PanAmerican BanCorp (PABN) Message Board

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Microcap & Penny Stocks : PanAmerican BanCorp (PABN)

PABN 0.00001000

0.0%

Mar 7 3:00 PM EST

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To: ColleenB who wrote (40423)	8/16/1999 2:21:00 AM
From: jhild	of 43774

For those confused with the notion that PABN/PRWT will have to show substantial assets to be able to open a thrift, here is an excerpt from the the application that addresses this very issue: To safeguard the FDIC against potential loss and to ensure that a new association has sufficient capital to commence operations, the Office will require the organizers of a proposed Federal savings and loan association or Federal savings bank to obtain a minimum amount of pledged savings accounts (mutual association requirement) or capital stock (stock association requirement), prior to beginning operations, equal, generally, to two million dollars. On a case by case basis, the Director of the Office may consider approving a de novo applicant having less than two million dollars in initial capital stock (stock institution) or initial pledged savings (mutual institution), or may require an applicant to have more than two million dollars in initial capital stock (stock institution) or initial pledged savings (mutual institution). The definition of the appropriateness of a lesser or greater amount of capital stock or pledged savings will be based upon the applicant's proposed business strategy as set forth in its application and in the business plan described in paragraph (b) of this section.(page 5, Minimum Capital Requirements) (See: ots.treas.gov They really don't have to have any money it looks like. Just pledges totaling $2 million from those willing to deposit with the thrift in the event they are accepted. Btw, they still don't show up among applications now in process (as of August 12th). Darn wouldn't you know that these applications are taking more than 6 months to get approved after the application is submitted. And John was just talking like it would be up and operating by the end of the year. Doesn't look to me like that will be happening by years end in any event.

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