Investment CRA Credit Sample Documents
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Investment CRA Credit Sample Documents: (PDF) Download this series of documents to apply for investment CRA credit. The investing bank acquires preferred stock in the Foundation as an investment and obtains CRA Investment Credit. The preferred stock is secured by a bond of equal par value.
Transaction Summary:
- Bank commits to invest in the preferred stock of the Foundation to obtain CRA Investment Credit.
- Bank invests an amount sufficient to acquire a bond with a par value equal to the par value of the preferred stock to be acquired.
- Proceeds from the investment are used to purchase a bond in the name of the Foundation.
- Bond acquired is pledged by the Foundation to secure the preferred stock.
- Bond is held under safekeeping by the Fifth Third Bank as Custodian.
- Establishes Bank’s assessments areas.
- Guarantees CRA credit.
- Directs bond purchase of at least Investment Grade Rating and minimum coupon
Security Agreement:
- Foundation grants security interest in collateral bond to the Bank.
- Establishes Bank rights to collateral in the event of default.
- Collateral bond held under safekeeping by the Fifth Third Bank as Custodian.
Notice of and Consent to Collateral Assignment:
- Letter from the Bank to the Custodian describing purchase of preferred stock and security interest in the collateral bond.
- Directs the Custodian to issue safekeeping certificate, reflecting ownership of bond by the Foundation and evidencing the pledge to the Bank.
- Establishes control of the collateral to the Bank.
Charter:
- Establishes dividend rate to Bank
- Defines 7 year term and renewals.
Transforming Lives
With the support of our partners, the Senior Housing Crime Prevention Foundation transforms the lives of vulnerable nursing home residents. It is hard to overstate the transformative effect a bank can have on the life of an elderly person by removing fear from their lives — fear of neglect, fear of theft, fear of needing equipment and not knowing where to turn. Click on the stories below to learn more about how Senior Crime Stoppers is transforming lives every day.
Marquez Hillard Story
Marquez’ Life changed in a second but with the help of Senior Crime Stoppers, his wish for a new wheelchair came true. More
Carolyn Denny Story
The SHCPF has helped to open the pathways of communication for Carolyn with a new laptop. More
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