national republic bank of chicago

(OCC) today appointed the Federal Deposit Insurance Corporation (FDIC) as receiver for The National Republic Bank of Chicago, Chicago, a national bank. National Republic Bank-Chicago Business Information. Name: National Republic Bank-Chicago; Address: 1201 W Harrison St; City: Chicago; State: Illinois, US. The Federal Reserve Bank of Chicago acted as depositary, custodian, 1932, the organization papers of the City National Bank & Trust Company of Chicago.

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National republic bank of chicago -

OCC Enforcement Actions and Terminations for March 2018

WASHINGTON -- The Office of the Comptroller of the Currency (OCC) today released new enforcement actions taken against national banks, federal savings associations, and individuals currently and formerly affiliated with national banks and federal savings associations.

All Cease and Desist Orders, Civil Money Penalty Orders, and Removal/Prohibition Orders are issued with the consent of the parties, unless otherwise indicated as a Decision and Order issued by the Comptroller of the Currency.

Copies of the final actions are available for download by viewing the searchable database of all public enforcement actions taken since August 1989 at http://apps.occ.gov/EnforcementActions/.

View the current final actions by selecting the enforcement action below. You may also submit a request electronically to obtain copies through the OCC's online FOIA site, https://foia-pal.occ.gov/ or by writing to the Comptroller of the Currency, Communications Division, Suite 3E-218, Washington, DC 20219. When ordering, please specify the appropriate enforcement action number.


Cease and Desist Orders
No.Name/Bank/CityDate
New Jersey
2018-011City National Bank of New Jersey, Newark2/12/2018

Civil Money Penalty Orders
No.Name/Bank/CityDate
California
2018-012Theodore Roberts, Merchants Bank of California, National Association, Carson2/6/2018

Notices Filed
No.Name/Bank/CityDate
Illinois
N18-001Hiren Patel, The National Republic Bank of Chicago, Chicago2/7/2018

Terminations of Existing Enforcement Actions
No.Type/Bank/City/Old EA#Date
Colorado
2018-014C&D, Grand Mountain Bank, FSB, Granby (EA# WN-09-036)2/23/2018
2018-015C&D, Grand Mountain Bank, FSB, Granby (EA# WN-10-036)2/23/2018
District Of Columbia
2018-016

FA, The National Capital Bank of Washington, Washington (EA# 2015-097)

12/6/2017
New Jersey
2018-017C&D, City National Bank of New Jersey, Newark (EA# 2010-244)2/12/2018
New York
2018-018FA, Trustco Bank, Glenville (EA# 2015-085)2/7/2018
Texas
2018-013

C&D, ACE Cash Express, Inc. (Former Agent and Bank Service Provider for Community West Bank, National Association f/k/a Goleta National Bank, Goleta, California), Irving (EA#2002-92)

2/14/2018

Media Contact

Public Affairs
(202) 649-6870

Источник: https://www.occ.treas.gov/news-issuances/news-releases/2018/nr-occ-2018-29.html

The National Republic Bank Of Chicago, Chicago (Illinois) 60607, 1201 West Harrison

The National Republic Bank Of Chicago, Chicago (Illinois) 60607, 1201 West Harrison

Isem (Fergħa)): The National Republic Bank Of Chicago
Indirizz (Fergħa): 1201 West Harrison
Kodiċi Zip (Fergħa): 60607
Belt (irrapportati) (Fergħa): Chicago
Isem tal-Kontea (Fergħa): Cook
Isem l-Istat (Fergħa): Illinois

Isem Istituzzjoni: NATIONAL REPUBLIC BK CHICAGO
Indirizz (Istituzzjoni): 1201 West Harrison
Kodiċi Zip (Istituzzjoni): 60607
Kwartieri Ġenerali Istituzzjoni, il-Belt: Chicago
Isem tal-Kontea (Istituzzjoni): Cook
Isem l-Istat (Kwartieri Ġenerali Istituzzjoni): Illinois

Attiv totali: 415,075,000 USD (Four Hundred and Fifteen Million Seventy-Five Thousand $)
Depożiti Domestika totali: 369,777,000 USD (Three Hundred and Sixty-Nine Million Seven Hundred and Seventy-Seven Thousand $)
Depożiti domestiku totali għall-istituzzjonijiet: 369,777,000 USD (Three Hundred and Sixty-Nine Million Seven Hundred and Seventy-Seven Thousand $)
Depożiti (Fergħa) (f'eluf ta 'dollari): 356,683,000 USD (Three Hundred and Fifty-Six Million Six Hundred and Eigthy-Three Thousand $)
Deskrizzjoni Speċjalizzazzjoni Industrija: COMMERCIAL LENDING

Hancock Center Branch (Bank One, National Association)
875 North Michigan Avenue
60611 Chicago
Illinois (Cook)
468,606,000 USD (Four Hundred and Sixty-Eight Million Six Hundred and Six Thousand $)

Uptown Nat'l Chicago Branch (Bridgeview Bank and Trust Company)
4753 Broadway
60640 Chicago
Illinois (Cook)
112,220,000 USD (One Hundred and Twelve Million Two Hundred and Twenty Thousand $)

Community Bank Of Shelby County (Community Bank of Shelby County)
Main Street
62422 Cowden
Illinois (Shelby)
26,425,000 USD (Twenty-Six Million Four Hundred and Twenty-Five Thousand $)

108 North Main Street Branch (Heartland Bank and Trust Company)
108 North Main Street
61530 Eureka
Illinois (Woodford)
53,866,000 USD (Fifty-Three Million Eight Hundred and Sixty-Six Thousand $)

Greatbank A National Association (Greatbank A National Association)
525 Main Street
60202 Evanston
Illinois (Cook)
73,717,000 USD (Seventy-Three Million Seven Hundred and Seventeen Thousand $)

Orrington (Bank One, National Association)
1603 Orrington Avenue
60201 Evanston
Illinois (Cook)
457,201,000 USD (Four Hundred and Fifty-Seven Million Two Hundred and One Thousand $)

Farmers & Mechanics Bank (Farmers & Mechanics Bank)
21 East Main Street
61401 Galesburg
Illinois (Knox)
102,715,000 USD (One Hundred and Two Million Seven Hundred and Fifteen Thousand $)

The State Bank Of Geneva (The State Bank of Geneva)
22 South Fourth Street
60134 Geneva
Illinois (Kane)
74,450,000 USD (Seventy-Four Million Four Hundred and Fifty Thousand $)

Peoples National Bank Of Kewanee (Peoples National Bank of Kewanee)
207 North Tremont Street
61443 Kewanee
Illinois (Henry)
130,847,000 USD (One Hundred and Thirty Million Eight Hundred and Fourty-Seven Thousand $)

Charleston Branch (U.S. Bank National Association)
1400 Charleston Avenue
61938 Mattoon
Illinois (Coles)
53,869,000 USD (Fifty-Three Million Eight Hundred and Sixty-Nine Thousand $)

Elmhurst Branch (Fifth Third Bank)
105 South York Street
60126 Elmhurst
Illinois (DuPage)
598,971,000 USD (Five Hundred and Ninety-Eight Million Nine Hundred and Seventy-One Thousand $)

The Northern Trust Company (The Northern Trust Company)
50 South Lasalle Street
60675 Chicago
Illinois (Cook)
6,251,672,000 USD (Six Thousand Two Hundred and Fifty-One Million Six Hundred and Seventy-Two Thousand $)

Metropolitan Bank and Trust Company (Metropolitan Bank and Trust Company)
2201 West Cermak Road
60608 Chicago
Illinois (Cook)
78,353,000 USD (Seventy-Eight Million Three Hundred and Fifty-Three Thousand $)

Merchandise Mart Branch (Fifth Third Bank)
222 Merchandise Mart
60654 Chicago
Illinois (Cook)
102,114,000 USD (One Hundred and Two Million One Hundred and Fourteen Thousand $)

Lakeview Branch (LaSalle Bank National Association)
3301 North Ashland Avenue
60657 Chicago
Illinois (Cook)
275,247,000 USD (Two Hundred and Seventy-Five Million Two Hundred and Fourty-Seven Thousand $)

Michigan Avenue Branch (Bank One, National Association)
605 North Michigan Avenue
60611 Chicago
Illinois (Cook)
318,445,000 USD (Three Hundred and Eightteen Million Four Hundred and Fourty-Five Thousand $)

Harris Trust and Savings Bank (Harris Trust and Savings Bank)
111 West Monroe Street
60603 Chicago
Illinois (Cook)
6,594,172,000 USD (Six Thousand Five Hundred and Ninety-Four Million One Hundred and Seventy-Two Thousand $)

Bronzeville Branch (ShoreBank)
3401 Martin Luther King Driv
60616 Chicago
Illinois (Cook)
58,746,000 USD (Fifty-Eight Million Seven Hundred and Fourty-Six Thousand $)

Amalgamated Bank Of Chicago (Amalgamated Bank of Chicago)
One West Monroe Street
60603 Chicago
Illinois (Cook)
478,021,000 USD (Four Hundred and Seventy-Eight Million Twenty-One Thousand $)

Byron Bank (Byron Bank)
200 North Walnut
61010 Byron
Illinois (Ogle)
89,370,000 USD (Eigthy-Nine Million Three Hundred and Seventy Thousand $)

Beverly (Charter One Bank, National Association)
1357 West 103rd Street
60643 Chicago
Illinois (Cook)
112,857,000 USD (One Hundred and Twelve Million Eight Hundred and Fifty-Seven Thousand $)

University National Bank (University National Bank)
1354 East 55th Street
60615 Chicago
Illinois (Cook)
100,180,000 USD (One Hundred Million One Hundred and Eigthy Thousand $)

Bank One, National Association (Bank One, National Association)
1 Bank One Plaza
60670 Chicago
Illinois (Cook)
21,481,768,000 USD (Twenty-One Thousand Four Hundred and Eigthy-One Million Seven Hundred and Sixty-Eight Thousand $)

Commerical-Lasalle South (Bank One, National Association)
120 South Lasalle Street
60603 Chicago
Illinois (Cook)
5,825,823,000 USD (Five Thousand Eight Hundred and Twenty-Five Million Eight Hundred and Twenty-Three Thousand $)

231 South LA Salle Street Branch (Bank of America, National Association)
231 South LA Salle Street
60604 Chicago
Illinois (Cook)
3,608,320,000 USD (Three Thousand Six Hundred and Eight Million Three Hundred and Twenty Thousand $)

Little Village Branch #2077 (TCF National Bank)
3333 West 26th Street
60623 Chicago
Illinois (Cook)
30,867,000 USD (Thirty Million Eight Hundred and Sixty-Seven Thousand $)

Mb Financial Bank, National Association (MB Financial Bank, National Association)
801 West Madison
60607 Chicago
Illinois (Cook)
235,113,000 USD (Two Hundred and Thirty-Five Million One Hundred and Thirteen Thousand $)

Wrigley Building Main Branch (U.S. Bank National Association)
410 North Michigan Avenue
60611 Chicago
Illinois (Cook)
190,703,000 USD (One Hundred and Ninety Million Seven Hundred and Three Thousand $)

West Town Branch (U.S. Bank National Association)
745 North Milwaukee Avenue
60622 Chicago
Illinois (Cook)
62,040,000 USD (Sixty-Two Million Fourty Thousand $)

West North Avenue Branch (Banco Popular North America)
4000 West North Avenue
60639 Chicago
Illinois (Cook)
456,552,000 USD (Four Hundred and Fifty-Six Million Five Hundred and Fifty-Two Thousand $)

West 63rd Branch (Pullman Bank and Trust)
815 West 63rd Street
60621 Chicago
Illinois (Cook)
82,350,000 USD (Eigthy-Two Million Three Hundred and Fifty Thousand $)

Hyde Park Bank and Trust Company (Hyde Park Bank and Trust Company)
1525 East 53rd Street
60615 Chicago
Illinois (Cook)
179,050,000 USD (One Hundred and Seventy-Nine Million Fifty Thousand $)

East Adams Branch (First American Bank)
50 East Adams
60603 Chicago
Illinois (Cook)
57,775,000 USD (Fifty-Seven Million Seven Hundred and Seventy-Five Thousand $)

Pullman Bank and Trust (Pullman Bank and Trust)
1000 East 111th Street
60628 Chicago
Illinois (Cook)
336,023,000 USD (Three Hundred and Thirty-Six Million Twenty-Three Thousand $)

Austin Bank Of Chicago (Austin Bank of Chicago)
5645 West Lake Street
60644 Chicago
Illinois (Cook)
71,782,000 USD (Seventy-One Million Seven Hundred and Eigthy-Two Thousand $)

Sears Tower Branch (Fifth Third Bank)
223 South Wacker Drive
60606 Chicago
Illinois (Cook)
233,706,000 USD (Two Hundred and Thirty-Three Million Seven Hundred and Six Thousand $)

Corus Bank, National Association (Corus Bank, National Association)
3959 North Lincoln Avenue
60613 Chicago
Illinois (Cook)
354,001,000 USD (Three Hundred and Fifty-Four Million One Thousand $)

6100 North Northwest Highway Branch (Pullman Bank and Trust)
6100 North Northwest Highway
60631 Chicago
Illinois (Cook)
169,408,000 USD (One Hundred and Sixty-Nine Million Four Hundred and Eight Thousand $)

Chicago Community Bank (Chicago Community Bank)
1110 West 35th Street
60609 Chicago
Illinois (Cook)
110,697,000 USD (One Hundred and Ten Million Six Hundred and Ninety-Seven Thousand $)

North Michigan Avenue Branch (U.S. Bank National Association)
30 North Michigan Avenue
60602 Chicago
Illinois (Cook)
37,408,000 USD (Thirty-Seven Million Four Hundred and Eight Thousand $)

Devon Branch (The National Republic Bank of Chicago)
2615 West Devon
60659 Chicago
Illinois (Cook)
13,094,000 USD (Thirteen Million Ninety-Four Thousand $)

Metamora Branch (Commerce Bank, National Association)
One Engelwood Drive
61548 Metamora
Illinois (Woodford)
45,178,000 USD (Fourty-Five Million One Hundred and Seventy-Eight Thousand $)

Citizens State Bank Of Milford (Citizens State Bank of Milford)
36 East Jones Street
60953 Milford
Illinois (Iroquois)
30,717,000 USD (Thirty Million Seven Hundred and Seventeen Thousand $)

State Bank Of Niantic (State Bank of Niantic)
200 East Lewis Street
62551 Niantic
Illinois (Macon)
34,838,000 USD (Thirty-Four Million Eight Hundred and Thirty-Eight Thousand $)

Oak Park Branch (Bank One, National Association)
1048 Lake St
60301 Oak Park
Illinois (Cook)
269,731,000 USD (Two Hundred and Sixty-Nine Million Seven Hundred and Thirty-One Thousand $)

Springfield Main Branch (Bank One, National Association)
One East Old State Capitol P
62701 Springfield
Illinois (Sangamon)
412,491,000 USD (Four Hundred and Twelve Million Four Hundred and Ninety-One Thousand $)

Sumner National Bank Of Sheldon (Sumner National Bank of Sheldon)
198 South Fourth Street
60966 Sheldon
Illinois (Iroquois)
9,162,000 USD (Nine Million One Hundred and Sixty-Two Thousand $)

Tolono Facility (Busey Bank)
128 Holden Street
61880 Tolono
Illinois (Champaign)
39,289,000 USD (Thirty-Nine Million Two Hundred and Eigthy-Nine Thousand $)

Tuscola National Bank (Tuscola National Bank)
900 S. Progress Boulevard
61953 Tuscola
Illinois (Douglas)
79,210,000 USD (Seventy-Nine Million Two Hundred and Ten Thousand $)

Citizens First State Bank Of Walnut (Citizens First State Bank of Walnut)
105 North Main Street
61376 Walnut
Illinois (Bureau)
31,100,000 USD (Thirty-One Million One Hundred Thousand $)

130 South Main Street Branch (Heartland Bank and Trust Company)
130 South Main Street
61571 Washington
Illinois (Tazewell)
64,874,000 USD (Sixty-Four Million Eight Hundred and Seventy-Four Thousand $)


Original information:
# Numru taċ-Ċertifikat FDIC: 916
# FRB Numru ID: 215130.00000000
# Numru inkartament OTS: 0.00000000
# Isem Istituzzjoni: NATIONAL REPUBLIC BK CHICAGO
# Isem Istituzzjoni: The National Republic Bank of Chicago
# FRB Numru ID (Banda kumpannija holding): 0.00000000
# Multi-Bank Holding Company bandiera: 0.00000000
# Nru Bank Holding Company bandiera: 1.00000000
# Wieħed Bank Holding Company bandiera: 0.00000000
# Unità tal-bandiera Bank: 0.00000000
# Regolatur Federali Primarja: OCC
# Fond Primarja Assigurazzjoni: BIF
# bandiera OAKAR: 0.00000000
# Kodiċi aġent Karta: OCC
# Isem aġent Karta: Comptroller of the Currency
# Numru tad-Distrett FRB: 7.00000000
# Istituzzjoni Klassi: N
# Klassi Numru: 3
# Numru Reġjun QBP: 3.00000000
# Isem Reġjun QBP: Central
# Numru Reġjun FDIC: 9
# Isem Reġjun FDIC: Chicago
# Federal Reserve Distrett Isem: Chicago
# Numru tad-Distrett OCC: 3
# Isem Reġjun OCC: Central District
# Isem Reġjun OTS: Central
# Numru Reġjun OTS: 3.00000000
# Stat Kodiċi: IL
# Isem l-Istat (Kwartieri Ġenerali Istituzzjoni): Illinois
# Numru Istat (Istituzzjoni): 17
# Isem tal-Kontea (Istituzzjoni): Cook
# Numru tal-Kontea (Istituzzjoni): 31.00000000
# Istat u Numru tal-Kontea (Istituzzjoni): 17031.00000000
# Kwartieri Ġenerali Istituzzjoni, il-Belt: Chicago
# Kwartieri Ġenerali Istituzzjoni, il-Belt (USPs): Chicago
# Indirizz (Istituzzjoni): 1201 West Harrison
# Kodiċi Zip (Istituzzjoni): 60607
# Numru Post Kodiċi: 0.00000000
# CMSA FIPS Kodiċi (Uffiċċju Prinċipali): 0
# Kodiċi MSA (Istituzzjoni): 0
# Isem Pajjiż FIPS: United States
# Ġodda Brick u l-bandiera Tikħil: 0.00000000
# Federali tal-bandiera tal-Karta: 1.00000000
# Istat tal-bandiera tal-Karta: 0.00000000
# TFR bandiera Rapport: 0.00000000
# Sejħa bandiera Rapport: 1.00000000
# Assigurata kummerċjali bandiera Bank: 1.00000000
# Assigurata Tifdil bandiera Istituzzjoni: 0.00000000
# Assigurat bandiera Istituzzjoni: 1.00000000
# Assigurat bandiera FDIC: 1.00000000
# Blokkati Kontijiet (TFR): 0.00000000
# Internazzjonali entità Bankarju bandiera Att: 0.00000000
# fergħat Istati Uniti ta 'istituzzjonijiet barranin bandiera: 0.00000000
# bandiera Sasser: 0.00000000
# Depożitu Demand Fergħat Assigurat: 0.00000000
# Ħin u Iffrankar Depożitu fi Fergħat Assigurat: 0.00000000
# Depożiti domestiku totali għall-istituzzjonijiet: 369777.00000000
# Depożiti Domestika totali: 369777.00000000
# Depożiti (Fergħa) (f'eluf ta 'dollari): 356683.00000000
# Attiv totali: 415075.00000000
# Indikatur tad-Daqs Assi: 5.00000000
# Assi 100M li 300m bandiera: 0.00000000
# Assi Matul 10B bandiera: 0.00000000
# Assi 1B 3B bandiera: 0.00000000
# Assi Taħt 25M bandiera: 0.00000000
# Assi 25M għall-50m bandiera: 0.00000000
# Assi 300m għal 500m bandiera: 1.00000000
# Assi 3B biex 10B bandiera: 0.00000000
# Assi 500m biex 1B bandiera: 0.00000000
# Assi 50m li 100M bandiera: 0.00000000
# CENCODES Ċ, E, N, jew M: M
# Fergħa Indikatur Domiċilju: 1.00000000
# SOD Reġjun Ktieb Numru: 3
# Domestika bandiera Istituzzjoni: 1.00000000
# Uffiċċju Numru: 0
# Uffiċċju tat-Tip: MO
# Uffiċċju Prinċipali tal-bandiera Nomina: 1.00000000
# Fergħa tal-bandiera Nomina: 0.00000000
# Identifikazzjoni unika Numru (Fergħa): 591.00000000
# Isem (Fergħa)): The National Republic Bank Of Chicago
# Kodiċi tal-Istat (Fergħa): IL
# Isem l-Istat (Fergħa): Illinois
# Numru Istat (Fergħa): 17
# Isem tal-Kontea (Fergħa): Cook
# Numru tal-Pajjiż (Fergħa): 31.00000000
# Istat u Numru tal-Kontea (Fergħa): 17031
# Belt (irrapportati) (Fergħa): Chicago
# Belt (USPs) (Fergħa): Chicago
# Indirizz (Fergħa): 1201 West Harrison
# Kodiċi Zip (Fergħa): 60607
# CMSA FIPS Kodiċi (Fergħa): 0
# Kodiċi MSA (Fergħa): 0
# Pajjiż FIPS Isem (Fergħa): United States
# Tip Servizz Fergħa: 11
# Consol / / Mhux stmata-Dep: 0
# FDIC Reġjun Numru Fergħa): 9
# Reġjun FDIC Isem (Fergħa): Chicago
# Sejħa bandiera Rapport (Fergħa): 1.00000000
# TFR bandiera Rapport (Fergħa): 0.00000000
# Rapport Data: 0000-00-00 00:00:00
# Data Rapport (SSXXJJ): 2003-06-30
# Data Rapport (YYMM): 2020-03-06
# Sors tad-data Identifikatur: SIMS_I
# GEO_Census_Block_Group: 170312823001
# Magħquda Żona Statistika Isem (Istituzzjoni): Chicago-Naperville-Michigan City, IL-IN-WI
# Qalba Ibbażat Żona Statistika Isem (Istituzzjoni): Chicago-Naperville-Joliet, IL-IN-WI
# Magħquda Żoni Istatistika (Istituzzjoni): 176
# Qalba Żoni Istatistika Ibbażat (Istituzzjoni): 16980
# Metropolitani Żoni Istatistika (Fergħa): 16980
# Metropolitani Żona Statistika Isem (Fergħa): Chicago-Naperville-Joliet, IL-IN-WI
# Magħquda Żoni Istatistika (Fergħa): 176
# Magħquda Żona Statistika Isem (Fergħa): Chicago-Naperville-Michigan City, IL-IN-
# Qalba Żoni Istatistika Ibbażat (Fergħa): 16980
# Qalba Ibbażat Żona Statistika Isem (Fergħa): Chicago-Naperville-Joliet, IL-IN-WI
# Metropolitani Diviżjonijiet Bandiera (Fergħa): 16974
# Metropolitani Diviżjonijiet Isem (Fergħa): Chicago-Naperville-Joliet, IL
# Metropolitani Diviżjonijiet Bandiera (Fergħa): 1
# Micropolitan Diviżjonijiet Bandiera (Fergħa): 0
# Metropolitani Diviżjonijiet Isem (Istituzzjoni): Chicago-Naperville-Joliet, IL
# Metropolitani Żoni Istatistika (Istituzzjoni): 16980
# Metropolitani Żona Statistika Isem (Istituzzjoni): Chicago-Naperville-Joliet, IL-IN-WI
# Metropolitani Diviżjonijiet Bandiera (Istituzzjoni): 16974
# Metropolitani Diviżjonijiet Bandiera (Istituzzjoni): 1
# Micropolitan Diviżjonijiet Bandiera (Istituzzjoni): 0
# Grupp Speċjalizzazzjoni Industrija: 4.00000000
# Deskrizzjoni Speċjalizzazzjoni Industrija: COMMERCIAL LENDING
# New England Kontea Żoni Metro (Fergħa): 0.00000000
# New England Kontea Żoni Metro (Istituzzjoni): 0.00000000

Источник: http://www.maltese.banksfinder.net/591.html

National Republic Bank of Chicago has been fined $15,000...

CHICAGO -- National Republic Bank of Chicago has been fined $15,000 and placed on five years probation for failing to report cash transactions that were linked to a nationwide cocaine ring.

U.S. District Judge John Grady sentenced the bank Tuesday, saying the laundering of cash through the bank was the work of former bank vice president Kenneth Straub.

Advertisement

Prosecutors had asked Grady to impose a $150,000 fine on the two counts of failing to report to the Internal Revenue Service currency transactions exceeding $10,000.

Grady said he imposed the light sentence because he did not want to 'impair ... the financial position' of the bank.

The bank had pleaded guilty to not filing reports on two large transactions. The bank was indicted July 27, along with Straub and 20 other people, in an alleged cocaine ring operating in Florida, Chicago and Los Angeles.

The bank admitted failing to report currency deposits made by Edward Fields, who was indicted and accused of exchanging suitcases of small bills for larger bills. Prosecutors said the money came from cocaine sales.

Straub's trial on 18 counts of conspiracy and concealing bank financial transactions is pending.

Источник: https://www.upi.com/Archives/1983/08/31/National-Republic-Bank-of-Chicago-has-been-fined-15000/7281431150400/

First Republic Bank

American Financial Services Company

This article is about the bank based in San Francisco. For the defunct bank based in Dallas, see First Republic Bank Corporation.

TypePublic

Traded as

IndustryBanking
Financial services
Investment services
Founded1985
HeadquartersSan Francisco, CA, USA

Area served

California, Oregon, New York, Massachusetts, Connecticut, Florida, Wyoming

Key people

James H. Herbert II
Chairman and CEO
Hafize Gaye Erkan
President
ProductsConsumer Banking
Business Banking
Wealth Management
Mortgages
Total assetsUS$111.0 billion (2019)[1]
Subsidiaries
  • First Republic Investment Management, Inc.
  • First Republic Securities Company, LLC
  • First Republic Trust Company
  • First Republic Trust Company of Delaware LLC
Websitefirstrepublic.com

First Republic Bank is an Americanbank and wealth management company offering personal banking, business banking, trust, and wealth management services, catering to low-risk, high net-worth clientele, and focusing on providing personalized customer experience. The bank specializes in delivering personalized relationship-based service through preferred banking or trust offices in the United States, including San Francisco, Palo Alto, Los Angeles, Santa Barbara, Newport Beach, San Diego, Portland, Palm Beach, Boston, Greenwich, New York City, Jackson, Wyoming, and Manhattan Beach.[1]

First Republic offers wealth management services through First Republic Wealth Advisors and First Republic Investment Management. Brokerage services are provided through First Republic Securities Company LLC and Trust services are provided through First Republic Trust Company.

Corporate history[edit]

Changes in ownership[edit]

First Republic was founded in 1985,[2] starting as a small thrift company.[3] Since its founding, it has undergone a series of ownership changes since 2007, beginning with its announced purchase by Merrill Lynch on January 29, 2007 for $1.8 billion to augment their private client business. The company was to be operated as a separate business of Merrill Lynch.[2] The Merrill transaction was finalized on September 21, of 2007. Robert J. McCann, president of Merrill's Global Wealth Management group stated their purpose was to accelerate their strategy of "growing our high net worth, private banking business."[4] Over the same weekend that Lehman Brothers Holdings filed for Chapter 11 bankruptcy protection, on September 15, 2008, Merrill Lynch and its subsidiaries were acquired by Bank of America.[5]

In October 2009, just under 50% of First Republic was purchased by two private equity firms, Colony Capital and General Atlantic, and a group of other investors that included chairman James Herbert and former COO Katherine August DeWilde. The price was valued at about $1 billion. Both equity firms had prior relationships with First Republic Bank. Thomas J. Barrack, Jr., the head of Colony, had been a board member prior to the Merrill Lynch deal and General Atlantic had been an early investor in the firm putting up about $5 million in 1987.[6] The deal was consummated on July 1, 2010. The London-based news service reported that an additional $800 million was provided by the new investment consortium to meet new capital requirements established by U.S. regulators.[7]

Gradifi and recent events[edit]

In the years leading up to 2016, the bank's private wealth management unit acquired advisory teams such as Constellation Wealth Partners.[8] By April 2016,[9] First Republic had opened branches at the Facebook and Twitter Inc. headquarters in Silicon Valley.[10] It also had various high-profile customers.[11]Barron's in September 2016 decided to list First Republic Bank at 21 on its list of America's Top 40 Wealth Management Firms.[8] By December 2016, First Republic Bank had $68 billion in assets.[12]

In December 2016, the bank acquired Gradifi, a startup in Boston, for an unknown cash amount.[13][12] Then two years old, Gradifi works with companies to help their employees pay off student debt,[12] and First Republic had become a client in August 2016.[13] Becoming a wholly owned subsidiary of First Republic,[13] Gradifi continues to operate in Boston under its own name.[12][13] Gradifi retained its customer base including PricewaterhouseCoopers, Natixis Global Asset Management and Penguin Random House.[13]

Remaining a large American bank,[14] in March 2018, the bank invested in CommonBond, a student loan financier.[15] First Republic announced it would expand into Jackson, Wyoming in May 2018 with a new branch.[16] Also that month, First Republic signed a deal to double its space at Rockefeller Center in New York City.[17] In June 2018, Forbes ranked First Republic #220 on its Global 2000 list of "growth champions." Forbes also ranked it #268 on America's largest public companies. With 5,350 employees at the time, First Republic had a market cap of $15.8 billion[18] and wealth management assets totaling $140.2 billion.[1]

Subsidiaries[edit]

  • First Republic Investment Management, Inc.
  • First Republic Securities Company, LLC
  • First Republic Trust Company
  • First Republic Trust Company of Delaware LLC

Branch locations[edit]

There are currently 78 office locations of First Republic, all of which are in the United States.[19]

West

East

References[edit]

  1. ^ abcd"First Republic Bank - Who we Are Release".
  2. ^ abMerrill Lynch to Acquire First Republic Bank for $1.8 Billion, Press Release, January 29, 2007Archived March 9, 2012, at the Wayback Machine
  3. ^First Republic: Is It Wrong to Build a Bank for Wealthy Clients Only? in The Wall Street Journal by Rachel Louise Ensign, Anna Maria Android and Robert S August 16, 2016
  4. ^Merrill Lynch and First Republic Bank Successfully Close Merger, Press Release, September 21, 2007Archived March 9, 2012, at the Wayback Machine
  5. ^Weekend Merger Struck With Bank of America, , September 15, 2008
  6. ^Bank of America Sells First Republic Bank, New York Times by Zachery , October 21, 2009
  7. ^General Atlantic, Colony Capital close First Republic Bank deal , July 21, 2010Archived August 12, 2011, at the Wayback Machine
  8. ^ abAmerica's Top 40 Wealth Management Firms in Barron's by Matt Barthel, September 17, 2016
  9. ^Wealth Management Lifts First Republic Profit in American Banker by Jacob Passy, April 14, 2016
  10. ^Silicon Valley Elites Get Home Loans With No Money Down in Bloomberg News by Heather Perlberg and Prashant Gopal, July 27, 2016
  11. ^First Republic: Is It Wrong to Build a Bank for Wealthy Clients Only? in The Wall Street Journal by Rachel Louise Ensign, Anna Maria Andriotis and Paul Overberg, on August 16, 2016
  12. ^ abcdFirst Republic Buys Student-Debt Startup Gradifi in American Banker by Joseph Kellard on December 12, 2016
  13. ^ abcdeFirst Republic Bank scoops up Boston student debt startup in the Boston Business Journal by Kelly J. Obrien, December 12, 2016
  14. ^"Full List: Ranking America's 100 Largest Banks 2018".
  15. ^"Student Lender CommonBond Raises $50M to Invest in Technology, Blockchain".
  16. ^https://www.bizjournals.com/sanfrancisco/news/2018/05/07/first-republic-bank-wyoming-branch-frc.html[bare URL]
  17. ^"First Republic Bank Renews and Expands to 280K SF in Rock Center". 29 May 2018.
  18. ^"First Republic Bank (FRC)".
  19. ^ abcdefgh"First Republic: Preferred Banking Offices".
  20. ^ abFirst Republic Locations - All 68 locations in spring 2017

External links[edit]

Источник: https://en.wikipedia.org/wiki/First_Republic_Bank

Republic Bank

Republic Bank was once the largest bank in Texas. The company, founded in 1920 by Eugene DeBogory, a graduate of the University of Texas law school as the Guaranty Bank and Trust Company, promised expanded operating hours for working people. Its earliest significant officer was Fred Florence, who rose from janitor to president of an Alto, Texas, state bank, and established a relationship with Guaranty that led to his hiring at that firm in the early 1920s. In 1922 Guaranty received a national charter, took the name Republic National Bank of Dallas, and assumed a modified Lone Star as its insignia. When the company moved to new quarters and agreed to service farm and ranch loans for another local business, it was required to establish a separate bank to adhere to laws regulating national banks. The Republic Trust and Savings Bank, formed to handle loan services, was absorbed by the parent company in 1928, when rules governing national banks changed. At that time the state-chartered Republic Trust and Savings Bank and the Republic National Bank of Dallas consolidated to form the Republic National Bank and Trust Company. Florence was responsible for the acquisition of North Texas National Bank in 1929, and for helping Republic both to survive and grow during the depression. He is also credited with helping other regional banks by investing in them during the banking crisis of 1933. In 1937 the Republic National Bank and Trust Company was renamed Republic National Bank of Dallas. Under Florence's administration, Republic took the lead in cotton financing and became involved in loans to oilmen shortly after the first major discoveries. In 1932, when proration regulated oil production in the East Texas oilfield, Republic made its first loan against oil reserves to the East Texas Refining Company. The bank introduced many innovations, ranging from extended hours to an international department to assist domestic firms, and was the fourth company in Texas to issue travelers' checks in 1938.

In what some consider his most important management decision, Florence organized a wholly owned subsidiary, the Howard Corporation, in 1946 to receive the petroleum properties of Republic National in exchange for its authorized capital stock. The company, which took its name from Howard County, Texas, where some of the oil properties were located, acquired numerous shares of Teléfonos de México, invested in twenty Texas banks, Highland Park Village and six other shopping centers, and undeveloped real estate, and paid huge dividends. By 1948 Republic was the largest bank in Texas. Howard's stock was transferred to a separate trust in 1955, but in 1973 the Federal Reserve Bank required Republic to divest itself of the Howard Corporation's nonbanking assets in order to form a holding company known as the Republic of Texas Corporation. At that time, James W. Aston, who became president of Republic in 1957 and served on the board of American Airlines, arranged for American's AA Development Corporation, a subsidiary, to acquire the bulk of Howard's assets.

In 1954 the firm altered the Dallas skyline by opening a landmark building designed by the firm of Harrison and Abramovitz. The new building also housed the Dallas Club, and was a major coup in an ongoing competition with Interfirst Corporation for the preeminent position in Texas banking. Funded primarily by profits, Republic had grown from $100,000 in capital at its founding in 1920 to $60 million by 1954. It was subsequently required to return to the capital markets as growth outstripped its ability to fund expansion internally.

By the 1980s, in an ongoing effort to expand, Republic had acquired the Houston National Bank and made significant loans to the real estate industry in Texas. As real estate fell in value in the late 1980s, however, so did the quality of Republic Bank's loan portfolio. By 1987 the firm needed reorganization and sought a merger partner. Believing that its rival, Interfirst Corporation, had survived the worst of its credit problems, Republic agreed to a merger which formed the First RepublicBank Corporation. Unfortunately, Interfirst Corporation's condition was no better than Republic's, and the new corporation failed within twelve months. The Federal Deposit Insurance Corporation closed all of the holding company's banks in what was then the largest bank failure in United States history, requiring over $3 billion to restore member banks to a zero capital position. In 1989 NCNB Corporation, a North Carolina bank holding company with banks in the South and Southeast, formed a Texas subsidiary to hold the stock of the failed banks of First RepublicBank Corporation. The subsidiary took 50 percent of the total stock, held an option for the other 50 percent owned by the FDIC, and merged all the banks into the NCNB Texas National Bank, National Association. In 1990 NCNB exercised its option to purchase the FDIC's interest, and in 1991 changed its name to NationsBank Corporation. At the same time, the name of its Texas subsidiaries changed to NationsBank of Texas, Incorporated, and NationsBank of Texas, National Association. Other significant Texas institutions acquired by NCNB included University Savings Association and NBC of Texas.

Источник: https://www.tshaonline.org/handbook/entries/republic-bank

Pastor v. National Republic Bank, 76 Ill. 2d 139 (1979)

MR. JUSTICE RYAN

delivered the opinion of the court:

Plaintiff, Louis Pastor, procured the issuance of an *144irrevocable letter of credit by defendant, National Republic Bank of Chicago, in favor of Summit Insurance Company of New York (Summit). Pastor is affiliated with Associated Surety Agents, Inc. (Associated), which 'is in the business of acting as insurance agent, and in that capacity sought to represent Summit. Pastor procured the issuance of the letter of credit as stated therein “to facilitate authorization of Associated Surety Agents, Inc. to act as agent for Summit ***.” The credit authorizes Summit to draw on the defendant bank by sight draft from time to time, up to an aggregate amount of $25,000, for the recovery of any deficit balance existing between Summit and Associated. On May 25, 1975, Summit was placed in liquidation by a court order in New York. The Superintendent of Insurance of the State of New York was appointed liquidator and vested with title to all property, contracts and rights of action of Summit. Thereafter, the liquidator drew a sight draft for $25,000 on the defendant bank under the irrevocable credit it issued to Summit. Pastor filed a suit against the bank in the circuit court of Cook County seeking to enjoin payment of the sight draft. A temporary restraining order and later a preliminary injunction were issued enjoining the payment of the draft drawn against the credit. Thomas A. Harnett, Superintendent of Insurance for the State of New York, petitioned the court for leave to intervene. On March 2, 1976, the circuit court of Cook County denied Harnett’s petition, ordered the circuit court orders to remain in full force, and found that the denial of the motion to intervene was a final order and that there was no just reason to delay enforcement or appeal. The appellate court reversed and remanded. (56 Ill. App. 3d 421.) We granted Pastor’s petition for leave to appeal. The terms used with relation to letters of credit are those defined in section 5 — 103 of the Uniform Commercial Code (Ill. Rev. Stat. 1975, ch. 26, par. 5 — 103).

*145The credit which the bank issued did not expressly state that it was transferable or assignable. Concerning the required documentary support for the sight drafts drawn against the credit it provided:

“All drafts drawn under this Letter of Credit must be accompanied by your official statement setting forth the amount of the loss, our agreement description and the amount of deficit, and your calculation *** of the loss or deficit.”

The sight draft for $25,000 was drawn in favor of “Summit Insurance Company of New York in Liquidation” and was accompanied by a letter signed by the Associate Special Deputy Superintendent of Insurance for the State of New York which stated that a deficit balance existed between Associated Surety Agents, Inc., and Summit in the amount of $612,655.98 as indicated on the enclosed calculation. The calculations enclosed covered a period of time “from inception to 6/30/75,” and the calculation simply stated a “summary of income and outgo” for the period.

Section 5 — 116(1) of the Uniform Commercial Code (Ill. Rev. Stat. 1975, ch. 26, par. 5 — 116(1)) provides:

“The right to draw under a credit can be transferred or assigned only when the credit is expressly designated as transferable or assignable.”

Pastor contends that since the credit did not expressly provide that it was transferable or assignable, Summit alone was entitled to its benefits and to draw drafts against it and that this right could not be exercised by the liquidator, who, Pastor contends, is a transferee or assignee of the credit. Pastor also contends that the order of the New York court terminated the contractual relationship existing between Summit and Associated and thereafter the credit issued by the bank could not be drawn against it. Pastor also contends that the liquidator failed to comply with a condition of the credit in that he failed to *146furnish a proper accounting which reflected the amount of Summit’s loss, but instead furnished only its own statement and calculation of the loss.

The law governing letters of credit was developed “when those devices were used primarily as a financial adjunct to a contract for the sale of goods. Today letters of credit are being used as a financial adjunct to a range of contracts that is as wide as the requirements of a sophisticated and developing economy.” (Harfield, Code, Customs and Conscience In Letter-of-Credit Law, 4 U.C.C. L.J. 7, 9 (1971).) The traditional letter of credit used in connection with a contract for the sale of goods customarily was issued by a bank or other financially responsible entity (issuer) at the request of a buyer (customer) addressed to the seller of the goods (beneficiary) stating that the beneficiary could draw on the issuer for a specified amount upon compliance with conditions set forth in the body of the letter. The conditions usually were the presentation of a sight draft accompanied by certain documentation, usually including a bill of lading. The issuer, upon payment of the draft, then had a claim against the buyer (customer), who, upon payment to the issuer, received the documents which enabled him to procure the goods. The function of the traditional or commercial letter of credit was to finance the movement of goods in commerce and to insure the seller that he would be paid. See generally 2 W. Hawkland, A Transactional Guide to the Uniform Commercial Code sec. 2.37 et seq. (1964); Harfield, Code Treatment of Letters of Credit, 48 Cornell L.O. 92 (1962); Mentschicoff, How to Handle Letters of Credit, 19 Bus. Law. 107 (1963); Annot., 35 A.L.R.3d 1404 (1971).

In recent years, another distinct use of the letter of credit has emerged, accomplishing results previously obtained by the use of such devices as performance bonds, escrow agreements, and various forms of guaranty arrange*147ments. (Verkuil, Bank Solvency and Guaranty Letters of Credit, 25 Stan. L. Rev. 716, 721 (1973).) The use of the letter of credit in this capacity is referred to as a “guaranty” or “stand-by” letter of credit. Unlike the sales or traditional letter of credit, which obligates the issuer to pay in the ordinary course of a business transaction, the guaranty or stand-by letter of credit obligates the issuer to pay in the event of a default by one who procured its issuance. (Jarvis, Standby Letters of Credit — Issuers’ Subrogation and Assignment of Rights — Part 1, 9 U.C.C. L.J. 356, 359 (1977); Joseph, Letters of Credit: The Developing Concepts and Financing Functions, 94 Banking L.J. 816 (1977); see generally Campbell, Guaranties and the Suretyship Phases of Letters of Credit, 85 U. Pa. L. Rev. 175 (1936).) Although the use of letters of credit is often referred to as being in the nature of a guaranty or a suretyship arrangement, it does not assume the legal significance of either. Under the letter of credit the issuer is bound in the first instance to pay the beneficiary. It is an individual undertaking of the issuer to pay the beneficiary, and the obligation is not subject to the various defenses available to a guaranty or a surety undertaking. J. White & R. Summers, Uniform Commercial Code sec. 18-2 (1972).

Article 5 of the Uniform Commercial Code (Ill. Rev. Stat. 1975, ch. 26, par. 5 — 101 et seq.) is not limited in its applicability to any specific type or use of a letter of credit. The language used clearly indicates the intention of the drafters that its terms apply to “guaranty” or “stand-by” credits, as well as to traditional or sales credits. Whatever the nature of the credit, section 5 — 114(1) of the Code (Ill. Rev. Stat. 1975, ch. 26, par. 5 — 114(1)) makes it clear that the issuer of the credit has no right to refuse to honor a complying draft or demand. The obligation of the credit is without reference to the compliance of the buyer (customer) or the seller (beneficiary) with the underlying *148contract. The issuer deals only with documents which must comply with the terms of the credit. Once compliance is determined, the issuer is not concerned with the quality of the goods shipped or the accuracy of the documents if they are regular on their face. It is therefore apparent that the buyer (customer), the one who has procured the issuance of the credit, places substantial reliance upon the integrity or character of the seller (beneficiary). “Any procedure which extends the risk which the buyer incurs by opening the credit — for example, an assignment of the credit by the seller — should not be permitted without adequate safeguards for the buyer.” (Ufford, Transfer and Assignment of Letters of Credit Under the Uniform Commercial Code, 7 Wayne L. Rev. 263, 264-65 (I960).) Another author states:

“If the letter of credit is in such form that no one except the person upon whose honesty the buyer is depending can give such performance as the credit requires, the buyer has an excellent chance of receiving what the credit is intended to pay for. If the credit were assignable to such an extent that performance could be delegated to another, the seller-beneficiary might unwittingly assign it to someone who might, because he is placed in a position enabling him to do so, misuse the credit or ship trash instead of merchandise. ***
***
We see here perhaps the best reason there is for the present rule of non-assignability of credits which do not contain express words of assignability. The buyer is willing to be responsible for the acts of a named seller, and he should not be placed in a position such that someone else’s acts may cause him loss or trouble.” McGowan, Assignability of Documentary Credits, 13 Law & Contemp. Prob. 666, 681-82 (1948).

Thus, section 5 — 116(1) above quoted authorizes the transfer or assignment of credits only when the credit is expressly designated as transferable or assignable. The limitation, however, does not prevent the beneficiary from *149assigning the proceeds of the credit, and as section 5 — 116(2) specifically provides, even though the credit specifically states that it is nontransferable or nonassignable, the beneficiary may, before performance of the conditions of the credit, assign his right to the proceeds. Ill. Rev. Stat. 1975, ch. 26, par. 5-116(2).

We do not view the restrictions on transferability or assignability contained in section 5 — 116(1) of the Code as preventing the liquidator in our case from drawing against the credit issued to Summit. First, we note that from the pleadings and the documents presented with the draft it appears that Summit has performed by extending the credit to Associated, which the letter of credit was issued to induce. We further note that a deficit balance exists in favor of Summit in excess of the amount specified in the letter of credit. Also, we consider significant the fact that the transfer of the rights of Summit under this credit was not a voluntary transfer or assignment but was accomplished by operation of law. This is not, therefore, an attempted assignment of Summit’s obligation to perform, but is only a transfer to the liquidator by order of the court of Summit’s right to recover under the credit. The liquidator is not a stranger to the letter of credit, but is, in effect, the representative of Summit and is acting for the benefit of its estate, pursuant to order of court in marshaling the assets of the insurance company. It has generally been held that transfers to bankruptcy or insolvency trustees, or to receivers, resulting from statutory provisions or order of court, are transfers by operation of law and are therefore not within the prohibition of certain anti-assignment statutes. See Annot., 12 A.L.R. 2d 460, 479 (1950); 2 R. Clark, The Law and Practice of Receivers sec. 447 (3d ed. 1959). See also McIlvaine v. City National Bank & Trust Co. (1942), 314 Ill. App. 496, 521.

In this case we need not decide the broad question of *150whether there can be a complete transfer of all incidents of a letter of credit by operation of law. The nonassignability rule developed as a result of a concern that the transfer or assignment of a credit would place the performance which the credit sought to induce and the right to recover on the credit in a person other than the one in whom the one who procured the issuance of the letter (the customer) placed his trust and confidence. (McGowan, Assignability of Documentary Credits, 13 Law. & Contemp. Prob. 666, 682 (1948).) Here, the original beneficiary of the credit had performed according to its terms and only the right of recovery under it has been transfered by operation of law to the liquidator. The beneficiary chosen by the customer has performed and the customer has received the protection which the nonassignability rule was designed to effect.

At the time of the entry of the order by the court in New York transfering Summit’s property and right to the liquidator, Summit had a right to demand and receive payment under the credit upon the presentation of certain complying documents. There is no reason why this right should not pass to the liquidator as a claim belonging to the company’s estate to be collected by the liquidator for distribution according to law. The New York statute provides that the assets of an insolvent insurance company vest in the liquidator by operation of law. (New York Ins. Law art. XVI, sec. 514, par. 2 (McKinney).) A similar provision is found in our statute (Ill. Rev. Stat. 1975, ch. 73, par. 803), which provides for the liquidation of the assets and the distribution of the company’s estate. Ill. Rev. Stat. 1975, ch. 73, pars. 803, 805.

We noted above the similarity between the function served by a “stand-by” or “guaranty” letter of credit and an ordinary guaranty undertaking. In Essex International, Inc. v. damage (7th Cir. 1971), 440 F.2d 547, the court, in applying Illinois law, noted that the Illinois courts have refused to apply mechanically the nonassignability rule as *151to guaranties, noting that the factual setting of each case is examined to determine whether the policy underlying the rule is applicable. Because of the narrow scope of the holding in our case, it is not necessary to adopt the broader holding of damage; however, the part of that holding which we have noted is helpful for the limited purpose of this opinion. In our case, as in damage, there is no need to mechanically apply the nonassignability rule in a fact situation such as that now before this court where the primary object which the rule seeks to insure, performance by one in whom trust has been placed, has been accomplished and only the right to recover under the letter of credit is passed to the liquidator by operation of law under the provision of the applicable statute and the order of the court.

Pastor also contends that, pursuant to an order of the New York court in the liquidation proceedings, the agency contract between Summit and Associated had been terminated prior to the time the draft was presented for payment under the letter of credit. Pastor contends that the credit was enforceable only so long as the agency contract with Associated remained in full force and effect. We do not agree. Although reference is made in the letter of credit to an agency contract between Summit and Associated, as a basis for calculating the amount to be drawn, payment under the credit is not conditioned on the contract being in full force and effect. A letter of credit is an undertaking independent of any underlying contract. As such, the obligation to pay does not depend upon the underlying contract or its performance unless it is so provided in the letter of credit. The terms and conditions of the letter of credit determine and govern the bank’s obligation to pay. The conditions of the letter of credit with which we are concerned are set out above and require only that the draft drawn “must be accompanied by your official statement setting forth the amount of the loss, our *152agreement description and amount of deficit, and your calculation *** of the loss or deficit.” The documents which are presented by the beneficiary of a credit must comply with those stipulated in its terms. The bank is dealing in documents and not in contract performance. When the documents presented comply with the conditions specified in the letter of credit, the bank is authorized and obligated to pay pursuant to the terms of the credit. Ill. Rev. Stat. 1975, ch. 26, par. 5 — 114; Ill. Ann. Stat., ch. 26, par. 5 — 114, Uniform Commercial Code Comment; Joseph, Letters of Credit: The Developing Concepts and Financing Functions, 94 Banking L.J. 816, 818 (1977); Ufford, Transfer and Assignment of Letters of Credit Under the Uniform Commercial Code, 7 Wayne L. Rev. 263, 265 (1960); Verkuil, Bank Solvency and Guaranty Letters of Credit, 25 Stan. L. Rev. 716, 719-20 (1973).

Related to this contention is Pastor’s further argument that inasmuch as the liquidator failed to furnish an accounting setting forth the amount of Summit’s loss, which made drawing against the letter necessary, the requirements of the letter had not been complied with. There is no requirement contained in the letter of credit that the beneficiary of the letter furnish an account of Summit’s loss. As noted above, the letter only required that the draft be accompanied by “your official statement setting forth the amount of the loss.” The statement which accompanied the draft set forth the amount of the loss. No accounting was furnished and no accounting was required.

Pastor makes the further argument that since he was not a party to the New York proceedings, permitting the liquidator to draw against the letter of credit would be a denial of Pastor’s right to due process. We do not agree. The New York proceedings did not render an in personam judgment against Pastor. The proceeding was an in rem proceeding. The bare allegation that Pastor was denied due *153process because he was not made a party to or “given an opportunity to be heard” in the New York case is not sufficient cause to question an order entered in that proceeding.

We hold that the transfer to the liquidator by operation of law of Summit’s right to recover under the letter of credit is not prohibited by section 5 — 116(1) of the Uniform Commercial Code; that the objections to the complying documents are not well taken; and that Pastor has not shown that he has been deprived of due process of law. We agree with the appellate court that the trial court improperly denied the liquidator’s petition for leave to intervene. The liquidator has an interest in the letter of credit that could be adversely affected without adequate representation being afforded, if his petition for leave to intervene were denied. Under section 26.1(l)(b) of the Civil Practice Act (Ill. Rev. Stat. 1975, ch. 110, par. 26.1(l)(b)) the liquidator had a right to intervene.

The judgment of the appellate court is affirmed, and the cause is remanded to the circuit court of Cook County with directions to proceed in accordance with this opinion.

Affirmed and remanded, with directions.

Источник: https://cite.case.law/ill-2d/76/139/

Republic Bank definition

Related to Republic Bank

International banking institution means an international financial institution of which the United States is a member and whose securities are exempt from registration under the Securities Act of 1933.

L/C Bank means the Original L/C Bank and any other Lender which has been appointed as an L/C Bank in accordance with Clause 5.11 (Appointment and Change of L/C Bank) and which has not resigned in accordance with paragraph (c) of Clause 5.11 (Appointment and Change of L/C Bank).

Mobile Banking means the banking services accessible from the Device you have registered with us for Mobile Banking.

Digital Banking (a) means our present and future online banking services which can be accessed through 365 Online, and Bank of Ireland Mobile Banking; and (b) includes a reference to 365 Online and/or Bank of Ireland Mobile Banking where that makes sense.

Delaware Bank has the meaning specified in the preamble to this Trust Agreement.

GS Bank shall have the meaning assigned to such term in the preamble to this Agreement.

Corporation/ Corpn./ Department means the Central Warehousing Corporation.

Maritime agency services means activities consisting in representing, within a given geographic area, as an agent the business interests of one or more shipping lines or shipping companies, for the following purposes:

Online Banking means the services provided under this agreement which allow you to access information about your Internet-enabled accounts, transfer funds between qualifying accounts, and perform other transactions and obtain other services that we authorize or allow, but does not include our bill pay service.

American Express means American Express Services Europe Limited.

National City Servicing Agreement Solely with respect to the National City Mortgage Loans, the Master Seller’s Warranties and Servicing Agreement, dated as of October 1, 2001, between the Transferor and National City, as the same may be amended from time to time, and any assignments and conveyances related to the National City Mortgage Loans.

Financial Services the businesses of the Company (including the credit businesses) that are not primarily engaged in Equipment Operations.

Alaska Native Corporation (ANC) means any Regional Corporation, Village Corporation, Urban Corporation, or Group Corporation organized under the laws of the State of Alaska in accordance with the Alaska Native Claims Settlement Act, as amended (43 U.S.C. 1601, et seq.) and which is considered a minority and economically disadvantaged concern under the criteria at 43 U.S.C. 1626(e)(1). This definition also includes ANC direct and indirect subsidiary corporations, joint ventures, and partnerships that meet the requirements of 43 U.S.C. 1626(e)(2).

Commercial bank means a public limited company approved to operate commercial bank business, a retail bank, a commercial bank which is a subsidiary of foreign commercial bank and a branch of foreign commercial bank being approved to operate commercial bank business in Thailand.

Toyota means Toyota Motor Sales, U.S.A., Inc., a California corporation

Computershare means Computershare Trust Company of Canada;

AT&T OKLAHOMA means the AT&T owned ILEC doing business in Oklahoma.

PNC Bank means PNC Bank, National Association or a subsidiary or affiliate of PNC Bank, National Association.

Finance Company means any Finance Company or other lender with whom You have agreed a Loan or credit agreement through the Supplying Outlet.

Eye bank means a person that is licensed, accredited, or regulated under federal or state law to engage in the recovery, screening, testing, processing, storage, or distribution of human eyes or portions of human eyes.

Swap Administration Agreement As defined in Section 4.08(b).

SCC means the Special Conditions of Contract.

Banking institution means a bank or trust company, including the Custodian, any Subcustodian or any subsidiary or Affiliate of the Custodian.

J.P. Morgan shall have the meaning set forth in the preamble.

First Nation for the purposes of this Agreement, is an Indian Band Council duly constituted under the federal Indian Act or an aboriginal governing body authorized under the terms of a treaty duly ratified by the provincial and federal governments.

AT&T TENNESSEE means the AT&T owned ILEC doing business in Tennessee.

Источник: https://www.lawinsider.com/dictionary/republic-bank

: National republic bank of chicago

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4 Replies to “National republic bank of chicago”

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