Current through Register Vol. 47, No. 5, March 10, 2024
PDP1 Capital Standards for Eligible Public Depositories
[Section 11-10.5-106(2)(b),
C.R.S.]
For purposes of the Public Deposit Protection Act, a bank
meeting adequate capital standards will maintain capital ratios as
follows:
A. An eligible public
depository must have and maintain a total risk-based capital to risk-weighted
assets ratio greater than or equal to 8 percent.
B. If an eligible public depository's total
risked-based capital to risk-weighted assets ratio is less than 8 percent, but
greater than or equal to 6 percent, that eligible public depository shall adopt
a written capital improvement plan that is acceptable to the Banking Board, and
be able to meet the risk-based collateral requirements in Banking Board Rule
PDP5.
C. If an eligible public
depository's total risk-based capital to risk-weighted assets ratio falls below
6 percent, that eligible public depository shall comply with the requirements
of Banking Board Rule PDP5(D).
D.
Higher than minimum capital ratios may be required for an individual eligible
public depository when the Banking Board determines that the bank's capital is,
or may become, inadequate. For example, higher capital ratios may be
appropriate for:
1. A newly chartered
bank;
2. A bank receiving special
supervisory attention;
3. A bank
which has, or is expected to have, losses resulting in capital
inadequacy;
4. A bank having a high
proportion of off-balance sheet risks, especially standby letters of credit; or
exposed to a high degree of asset depreciation or interest rate, funding,
transfer, or similar risks; or having a low level of liquid assets in relation
to short-term liabilities;
5. A
bank that is growing rapidly, either internally or through acquisitions;
or
6. A bank that may be adversely
affected by the activities or condition of its holding company, affiliate(s),
or other persons or institutions including chain banking organizations, with
which it has significant business relationships, including concentrations of
credit.
E. An eligible
public depository's capital is inadequate if it does not meet the provisions of
this Rule. For the purposes of this Rule, the total risk-based capital to
risk-weighted assets ratio is the combined sum of tier 1 capital and tier 2
capital to risk-weighted assets.
PDP2 Revocation, Suspension, or Restriction of
Designation and Certification as an Eligible Public Depository. [Section
11-10.5-106(3)(b)(I),
C.R.S.]
A bank's designation and certification as an eligible public
depository may be revoked, suspended, or placed under restriction for any one
of the following:
A. Failure to
maintain adequate capital standards.
B. Failure to provide information requested
by any employee of the Division of Banking for purposes of monitoring the
safety of public deposits.
C.
Failure to meet reporting requirements established under the Public Deposit
Protection Act or Public Deposit Protection Act Banking Board Rules, Policies,
Procedures, or Orders.
D. Failure
to comply with any other provision of the Public Deposit Protection Act, Public
Deposit Protection Act Banking Board Rules, Policies, Procedures, or
Orders.
PDP3 List of Approved Eligible Collateral Instruments and
Obligations [Section
11-10.5-107(1),
C.R.S.]
For purposes of the Public Deposit Protection Act and these
rules, the term "investment grade" is defined as any security assigned a rating
of AAA to BBB by Standard & Poor's or Fitch's Investors Services or any
security assigned a rating of Aaa to Baa by Moody's Investors Service. The
following are approved as eligible collateral:
A.
1. U.S.
Treasury Bills, Treasury Notes, and Treasury Bonds.
2. U.S. Treasury STRIPS (Separate Trading of
Registered Interest and Principal of Securities) with maximum five year
maturity and U.S. Treasury TIPS (Treasury-Inflation Protected
Securities).
3. Farm Credit
Systemwide Bonds, Notes, and Discount Notes, issued as Federal Farm Credit Bank
(FCSB) securities, excluding multi-asset class structured notes.
4. Federal Home Loan Bank (FHLB) Bonds, Notes
and Discount Notes, excluding multi-asset class structured notes.
5. Federal National Mortgage Association
(FNMA or Fannie Mae) Bonds, Notes, Discount Notes, and Mortgage-Backed
Pass-Through Certificates, excluding multi-asset class structured
notes.
6. Federal Home Loan
Mortgage Corporation (FHLMC or Freddie Mac) Bonds, Notes, Discount Notes and
Mortgage-Backed Pass-Through Securities, excluding multi-asset class structured
notes.
7. Government National
Mortgage Association (GNMA or Ginnie Mae) Pass-Through Securities.
8. Student Loan Marketing Association (SLMA
or Sallie Mae) Bonds and Discount Notes, excluding multi-asset class structured
notes, excluding debt securities issued by SLM Corporation.
9. Certificates for sale in the secondary
market which represent undivided interests in pools composed of United States
Department of Agriculture Rural Development and Small Business Administration
loans, if either the United States Department of Agriculture Rural Development
or Small Business Administration have unconditionally guaranteed payment of all
amounts due to be paid to the owner of the certificate, and additionally,
portions of loans guaranteed by either the United States Department of
Agriculture Rural Development or Small Business Administration, provided that
one of those agencies has unconditionally guaranteed payment of all amounts due
under the guaranteed portion of the loan.
10. Irrevocable and unconditional standby
Letters of Credit issued by a Federal Home Loan Bank, provided that:
(1) The Letter of Credit is in the standard
format approved by the Division of Banking,
(2) the Colorado Division of Banking is
designated as the beneficiary of the Letter of Credit; and
(3) securities issued by a Federal Home Loan
Bank remain investment grade.
B. For purposes of this section B, "public
unit" shall have the same meaning as that term is defined in Section
11-10.5-103(13),
C.R.S., and "political subdivision" shall have the same meaning as that term is
defined in Section
11-10.5-103(10),
C.R.S.
1. Obligations of any public unit or
any political subdivision in Colorado, including anticipation warrants, general
obligations, and obligations the interest and principal of which are secured by
deposit in escrow of an amount of obligations of the United States or any
agency thereof sufficient to secure payment.
2. Revenue bonds, except industrial
development revenue bonds, issued by any public unit or any political
subdivision in Colorado, as well as special improvement district bonds issued
by any Colorado political subdivision.
3. Obligations of any public unit or
political subdivision of another state including anticipation warrants, general
obligations, and obligations the interest and principal of which are secured by
deposit in escrow of an amount of obligations of the United States or any
agency thereof sufficient to secure payment, which obligations shall be readily
convertible into cash, and which obligations are rated at least "A" quality by
one or more nationally-recognized organizations that regularly rate such
obligations.
4. Revenue bonds of
any public unit or political subdivision of another state, except private
activity bonds or industrial development revenue bonds, which obligations shall
be readily convertible into cash and which obligations are rated at least "AA"
quality by one or more nationally-recognized organizations which regularly rate
such obligations.
C.
Promissory notes secured by first lien mortgages or deeds of trust on 1-4
family residential real property situated in this state, if such notes are not
in default in any respect, are wholly-owned by the eligible public depository,
and meet the criteria below
1. Open-end and
closed-end loans, including reverse mortgages, secured by real estate as
evidenced by mortgages (Federal Housing Authority (FHA), Farmer's Home
Administration (FmHA), Veterans Authority (VA), or conventional) or other liens
on:
(a) Nonfarm property containing 1-to-4
dwelling units (including vacation homes) or more than four dwelling units if
each is separated from other units by dividing walls that extend from ground to
roof (e.g., row houses, townhouses, or the like);
(b) Mobile homes (i) that qualify as the
purchase or holding of real property under Section
38-29-101, C.R.S. et seq., and
(ii) where the loan to purchase the mobile home is secured by that mobile home
as evidenced by a mortgage or other instrument on real property;
(c) Individual condominium dwelling units and
loans secured by an interest in individual cooperative housing units, even if
in a building with five or more dwelling units; or
(d) Housekeeping dwellings with commercial
units combined where use is primarily residential and where only 1-to-4 family
dwellings are involved.
Home equity lines of credit, loans secured for 1-to-4 family
residential property construction and land development purposes, and loans
secured by vacant lots in established single-family residential sections or in
areas set aside primarily for 1-to-4 family homes may not be pledged as
eligible collateral.
In no event shall any eligible public depository's pledged
collateral portfolio consist of more than 50 percent of the above described
promissory notes.
D. Commercial paper rated at least "A1" or
"P1" in quality at the time of pledging by Moody's and Standard &
Poor's.
E. Government National
Mortgage Association, Federal National Mortgage Association and Federal Home
Loan Mortgage Corporation Collateralized Mortgage Obligations and Real Estate
Mortgage Investment Conduits except that interest only and principal only
Collateralized Mortgage Obligations and Real Estate Mortgage Investment
Conduits shall not be pledged.
F.
Commercial Mortgage-Backed Securities (CMBS) issued by the Government National
Mortgage Association, Federal National Mortgage Association, or Federal Home
Loan Mortgage Corporation.
G.
Uniform Mortgage-Backed Securities (UMBS) and Supers Securities (Supers) issued
by the Federal Home Loan Mortgage Corporation or the Federal National Mortgage
Association.
H. Surety bonds,
provided that:
1. The surety bonds are in the
standard format approved by the Colorado Division of Banking;
2. The Colorado Division of Banking is
designated as the beneficiary of the surety bond;
3. The claims-paying ability of the issuer of
the surety bond is rated, and remains rated in the highest rating category of
A.M. Best, Moody's or Standard & Poor's or the highest rating category of
another nationally-recognized rating agency acceptable to the Colorado Division
of Banking;
4. The issuer of the
surety bond is licensed or qualified to do business in Colorado, and
unaffiliated with the purchaser of the bond.
a. For the purposes of this subsection,
Paragraph (G)(4), the definition of an affiliate is the same as the definition
of affiliate found at Banking Board Rule CB 101.37(A)(2)(a);
5. No issuer of the surety bonds
may provide surety bonds for any one bank in an amount, net of reinsurance
issued by companies authorized to sell insurance in Colorado, which exceeds ten
percent of the surety bond issuer's capital and surplus as reported to the
Colorado Division of Insurance;
6.
The issuer and the eligible public depository are required to notify the
Colorado Division of Banking in writing 30 days prior to a bond's cancellation;
and
7. The issuer is required to
send quarterly reports to the Colorado Division of Banking listing those
Colorado eligible public depositories which have purchased a surety bond, as
well as the insured dollar amounts in effect.
I. Eligible collateral obligations or
instruments shall not be in default in any respect.
J. If, in the Colorado Division of Banking's
opinion, a previously-pledged instrument is not safe and sound, the instrument
shall no longer be deemed eligible collateral.
K. References
1. For more detailed information pertaining
to these provisions, please contact the Colorado State Bank Commissioner at
1560 Broadway, Suite 975, Denver, Colorado 80202, (303) 894-7575.
PDP4 Standards for Establishing Current Market Value of
Eligible Collateral [Section
11-10.5-107(1)(c),
C.R.S.]
A Market value of the obligations and instruments approved as
eligible collateral under Banking
Board Rule PDP3(A), items 1, 2, 3, 4, 5, 6, 7, and 8; and all
items under Banking Board Rule PDP3(B) and PDP3(G), shall be the last reported
bid or transaction price or, for an inactively traded security, evaluators or
other analysts acceptable to the Division of Banking may determine the market
value.
B. Market value of the
obligations approved as eligible collateral under Banking Board Rule PDP3(E)
and PDP3(F) shall be 85 percent of the market value determined by evaluators or
other analysts acceptable to the Division of Banking.
C. Market value of the obligations approved
as eligible collateral under Banking Board Rule PDP3(C) shall be 50 percent of
the current principal balance of the note.
D. Market value of the obligations approved
as eligible collateral under Banking Board Rules PDP3(D) and PDP3(A)(9) shall
be 85 percent of the par value of the obligation.
E. Market value of the letters of credit
approved as eligible collateral under Banking Board Rule PDP3(A)(10), and the
surety bonds approved under Banking Board Rule PDP3(H) shall be 100 percent of
the face value of the letter of credit or surety bond.
PDP5 Criteria and Procedures for Reducing/Removing
Uninsured Public Deposits From a Bank, or Increasing Collateral Requirements,
if the Eligible Public Depository Fails to Comply With Minimum Capital
Standards or Safety and Soundness Standards. [Sections
11-10.5-107(4)(a)]
and [11-10.5-107(4)(b)],
C.R.S.
A. Definitions.
For the purposes of this rule:
1. The "composite CAMELS rating" is the
numerical rating assigned by a state or federal banking agency at the
conclusion of an examination or visitation.
2. "Market value" is the current market value
as established in Banking Board Rule PDP4.
B. Each eligible public depository
(hereinafter "depository") must comply with the following collateral
requirements based on the depository's total risk-based capital to
risk-weighted assets ratio. The depository is required to pledge the higher of
the amount of eligible collateral required under this paragraph or paragraph C
below:
1. If the total risk-based capital to
risk-weighted assets ratio of a depository is greater than or equal to 8
percent, the depository shall pledge eligible collateral having a market value
at all times in excess of 102 percent of the aggregate of uninsured public
deposits held by it.
2. If the
total risk-based capital to risk-weighted assets ratio of a depository is less
than 8 percent, but greater than or equal to 6 percent, the depository shall
pledge eligible collateral having a market value at all times in excess of 120
percent of the aggregate of uninsured public deposits held by it. The
depository must also comply with the requirements of Banking Board Rule
PDP1(B).
3. If the total risk-based
capital to risk-weighted assets ratio of a depository is less than 6 percent,
the depository shall pledge eligible collateral having a market value at all
times in excess of 140 percent of the aggregate of uninsured public deposits
held by it. The depository must also comply with the requirements of
PDP5(D).
C. Each
depository must comply with the following collateral requirements based on the
depository's composite CAMELS rating. The depository is required to pledge the
higher of the amount of eligible collateral required under this paragraph or
paragraph B above:
1. Upon a depository's
receipt of a final report of examination or other notice that the depository
has been assigned a composite CAMELS rating of 4, the depository shall pledge
collateral having a market value at all times in excess of 120 percent of the
aggregate of uninsured public deposits held by it.
2. Upon a depository's receipt of a final
report of examination or other notice that the depository has been assigned a
composite CAMELS rating of 5, the depository shall pledge eligible collateral
having a market value at all times in excess of 140 percent of the aggregate of
uninsured public deposits held by it. The depository must also comply with the
requirements of PDP5(D).
D. Upon meeting one or both of the following
conditions, a depository shall submit to the Banking Board a plan and timeframe
for reducing uninsured public deposits. The plan and timeframe will be approved
as submitted or modified by the Banking Board on a case-by-case basis.
1. If the depository's total risk-based
capital to risk-weighted assets ratio is less than 6 percent; or
2. If the depository has received a final
report of examination or other notice that the depository has been assigned a
composite CAMELS rating of 5.
E. Compliance with this rule shall be the
responsibility of each depository regardless of the frequency or form of the
reports required by the Banking Board. A depository shall immediately notify
the Banking Board upon meeting any of the capital and/or rating conditions
listed in this Rule.
PDP6 Requirements for Holding Pledged Collateral in
Escrow Under the Public Deposit Protection Act. [Sections
11-10.5-108(1)(a)]
and [11-10.5-108(1)(b)],
C.R.S.
Any federal reserve bank, or any branch thereof, any depository
trust company, or any bank acting as custodian of eligible collateral, which
bank or company has been approved by the Banking Board as an authorized escrow
bank, must meet the requirements of Section
11-10.5-108(1)(a),
C.R.S. and must agree, in writing, on a form provided by the Division of
Banking, to comply with the following:
A. The Public Deposit Protection Act, and all
Banking Board Rules, Policies, Procedures, and Orders;
B. The Banking Board's safekeeping procedures
for the handling and documentation of pledged collateral. (This includes, but
is not limited to, issuing Joint Custody Receipts or other documentation
required by the Division of Banking to evidence the Banking Board's security
interest in the pledged collateral.);
C. Provide any information requested by the
Banking Board, or any employee of the Division of Banking, to verify the safety
and adequacy of collateral pledged under the Act;
D. Allow State Bank Examiners to conduct
on-site examinations to determine compliance with the Act and corresponding
Banking Board Rules, Policies, Procedures, and Orders; and
E. Eligible public depositories must apply to
the Banking Board for approval to hold collateral securing the same eligible
public depository's uninsured public deposits in that depository's trust
department. The Banking Board will consider the following, as well as other
criteria, in its decision to approve or reject an application:
1. Total capital to risk-weighted asset ratio
of the eligible public depository;
2. The eligible public depository's overall
composite rating, if available;
3.
The trust department rating; and
4.
Whether the trust department exercises full-service trust powers.
F. If an eligible public
depository has been approved by the Banking Board to hold eligible collateral
pledged to secure the same eligible public depository's uninsured public
deposits in its own trust department, the collateral must be held pursuant to
the provisions of a formal trust agreement between the eligible public
depository and the trust department, acting in its fiduciary
capacity.
PDP7 Reporting Requirements. [Section
11-10.5-109(1),
C.R.S.]
A. On or before the
tenth calendar day of each month, each eligible public depository shall report
to the Banking Board on the Monthly Public Depository Liability Report as of
the previous month-end:
1. The full and
complete account title of each and all Colorado public deposit
accounts;
2. The balance, including
interest accrued and earned, of each and all Colorado public deposit
accounts;
3. The dollar amount of
calculated FDIC insurance coverage based on official custodian and deposit
account type and the dollar amount of remaining uninsured balances;
4. The official custodian for each account or
the identification number assigned to the official custodian of each account by
the Division of Banking pursuant to Section
11-10.5-111(3),
C.R.S.;
5. The aggregate total of
all Colorado public deposits and the aggregate total of all uninsured Colorado
public deposits;
6. The aggregate
market value (including applicable haircuts as established in Banking Board
Rule PDP4) of the eligible collateral pledged to secure uninsured Colorado
public deposits and;
7. For the
June Report only (due on or before July 10), the account number of each
Colorado public deposit account.
B. On the same Monthly Public Depository
Liability Report, each eligible public depository shall report to the Banking
Board the previous month's highest single day's aggregate total of uninsured
Colorado public deposits and the date of occurrence.
C. A signed (electronic signatures are
acceptable) statement shall accompany the Monthly Public Depository Liability
Report, certifying the report is true and correct and one of the following:
1. Affirmation that at the close of each
business day during the previous month, the eligible public depository had
sufficient collateral pledged to secure all uninsured Colorado public deposits
in accordance with the collateralization levels established in Banking Board
Rule PDP5; or,
2. If during the
previous month there was a collateral insufficiency, the eligible public
depository shall complete a notice of under-collateralization as part of the
Monthly Public Depository Liability Report, providing the date(s) of
occurrence, explanation of insufficiency, actions taken to resolve the
insufficiency and actions to prevent future insufficiencies.
D. On the same Monthly Public
Depository Liability Report, each eligible public depository shall provide to
the Banking Board a complete listing or report of each pledged loan as of
previous month-end. For each eligible loan pledged to secure uninsured Colorado
public deposits, the listing or report shall include at a minimum:
1. Loan identification number;
2. Name of borrower;
3. Current principal balance;
4. Current interest rate;
5. Maturity date of loan;
6. Original dollar amount of the
loan;
7. Date last payment was
received; and
8. Date next payment
is due.
E. On the same
Monthly Public Depository Liability Report, each eligible public depository
shall provide to the Banking Board a complete listing or report of all pledged
collateral, including Letters of Credit and Surety Bonds as of previous
month-end. For each eligible collateral pledged to secure uninsured Colorado
public deposits, the listing or report shall include at a minimum:
1. CUSIP, Letter of Credit number, or Surety
Bond number;
2. Description of
collateral;
3. Original face
value;
4. Current face/PAR
value;
5. Market value;
6. Aggregate market value with any applicable
haircut(s) applied per Banking Board Rule PDP4; and,
7. Maturity date.
PDP8 Directors' Examination of Public Deposits. [Section
11-10.5-109(2),
C.R.S.]
A. Qualifications for
Independent Person(s) Assuming Responsibility for Due Care of Directors'
Examinations of Public Deposits. For the purposes of PDP8(A), the following
meets the definition of an Independent Person:
* Independent accounting firm composed of certified public
accountants
* The eligible public depository's holding company, so long as
the department or individual(s) conducting the directors' examination is not
responsible for performing PDPA tasks or the oversight of such tasks.
* A subsidiary of the parent company of an eligible public
depository, so long as the department or individual(s) conducting the
directors' examination is not responsible for performing PDPA tasks or the
oversight of such tasks. Persons approved by the Banking Board to conduct
directors' examinations under C.R.S. 11-103- 502(3)(b) are also automatically
approved to conduct directors' examinations of public deposits.
B. Scope of Public Deposit
Directors' Examinations.
Directors' examinations of public deposits shall include the
following:
1. The bank's total capital
to risk-weighted asset ratio.
2. A
review of the eligible public depository's trial balance reports or other
records identifying all deposit accounts held by the bank to discover any
public deposit accounts not previously identified as "public" or reported to
the Division of Banking on the Monthly Public Depository Liability Report. This
procedure is not required if the eligible public depository's most recent
safety and soundness CAMEL rating was 1 or 2.
3. Verification that each piece of pledged
collateral is of a type approved by the Banking Board as eligible collateral.
Refer to Banking Board Rule PDP3 for eligible collateral list. This procedure
is not required if the eligible public depository's most recent safety and
soundness CAMEL rating was 1 or 2.
4. Verification that the eligible public
depository is reporting monthly to the Division of Banking the current
principal balance of each real estate loan, mortgage-backed pool security, and
collateralized mortgage obligation pledged as collateral under the Public
Deposit Protection Act. This procedure is not required if the eligible public
depository's most recent safety and soundness CAMEL rating was 1 or
2.
5. Review of the bank's
procedures and workpapers for calculating uninsured public deposits and
verifying that sufficient collateral is pledged to protect those uninsured
deposits at the minimum required level under Banking Board Rules PDP4 and PDP5.
Acknowledgment that the bank has been pledging sufficient amounts of
collateral.
6. Review of all
collateral pledged under the Public Deposit Protection Act to identify any
piece of pledged collateral that has been reported to be in jeopardy of default
or any piece of pledged collateral that has been adversely classified by any
regulatory agency examiner.
C. Frequency of the Directors' Examination.
The Directors' Examination addressing in detail the items under
Banking Board Rule PDP8(B) shall be performed at least annually, but at
intervals no more than fifteen months, by an independent person that meets the
qualifications under Banking Board Rule PDP8(A).
D. Report to be Filed With the Colorado
Division of Banking.
A copy of a report addressing in detail the items under Banking
Board Rule PDP8(B) must be filed with the Colorado Division of Banking within
one hundred fifty (150) days following the date of the directors' examination
of public deposits.
PDP9 Assessments and Fees. [Sections
11-10.5-106(3)(a)(III);
11-10.5-109(4);
and 11-10.5-112(2),
C.R.S.]
A. Assessments
1. In order to cover the expenses, net of fee
income of the Division of Banking for the supervision of eligible public
depositories, each eligible public depository shall be assessed annually, as of
June 30.
2. On June 30 of each year
each eligible public depository shall be subject to the full assessment without
proration for any reason.
3.
Assessments for all eligible public depositories shall be calculated according
to the proportion of aggregate public deposits that each depository holds in
relation to the total of all aggregate public deposits held by all eligible
public depositories for each annual period for which they were eligible public
depositories. Assessments may also be based on other factors as determined by
the Banking Board, consistently applied.
B. Fees
1.
The Banking Board shall set fees annually by publishing a schedule of fees for
services as of July 1 of each year.
2. Such schedule shall list all services
performed that are subject to a fee and the fee to be charged. In addition, the
fee schedule shall list fees set by statute, if any.
C. Payment of Assessments and Fees.
1. Assessments and fees shall be remitted to
the "Division of Banking" in a form approved by the Division.
2. The assessment and any fee relating to
examinations shall be paid within twenty (20) days after a statement of the
amount thereof shall have been received by the eligible public
depository.
3. All other fees shall
be paid at the time the service is rendered. Service relating to statutory
application or notice is deemed to be rendered at the time of filing
application or notice.
PDP11 Qualifications for Certification as an Eligible
Public Depository [Section
11-10.5-106(2),
C.R.S.]
A. Only banks meeting
all of the following criteria may be certified to hold public deposits:
1. The bank must be organized or chartered
under Title 11, Articles 101 to 108, under the banking laws of any other state,
or under Title 12, Chapter 2 of the United States Code.
2. The bank must either be headquartered in
Colorado, or have a branch physically located in Colorado.
3. The deposits of the bank must be insured
or guaranteed by the Federal Deposit Insurance Corporation.
4. The bank must be in compliance with the
capital standards established by the Banking Board for eligible public
depositories.
5. The bank must
agree, in writing, to abide by the Colorado Public Deposit Protection Act, all
Rules, procedures, regulatory directives, examination requirements, and any
other criteria established by the Banking Board.
B. An eligible public depository that will no
longer meet the criteria set forth in Banking Board Rule PDP11(A)(1) shall
notify the Banking Board in writing 90 days in advance.
C. An eligible public depository that will no
longer meet the criteria set forth in Banking Board Rule PDP11(A)(2) due to a
branch closure, shall notify the Banking Board in writing 90 days in advance of
closing its sole remaining Colorado branch and shall include with such notice a
copy of the notice of branch closing required to be filed with the appropriate
federal regulatory agency.
D. An
eligible public depository that will no longer meet the criteria set forth in
Banking Board Rule PDP11(A)(3), shall notify the Banking Board in writing
immediately and upon the eligible public depository's receipt of notice from
the Federal Deposit Insurance Corporation and shall include a copy of such
notice.
E. An eligible public
depository that does not meet or will no longer meet the criteria set forth in
Banking Board Rule PDP11(A)(4) and/or PDP11(A)(5) shall immediately notify the
Banking Board in writing.
