Form OTS-1579 Notice for Establishment of an Operating Subsidiary

OMB No. 1550-0077
Expiration Date: 12/31/2003

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 require 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 Office of Supervision, Examinations and Supervision,
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 April 2001

OMB No. 1550-0077
Expiration Date: 12/31/2003

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 owns, directly and indirectly, ______% of the voting stock of the operating
subsidiary;
That no person or entity other than the Association exercises effective operating control over the operating
subsidiary;
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 April 2001