Actions of the Board, Its Staff, and the Federal Reserve Banks; Applications and Reports Received
District 3: Federal Reserve Bank of Philadelphia PDF
Filings received during the week ending November 12, 2022
| Filer | Filing Type | Filing Proposal | End of Comment Period | |
|---|---|---|---|---|
| Newspaper | Federal Register | |||
| QUONTIC BANK ACQUISITION CORP. | Change in Bank Control | Notice of Change in Control filed by the Estate of Steven B. Schnall and Sherri Silver Schnall as Preliminary Executor of the Estate of Steven B. Schnall, both of New York, New York, to retain; and the Schnall Disclaimer Trust A ("Disclaimer Trust") and Sherri Silver Schnall, individually and as Trustee of the Disclaimer Trust, both of New York, New York, and Amie Hoffman of New Hope, Pennsylvania as Trustee of Disclaimer Trust, along with the Sherri S. Schnall Family Irrevocable Trust, and Amie Hoffman as Trustee of the Sherri S. Schnall Family Irrevocable Trust, both of New Hope, Pennsylvania, acting in concert, to acquire; control of Quontic Bank Acquisition Corp. ("QBAC") and Quontic Bank Holdings Corp. ("QBHC") both of New York, New York. QBAC and QBHC control Quontic Bank, New York, New York. | 11/20/2022 | 12/06/2022 |
* Subject to the provisions of the Community Reinvestment Act
Availability of CRA Public Evaluations
The Community Reinvestment Act is intended to encourage depository institutions to help meet the credit needs of the communities in which they operate, including low- and moderate-income neighborhoods. It was enacted by the Congress in 1977 (12 U.S.C. 2901) and is implemented by Regulation BB (12 CFR 228). The regulation was revised in May 1995.
The CRA requires that each depository institution's record in helping meet the credit needs of its entire community be evaluated periodically. That record is taken into account in considering an institution's application for deposit facilities.
A copy of an institution's CRA evaluation may be obtained directly from the institution or Reserve Bank.
Federal bank regulators use the following performance levels to rate an institution's performance under CRA:
O = Outstanding
S = Satisfactory
NI = Needs to improve
SN
= Substantial noncompliance
The following state member banks have been examined and their CRA public evaluations are now available.
| Institution / Location | RSSD ID | Exam Date | CRA Public Date | CRA Rating | Exam Method | NONE |
|---|
CRA Examinations scheduled for Quarter of
| Institution | Location | Quarter |
|---|---|---|
| NONE | ||