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Microcap & Penny Stocks : PanAmerican BanCorp (PABN) -- Ignore unavailable to you. Want to Upgrade?

To: marcos who wrote (37454)	6/3/1999 11:17:00 AM
From: J T	Respond to of 43774

Well it seems the topic has included the dead so why not talk to them! Poor Poor Rosario. ROTFLMAO PEACE JT

To: marcos who wrote (37454)	6/3/1999 11:11:00 PM
From: jhild	Read Replies (1) \| Respond to of 43774

After reading over the regulations and the Application Form, it is clear to me that FBI background checks would only become an issue after the application is made. After all they would only have the information supplied as a part of the application (the Form 1393's) to be checking on in the first place. So I think these reports of there being an FBI inquiry into John Schmitz is a fabrication, unless he is being investigated for other reasons. Those professing knowledge of the process here are apparently mistaken. Here is the way the Application Process works for applying to the OTS to become a thrift. Note it STARTS as far as the OTS is concerned when the application is made. It is taken directly from the enabling Title 12 of the Code of Federal Regulations [12 C.F.R, Sec 516] with regard to making an application to the OTS. It appears to proceed quite efficiently. (b) Applications submitted for review. An application submitted to the OTS for processing shall be submitted on the designated form and shall comply with all applicable regulations and guidelines governing the filing of such applications. The OTS is required to notify an applicant in writing within 5 business days of receipt of an application. (c) Accepting applications for processing. (1) Within 30 calendar days of receipt of a properly submitted application for processing, the OTS shall: (i) Request in writing any additional information necessary to complete the application; (ii) Deem the application to be complete; or (iii) Decline to further process the application if it is deemed by the OTS to be materially deficient and/or substantially incomplete. ----------- (2) Failure by an applicant to respond fully to a written request by the OTS for additional information within 30 calendar days of the date of such request may be deemed to constitute withdrawal of the application or may be treated as grounds for denial or disapproval of the application. ----------- (4) The period for review by the OTS of an application will commence on the date that the application is deemed complete. The OTS shall notify an applicant in writing as to whether the application is deemed complete within 15 calendar days after the timely filing of any additional information . . . squid.law.cornell.edu With respect to the Form itself, the information that is required from the organizers is: A. For each organizer, proposed director/trustee, proposed managing officer and all individuals planning to own 10% or more of the proposed institution's stock, submit a Biographical and Financial Report (OTS Form 1393), properly prepared and executed. B. Submit the following information on the proposed managing officer of the association: (1) A description of the managing officer's qualifications and previous experience with other financial institutions, and the amount of his or her proposed salary, including any provisions for bonuses; (2) Copies of any proposed employment contract and evidence that the contract will comply with the provisions of 563.39 of the "Office" regulations; ots.treas.gov