Form OTS-1579 Notice for Establishment of an Operating Subsidiary

OMB No. 1550-0077
Expiration Date: 2/28/2011

OFFICE OF THRIFT SUPERVISION
NOTICE FOR ESTABLISHMENT OF AN OPERATING SUBSIDIARY
PAPERWORK REDUCTION ACT STATEMENT
The Office of Thrift Supervision will use this information to approve a federally chartered institution’s
proposal to establish or purchase an operating subsidiary, 12 C.F.R. § 559.11 requires federally-chartered
institutions to file a prior notification through an application or notice.
Collection of the information is required.
Public reporting burden for this collection of information is estimated to average 10 minutes per
response, including the time for reviewing instructions and completing and reviewing the collection of
information. If a valid OMB Control Number does not appear on this form, you are not required to
complete this form. Send comments regarding this burden estimate or any other aspect of the collection
of information, including suggestions for reducing the burden, to Corporate & International Activities,
Office of Thrift Supervision, 1700 G Street, N.W. Washington, D.C. 20552; and to the Office of
Management and Budget, Paperwork Reduction Project (1550-0077), Washington, D.C. 20503.

Page 1 of 2
OTS Form 1579
Revised February 2008

OMB No. 1550-0077
Expiration Date: 2/28/2011

Docket Number: ____________

OFFICE OF THRIFT SUPERVISION
NOTICE FOR ESTABLISHMENT OF AN OPERATING SUBSIDIARY
TO: Office of Thrift Supervision

Date of Notice: _______________________

We, the undersigned executive officer and secretary, pursuant to a resolution of a majority of the members of
the board directors, of:
________________________________________________________________________________________
Savings Association Name
________________________________________________________________________________________
Street Address
________________________________________________________________________________________
City, State, and Zip Code
(hereinafter the Association), hereby provide notice to the Office of Thrift Supervision (OTS) that the Association
intends to establish an operating subsidiary to be known as ______________________________________, and
located at (City and State) ___________________________________, to engage in the activity of
_______________________, pursuant to 12 C.F.R. §559.3, which will operate in the state of _______________
and do hereby certify:
1.
2.
3.
4.
5.
6.

7.

That the operating subsidiary will engage only in activities that Federal savings associations may
undertake directly;
That the Association will own, directly and indirectly, ______% of the voting stock of the operating
Subsidiary following consummation of the proposed acquisition;
That no person or entity other than the Association will exercise effective operating control over the
operating subsidiary following consummation of the proposed acquisition;
That the Association and the operating subsidiary observe separate corporate existence and comply
fully with 12 C.F.R. § 559.10;
That the operating subsidiary will be subject to OTS examination and supervision in accordance
with12 C.F.R. § 559.3(o)(1);
That the Association has notified the FDIC, pursuant to 12 U.S.C. § 1828(m)(1), of the establishment
or acquisition of an operating subsidiary and has attached a copy of the FDIC notification under 12
C.F.R. § 303.146; and
That the Association is aware that OTS may request information or may impose conditions for
establishing an operating subsidiary, and may determine that the proposed subsidiary presents
supervisory concerns.

If the operating subsidiary is contracting with a third-party to provide the primary services that it offers to the
public, attach a copy of the contract with the third-party provider.

_____________________________________

___________________________________

Executive Officer

Secretary

___________________________________
Date of Receipt by OTS
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OTS Form 1579
Revised February 2008