Is the Huntington Bank insured by the Federal Deposit Insurance Corporation?
Pursuant to the provisions of Section 24 of the Federal Deposit Insurance Act, an application has been filed with the Federal Deposit Insurance Corporation by Berkshire County Savings Bank, Pittsfield, Massachusetts (“the Bank”). The Bank requests the FDIC’s consent for its wholly-owned subsidiaries, Forward Development Corporation (“FDC”) and BCSB, Inc., (“BCSB”), to retain their interests in real estate. FDC directly owns 40 undeveloped acres (“Quashnet Woods”) located on Route 28 in Mashpee, Massachusetts, and the Bank requests permission to hold this property through FDC until it is able to sell it. BCSB owns a limited partnership interest in a rehabilitated, mixed-use building located at 706 Huntington Avenue in Boston, Massachusetts (“706 Huntington”), and the Bank requests permission to hold this property through BCSB until it can be divested without a recapture of income taxes because it provides historic preservation tax credits. In general, real estate investment may not be a
STATEMENT Pursuant to the provisions of Section 24 of the Federal Deposit Insurance Act, an application has been filed with the Federal Deposit Insurance Corporation by Berkshire County Savings Bank, Pittsfield, Massachusetts (“the Bank”). The Bank requests the FDIC’s consent for its wholly-owned subsidiaries, Forward Development Corporation (“FDC”) and BCSB, Inc., (“BCSB”), to retain their interests in real estate. FDC directly owns 40 undeveloped acres (“Quashnet Woods”) located on Route 28 in Mashpee, Massachusetts, and the Bank requests permission to hold this property through FDC until it is able to sell it. BCSB owns a limited partnership interest in a rehabilitated, mixed-use building located at 706 Huntington Avenue in Boston, Massachusetts (“706 Huntington”), and the Bank requests permission to hold this property through BCSB until it can be divested without a recapture of income taxes because it provides historic preservation tax credits. In general, real estate investment ma
