For immediate release

The Federal Reserve Board today announced its approval of the applications by California Community Financial Institutions Fund Limited Partnership ("Fund"), Fund's wholly owned subsidiary, Belvedere Bancorp, Inc., and Fund's general partner, Belvedere Capital Partners, Inc., all in San Francisco, California, to become bank holding companies by acquiring approximately 63 percent of the voting shares of First Security Bank, Fullerton, California; and National Bancorp of Alaska, Inc., Anchorage, Alaska, to acquire a 9.9 percent limited partnership interest in the Fund. Attached is the Board's Order relating to this action.

California Community Financial Institutions Fund Limited Partnership San Francisco, California Belvedere Bancorp, Inc. San Francisco, California Belvedere Capital Partners, Inc. San Francisco, California National Bancorp of Alaska, Inc. Anchorage, Alaska Order Approving the Formation of a Bank Holding Company and the Acquisition of an Interest in a Bank Holding Company

California Community Financial Institutions Fund Limited Partnership ("Fund"), a limited liability partnership, Fund's wholly owned subsidiary, Belvedere Bancorp, Inc., and Fund's general partner, Belvedere Capital Partners, Inc. (collectively, "Applicants"), all in San Francisco, California, have requested the Board's approval under section 3(a)(1) of the Bank Holding Company Act (12 U.S.C. § 1842(a)(1)) ("BHC Act") to become bank holding companies by acquiring approximately 63 percent of the voting shares of First Security Bank, Fullerton, California ("Bank"). National Bancorp of Alaska, Inc., Anchorage, Alaska ("NBA"), also has requested the Board's approval to acquire a 9.9 percent limited partnership interest in Fund pursuant to section 3(a)(3) of the BHC Act (12 U.S.C. § 1842(a)(3)). Notice of the applications, affording interested persons an opportunity to submit comments, has been published (62 Federal Register 46,741 (1997)). The time for filing comments has expired, and the Board has considered the application and all comments received in light of the factors set forth in section 3(c) of the BHC Act. Applicants are nonoperating organizations formed to acquire Bank, and NBA and Bank do not compete in any relevant banking market. Accordingly, the Board concludes that consummation of this proposal would not have a significantly adverse effect on competition or on the concentration of banking resources in any relevant banking market. The Board also concludes that the financial and managerial resources and future prospects of the Applicants, NBA, and Bank are consistent with approval, as are the convenience and needs and other supervisory factors the Board is required to consider under section 3 of the BHC Act. Based on the foregoing and all the facts of record, the Board has determined that the applications should be, and hereby are, approved. The Board's approval is expressly conditioned on compliance with all the commitments made by Applicants, including those made by the limited partners of Fund and NBA in connection with the applications. The commitments and conditions relied on by the Board in reaching this decision are deemed to be conditions imposed in writing by the Board in connection with its findings and decision, and, as such, may be enforced in proceedings under applicable law. This transaction shall not be consummated before the 30th calendar day following the effective date of this order, or later than three months following the effective date of this order, unless such period is extended for good cause by the Board or the Federal Reserve Bank of San Francisco, acting pursuant to delegated authority.

By order of the Board of Governors,1 effective October 27, 1997. (signed) Jennifer J. Johnson Jennifer J. Johnson Deputy Secretary of the Board

Footnotes 1 Voting for this action: Chairman Greenspan, Vice Chair Rivlin, and Governors Kelley and Meyer. Absent and not voting: Governor Phillips.

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1997 Orders on banking applications