\»YLHIHURLYKL]LSVWLYVYJVTT\UP[`SLHKLY^LOVWL`V\^PSS[HRLM\SSHK]HU[HNLVM [OLSLHYUPUNHUKUL[^VYRPUNVWWVY[\UP[PLZ[OPZJVUMLYLUJLVMMLYZ;OLCRA Compliance track features an interagency team of top examiners from around the country. Sessions in this track cover virtually L]LY`HZWLJ[VM[OL*9(L_HTPUH[PVUWYVJLZZMVYHSSPUZ[P[\[PVUZPaLZHUKPUJS\KLILZ[WYHJ[PJLZ[OH[ L]LU[OLTVZ[L_WLYPLUJLK*9(VMÄJLYZ^PSSÄUK\ZLM\S ;OLZLZZPVUZPU[OLCommunity Development Policy and Practice trackOPNOSPNO[PUUV]H[P]LÄUHUJPUN Z[Y\J[\YLZZ[YH[LNPLZHUKWHY[ULYZOPWTVKLSZHPTLKH[I\PSKPUNWH[O^H`Z[VLJVUVTPJVWWVY[\UP[` PUSV^LYPUJVTLJVTT\UP[PLZ-VY^L»]LHKKLKHZLYPLZVM^VYRZOVWZLZZPVUZKLZPNULK[VIL ZRPSSI\PSKPUNVWWVY[\UP[PLZMVYWHY[PJPWHU[Z
    [Show full text]
  • US Accounts in 24 Hours
    U.S. Accounts In 24 Hours - eBook Thank you for purchasing our featured "U.S. Accounts In 24 Hours" eBook / Online Information Packet offered at our web site, U.S. Account Setup.com Within our featured online information packet, you will find all of the resources, tools, information, and contacts you'll need to quickly & easily open a NON-U.S. Resident Bank Account within 24 hours. You'll find lists of U.S. Banks, Account Application Forms, Information on how to obtain a U.S. Mailing Address, plus so much more. Just point and click your way through our Online Information Packet using the links above. If you should have any questions or experience any difficulties in opening your Non-U.S. Resident Account, please feel free to email us at any time, and one of our representatives will get back with you promptly. For Support, Email: [email protected] Homepage: www.usaccountsetup.com Application Forms UPDATE - E-TRADE'S NEW ACCOUNT OPENING POLICIES Etrade is changed the rules in which they open International Banking/ Brokerage accounts for foreigners. They now require all new applications be submitted to the local branch office in your region. Once account is opened, you will be able to use it as a U.S. Bank/Brokerage Account out of your home country. Below, you will find a list of International Etrade Phone Numbers & Addresses. Contact the etrade office that best reflects where you reside or would like your account based out of and where you would like to receive your debit card. U.S.
    [Show full text]
  • EMS Counterparty Spreadsheet Master
    1 ECHO MONITORING SOLUTIONS COUNTERPARTY RATINGS REPORT Updated as of October 24, 2012 S&P Moody's Fitch DBRS Counterparty LT Local Sr. Unsecured Sr. Unsecured Sr. Unsecured ABN AMRO Bank N.V. A+ A2 A+ Agfirst Farm Credit Bank AA- AIG Financial Products Corp A- WR Aig-fp Matched Funding A- Baa1 Allied Irish Banks PLC BB Ba3 BBB BBBL AMBAC Assurance Corporation NR WR NR American International Group Inc. (AIG) A- Baa1 BBB American National Bank and Trust Co. of Chicago (see JP Morgan Chase Bank) Assured Guaranty Ltd. (U.S.) A- Assured Guaranty Municipal Corp. AA- Aa3 *- NR Australia and New Zealand Banking Group Limited AA- Aa2 AA- AA Banco Bilbao Vizcaya Argentaria, S.A. BBB- Baa3 *- BBB+ A Banco de Chile A+ NR NR Banco Santander SA (Spain) BBB (P)Baa2 *- BBB+ A Banco Santander Chile A Aa3 *- A+ Bank of America Corporation A- Baa2 A A Bank of America, NA AA3AAH Bank of New York Mellon Trust Co NA/The AA- AA Bank of North Dakota/The AA- A1 Bank of Scotland PLC (London) A A2 A AAL Bank of the West/San Francisco CA A Bank Millennium SA BBpi Bank of Montreal A+ Aa2 AA- AA Bank of New York Mellon/The (U.S.) AA- Aa1 AA- AA Bank of Nova Scotia (Canada) AA- Aa1 AA- AA Bank of Tokyo-Mitsubish UFJ Ltd A+ Aa3 A- A Bank One( See JP Morgan Chase Bank) Bankers Trust Company (see Deutsche Bank AG) Banknorth, NA (See TD Bank NA) Barclays Bank PLC A+ A2 A AA BASF SE A+ A1 A+ Bayerische Hypo- und Vereinsbank AG (See UniCredit Bank AG) Bayerische Landesbank (parent) NR Baa1 A+ Bear Stearns Capital Markets Inc (See JP Morgan Chase Bank) NR NR NR Bear Stearns Companies, Inc.
    [Show full text]
  • Citigroup Inc. 10-Q 3Rd Quarter 2002
    SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2002 OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________ to _______ Commission file number 1-9924 Citigroup Inc. (Exact name of registrant as specified in its charter) Delaware 52-1568099 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 399 Park Avenue, New York, New York 10043 (Address of principal executive offices) (Zip Code) (212) 559-1000 (Registrant’s telephone number, including area code) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No Indicate the number of shares outstanding of each of the issuer’s classes of common stock as of the latest practicable date: Common stock outstanding as of October 31, 2002: 5,056,767,896 Available on the Web at www.citigroup.com Citigroup Inc. TABLE OF CONTENTS Part I − Financial Information Item 1. Financial Statements: Page No. Consolidated Statement of Income (Unaudited) − Three and Nine Months Ended September 30, 2002 and 2001 47 Consolidated Statement of Financial Position − September 30, 2002 (Unaudited) and December 31, 2001 48 Consolidated Statement of Changes in Stockholders’ Equity (Unaudited) − Nine Months Ended September 30, 2002 and 2001 49 Consolidated Statement of Cash Flows (Unaudited) − Nine Months Ended September 30, 2002 and 2001 50 Notes to Consolidated Financial Statements (Unaudited) 51 Item 2.
    [Show full text]
  • Dawn Haghighi Nomination Page 1 of 10 Nomination for “Outstanding
    Nomination For “Outstanding Committee Member of The Year” Is awarded for individual excellence, leadership and major contributions made by a member of an ACC Committee. General Requirements: Eligibility for this award is restricted to current ACC members in good standing who are members of an ACC Committee. Nominees are considered for their committee leadership positions, their contributions to the committee, ACC and the legal profession generally, especially in-house practice. Contributions to the community at large through volunteer work or pro bono activities may also be considered. Please attach additional sheets, as necessary and return your nomination to ACC (attn: Victor Morales at [email protected]). I, Raghu Nandan, hereby nominate the following ACC Member for “Outstanding Committee Member of the Year.” Nominee: Dawn Haghighi Nominee's Company: PCV Murcor Committee Affiliation: Real Estate Committee Please provide a brief summary of the nominee’s leadership role(s) and contributions to the above committee: Please tell us about the nominee’s contributions to ACC (e.g., CLE programs, ACC publications, membership outreach/development, etc.), the legal profession generally and in-house practice specifically (including through other bar association activities which promote the expertise of in-house counsel). Please comment on any community service or pro bono activities on the part of the nominee or any other factors, which you would like to be considered. NOTE: A bio and headshot of winner will be required within two-weeks after selection has been made. Dawn Haghighi Nomination Page 1 of 10 NOMINATION FOR JONATHAN A. SILBER OUTSTANDING COMMITTEE MEMBER OF THE YEAR AWARD As the Vice-Chair of ACC’s Real Estate Committee, I am pleased to nominate Dawn Haghighi, General Counsel of Affiliate Companies PCV Murcor Real Estate Services (Los Angeles), Hightide Settlement Services (Anaheim), and VRM Mortgage Services (Dallas) for the 2017 Jonathan A.
    [Show full text]
  • Oakland City Council
    OAKLAND CITY COUNCIL RESOLUTION NO. _____________ C.M.S. INTRODUCED BY COUNCILMEMBER ______________________________ A RESOLUTION CERTIFYING BANKS THAT HAVE MET THEIR 2000 FAIR SHARE GOALS PURSUANT TO THE CITY’S LINKED BANKING SERVICE ORDINANCE WHEREAS, the City Council adopted an amended Linked Banking Services Ordinance, Ordinance No. 12066 C.M.S., on July 14, 1998; and WHEREAS, the Ordinance established a process for determining which banks have met their “Fair Share Goals” for Oakland community lending; and WHEREAS, an assessment of the 2000 performance of Oakland banks in meeting their Faire Share Goals for community lending pursuant to the Linked Banking Services Ordinance was conducted, and seven banks were found to have met their Fair Share Goals; now therefore be it RESOLVED: That the following banks are certified by the City Council as having met their 2000 Fair Share Goals: • Bank of America • Bank of the Orient • Community Bank of the Bay • Metropolitan Bank • Union Bank of California • Washington Mutual • Wells Fargo Bank and be it further RESOLVED: That the following banks are not certified by the City Council as having met their 2000 Fair Share Goals: • Bank of Canton of California • Bank of Oakland • Bank of the West • California Bank & Trust • California Federal Bank • California Savings & Loan • Cathay Bank • Citibank Federal Savings Bank • Civic Bank of Commerce • Fireside Thrift Company • First Federal Savings & Loan Association • Gateway Bank • Mechanics Bank • Mission National Bank • Sanwa Bank California • Summit Bank • United Commercial Bank • United Labor Bank • World Savings & Loan • World Savings Bank, F.S.B and be it further RESOLVED: That the City Manager shall file the lists of banks that have met their 2000 Fair Share Goals and those that have not with the City Clerk and with the appropriate federal and state regulatory agencies.
    [Show full text]
  • Annual Report Captures Some of Our Legacy of Achievement, Innovation, and Success
    20 0Annual 4Report citigroup.com ©2005 Citigroup Inc. 159981 3/05 CIT2062 >> Our Shared Responsibilities Citigroup’s goal is to be the WE HAVE A RESPONSIBILITY most respected global finan- TO OUR CLIENTS cial services company. As a We must put our clients first, pro- vide superior advice, products great institution with a unique and services, and always act with and proud history, we play an the highest level of integrity. important role in the global in memoriam economy. Each member of Walter Wriston, - the Citigroup family has three Citicorp Chairman, 1970-1984 Shared Responsibilities: >> On June 29, 1946, Walter Wriston reported for work as a junior inspector in the Comptrollers WE HAVE A RESPONSIBILITY WE HAVE A RESPONSIBILITY division at 55 Wall Street. A man of acerbic wit, he later noted that he “came to Citibank by TO EACH OTHER TO OUR FRANCHISE accident and stayed through inertia.” We must put Citigroup’s long-term We must provide outstanding peo- Walt proved to be a champion of risk-taking and creativity. He oversaw the introduction of interests ahead of each unit’s short- ple the best opportunity to realize major financial innovations—shipping and airline loans, the negotiable certificate of deposit, the term gains and provide superior their potential. We must treat our floating rate note, currency swaps, and the one-bank holding company, to name just a few. He results for our shareholders. We teammates with respect, champion committed major resources, despite heavy initial losses, to developing consumer banking because must respect the local culture and our remarkable diversity, share the “that’s where the money is,” he noted astutely, installing ATMs ahead of the competition and take an active role in the commu- responsibility for our successes, establishing a strong credit card business in South Dakota.
    [Show full text]
  • Approval of Proposal of Citigroup
    FEDERAL RESERVE SYSTEM Citigroup Inc. New York, New York Order Approving the Acquisition of Savings Associations Citigroup Inc. (“Citigroup”), a financial holding company within the meaning of the Bank Holding Company Act (“BHC Act”), has requested the Board’s approval under sections 4(c)(8) and 4(j) of the BHC Act (12 U.S.C. §§ 1843(c)(8) and (j)) and section 225.24 of the Board’s Regulation Y (12 C.F.R. 225.24) to acquire all the voting shares of California Federal Bank (“Cal Fed”), San Francisco, California, a federally chartered savings association. Citigroup proposes to acquire Cal Fed by acquiring all the voting shares of Golden State Bancorp Inc. (“Golden State”), which controls Cal Fed,1 and to indirectly acquire Citibank (West), FSB (in formation) (“Citibank (West)”), both in San Francisco, California. The proposed transaction is primarily a merger of Cal Fed and part of the branch network of Citigroup’s existing subsidiary depository institutions in California and Nevada into Citigroup’s newly formed subsidiary savings association, Citibank (West). With Citibank (West) as a newly formed subsidiary 1 Citigroup intends to acquire Golden State’s other direct and indirect nonbanking subsidiaries, including Auto One Acceptance Corporation, Dallas, Texas (“Auto One”), and First Nationwide Mortgage Corporation, Frederick, Maryland (“First Nationwide”), pursuant to section 4(k) of the BHC Act (12 U.S.C. § 1843(k)) and the post-transaction notice procedures of section 225.87 of Regulation Y. 1 savings association and surviving entity of the merger transaction, the transaction is subject to review by the Office of Thrift Supervision (“OTS”) under the Home Owners’ Loan Act (12 U.S.C.
    [Show full text]
  • Actions of the Board, Its Staff, and the Federal Reserve Banks; Applications and Reports Received
    Federal Reserve Release H.2 Actions of the Board, Its Staff, and the Federal Reserve Banks; Applications and Reports Received No. 50 Week Ending December 12, 1998 Board of Governors of the Federal Reserve System, Washington, DC 20551 H.2 Board Actions December 6, 1998 to December 12, 1998 Bank Holding Companies FirstMerit Corporation, Akron, Ohio -- application to acquire Signal Corp., Wooster, Ohio, and its banking and nonbanking subsidiaries. - Approved, December 7, 1998 Norwest Corporation, Minneapolis, Minnesota -- requests by certain commenters for reconsideration of the Board's approval of the application to acquire Wells Fargo & Company, San Francisco, California. - Denied, December 7, 1998 Regulations And Policies Income tax allocation among affiliates of banking organizations -- interagency policy statement to provide guidance to institutions concerning the allocation and payment of taxes (Docket No. R-1022). - Approved, October 27, 1998 (AC) Interagency efforts to coordinate examinations as required by the Riegle Community Development and Regulatory Improvement Act -- report to Congress. - Approved, November 19, 1998 (AC) Regulation CC -- request for comment on a proposal to shorten the maximum hold for many nonlocal checks (Docket No. R-1031). - Approved, December 7, 1998 Regulations H, K, and Y -- request for comment on a proposal to require domestic and foreign banking organizations supervised by the Board to develop and maintain "Know Your Customer" programs (Docket No. R-1019). - Approved, October 1, 1998 (AC) Regulations J and CC -- decision not to propose any specific regulatory changes at this time to reduce or eliminate legal disparities between the Federal Reserve Banks and private sector banks in the presentment and settlement of checks (Docket No.
    [Show full text]
  • Lead by Example-DJ EXTRA 2.22.05
    Daily Journal Newswire Articles www.dailyjournal.com © 2009 The Daily Journal Corporation. All rights reserved. • select Print from the File menu above LARGE FIRMS • May. 10, 2004 Safe Deposit Alan Rothenberg has left his mark on the legal and sports scene. Now, investors say Rothenberg's big name will draw customers to his new bank, which caters to lawyers. By Amy K. Spees Law firms that decide to carry their bundles of cash over to 1st Century Bank aren't just getting a financial institution that caters to attorneys. They're putting their money into Los Angeles legal luminary Alan I. Rothenberg, the face behind the newly opened bank. Rothenberg, chairman of 1st Century, is the co-founder of Manatt, Phelps & Phillips, one of Los Angeles' prestigious law firms, and a creator of modern-day Major League Soccer. He's a former head of the State Bar and a past partner at megafirm Latham & Watkins. "There are very few people that could run a soccer league, run an Olympics, be a major player in a major law firm and then start a bank," says Thomas Girardi of Girardi & Keese. "Alan is an exceptional human being." Rothenberg is the force behind the new bank, which aims to fill a niche for lawyers and law firms that banking experts say is neglected. "He's got a huge base in the community of people who know and respect him," says Mike Hennigan of Hennigan, Bennett & Dorman, a bank investor. "If anyone will be able to build a bank out of this community, it's Alan Rothenberg." Rothenberg has been off to a good start.
    [Show full text]
  • 62009, DO 02-09, Order Granting an Exemption Under the Depository
    OFFICE OF THRIFT SUPERVISION Golden State Bancorp San Francisco, California California Federal Bank San Francisco, California Order Granting an Exemption Under the Depository Institution Management Interlocks Act Order No.: 2002-09 Date: March l&2002 Docket No.: H-2895,05099 Golden State Bancorp (Holding Company) and California Federal Bank (Savings Bank), both of San Francisco, California, have applied to the Office of Thrift Supervision (OTS) for an exemption under section 207 of the Depository Institution Management Interlocks Act (Interlocks Act) and the OTS Management Interlocks Regulations (Interlocks Regulations) for the service of Brian P. Dempsey as a member of the board of directors of the Holding Company and the Savings Bank, while Mr. Dempsey also serves as a director of HomeStreet Bank, Seattle, Washington (Bank). The Interlocks Act (12 U.S.C. $J3203) and the Interlocks Regulations (12 C.F.R. 5 563f.3(c)) prohibit, among other things, any person from serving as a management official of a depository holding company or depository institution with total assets exceeding $2.5 billion, while also serving as a management official of a depository institution or depository holding company with total assets exceeding $1.5 billion. As of September 30,2001, the Savings Bank had assets of approximately $59.4 billion. The Bank and its holding company, HomeStreet, Inc., had total assets of approximately $1.4 billion as of September 30,200 1, but expect total assets to increase to over $1.5 billion in the near future. The Interlocks Act grants OTS the authority to promulgate regulations permitting service that would otherwise be prohibited by the Interlocks Act, if the service would not result in a monopoly or substantial lessening of competition.
    [Show full text]