Exhibit 25.1
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SECURITIES AND EXCHANGE COMMISSION
XXXXXXXXXX, X.X. 00000
_______________
FORM T-1
STATEMENT OF ELIGIBILITY AND QUALIFICATION UNDER THE TRUST INDENTURE ACT OF 1939
OF A CORPORATION DESIGNATED TO ACT AS TRUSTEE
CHECK IF AN APPLICATION TO DETERMINE ELIGIBILITY OF A
TRUSTEE PURSUANT TO SECTION 305(b)(2)
_______________
U.S. TRUST COMPANY OF TEXAS, N.A.
(Exact name of trustee as specified in its charter)
00-0000000
(State of incorporation (I.R.S. employer
if not a national bank) identification No.)
0000 Xxxx Xxx, Xxxxx 0000 00000
Xxxxxx, Xxxxx (Zip Code)
(Address of trustee's
principal executive offices)
Compliance Officer
U.S. Trust Company of Texas, N.A.
0000 Xxxx Xxx, Xxxxx 0000
Xxxxxx, Xxxxx 00000
(000) 000-0000
(Name, address and telephone number of agent for service)
_______________
ITC DeltaCom, Inc.
(Exact name of obligor as specified in its charter)
Delaware 00-0000000
(State or other jurisdiction of (I.R.S. employer
incorporation or organization) identification No.)
0000 X. X. Xxxxxxx Xxxxx
Xxxx Xxxxx, Xxxxxxx 00000
(Address of principal executive offices) (Zip Code)
_______________
4 1/2% Convertible Subordinated Notes due 2006
(Title of the indenture securities)
GENERAL
1. General Information.
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Furnish the following information as to the Trustee:
(a) Name and address of each examining or supervising authority to which
it is subject.
Federal Reserve Bank of Dallas (11th District), Dallas, Texas
(Board of Governors of the Federal Reserve System)
Federal Deposit Insurance Corporation, Dallas, Texas
The Office of the Comptroller of the Currency, Dallas, Texas
(b) Whether it is authorized to exercise corporate trust powers.
The Trustee is authorized to exercise corporate trust powers.
2. Affiliations with Obligor and Underwriters.
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If the obligor or any underwriter for the obligor is an affiliate of the
Trustee, describe each such affiliation.
None.
3. Voting Securities of the Trustee.
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Furnish the following information as to each class of voting securities of
the Trustee:
As of July 20, 1999
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Col A. Col B.
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Title of Class Amount Outstanding
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Capital Stock - par value $100 per share 5,000 shares
4. Trusteeships under Other Indentures.
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Not Applicable
5. Interlocking Directorates and Similar Relationships with the Obligor or
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Underwriters.
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Not Applicable
6. Voting Securities of the Trustee Owned by the Obligor or its Officials.
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Not Applicable
7. Voting Securities of the Trustee Owned by Underwriters or their Officials.
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Not Applicable
8. Securities of the Obligor Owned or Held by the Trustee.
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Not Applicable
9. Securities of Underwriters Owned or Held by the Trustee.
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Not Applicable
10. Ownership or Holdings by the Trustee of Voting Securities of Certain
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Affiliates or Security Holders of the Obligor.
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Not Applicable
11. Ownership or Holdings by the Trustee of any Securities of a Person Owning
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50 Percent or More of the Voting Securities of the Obligor.
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Not Applicable
12. Indebtedness of the Obligor to the Trustee.
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Not Applicable
13. Defaults by the Obligor.
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Not Applicable
14. Affiliations with the Underwriters.
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Not Applicable
15. Foreign Trustee.
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Not Applicable
16. List of Exhibits.
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T-1.1 - A copy of the Articles of Association of U.S. Trust Company of
Texas, N.A.; incorporated herein by reference to Exhibit T-1.1
filed with Form T-1 Statement, Registration No. 22-21897.
16. (con't.)
T-1.2 - A copy of the certificate of authority of the Trustee to commence
business; incorporated herein by reference to Exhibit T-1.2 filed
with Form T-1 Statement, Registration No. 22-21897.
T-1.3 - A copy of the authorization of the Trustee to exercise corporate
trust powers; incorporated herein by reference to Exhibit T-1.3
filed with Form T-1 Statement, Registration No. 22-21897.
T-1.4 - A copy of the By-laws of the U.S. Trust Company of Texas, N.A.,
as amended to date; incorporated herein by reference to Exhibit
T-1.4 filed with Form T-1 Statement, Registration No. 22-21897.
T-1.6 - The consent of the Trustee required by Section 321(b) of the
Trust Indenture Act of 1939.
T-1.7 - A copy of the latest report of condition of the Trustee published
pursuant to law or the requirements of its supervising or
examining authority.
NOTE
As of July 20, 1999, the Trustee had 5,000 shares of Capital Stock outstanding,
all of which are owned by U.S. T.L.P.O. Corp. As of July 20, 1999, U.S.
T.L.P.O. Corp. had 35 shares of Capital Stock outstanding, all of which are
owned by U.S. Trust Corporation. U.S. Trust Corporation had outstanding
18,436,338 shares of $1 par value Common Stock as of July 20, 1999.
The term "Trustee" in Items 2, 5, 6, 7, 8, 9, 10 and 11 refers to each of U.S
Trust Company of Texas, N.A., U.S. T.L.P.O. Corp. and U.S. Trust Corporation.
In as much as this Form T-1 is filed prior to the ascertainment by the Trustee
of all the facts on which to base responsive answers to Items 2, 5, 6, 7, 9, 10
and 11, the answers to said Items are based upon incomplete information. Items
2, 5, 6, 7, 9, 10 and 11 may, however, be considered correct unless amended by
an amendment to this Form T-1.
In answering any items in this Statement of Eligibility and Qualification which
relates to matters peculiarly within the knowledge of the obligors or their
directors or officers, or an underwriter for the obligors, the Trustee has
relied upon information furnished to it by the obligors and will rely on
information to be furnished by the obligors or such underwriter, and the Trustee
disclaims responsibility for the accuracy or completeness of such information.
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SIGNATURE
Pursuant to the requirements of the Trust Indenture Act of 1939 the Trustee, U.S
Trust Company of Texas, N.A., a national banking association organized under the
laws of the United States of America, has duly caused this statement of
eligibility and qualification to be signed on its behalf by the undersigned,
thereunto duly authorized, all in the City of Dallas, and State of Texas on the
21st day of July, 1999.
U.S. Trust Company
of Texas, N.A., Trustee
By: /s/ Xxxxx X. Xxxxx
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Xxxxx X. Xxxxx
Authorized Officer
Exhibit T-1.6
CONSENT OF TRUSTEE
Pursuant to the requirements of Section 321(b) of the Trust Indenture Act of
1939 as amended in connection with the proposed issue of ITC DeltaCom, Inc. 4
1/2 Convertible Subordinated Notes due 2006, we hereby consent that reports of
examination by Federal, State, Territorial or District authorities may be
furnished by such authorities to the Securities and Exchange Commission upon
request therefore.
U.S. Trust Company of Texas, N.A.
By: /s/ Xxxxx X. Xxxxx
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Xxxxx X. Xxxxx
Authorized Officer
Board of Governors of the Federal Reserve System
OMB Number: 7100-0036
Federal Deposit Insurance Corporation
OMB Number: 3064-005
Office of the Comptroller of the Currency
Federal Financial Institutions Examination Council OMB Number: 1557-0081
Expires March 31, 2001
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(1)
Please Refer to Page I,
(LOGO) Table of Contents, for
the required disclosure
of estimated burden.
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CONSOLIDATED REPORTS OF CONDITION AND INCOME FOR A BANK
WITH DOMESTIC OFFICES ONLY AND TOTAL ASSETS OF LESS
THAN $100 MILLION OR MORE BUT LESS THAN $300 MILLION - (19990331)
- FFIEC 033 ---------
(RCRI 9999)
REPORT AT THE CLOSE OF BUSINESS March 31, 1999 This report form is to be filed by banks with domestic
offices only. Banks with branches and consolidated
This report is required by law: 12 U.S.C. Section (S) subsidiaries in U.S. territories and possessions, Edge
324 (State member banks); 12 U.S.C. Section (S) 1817 or Agreement subsidiaries, foreign branches,
(State nonmember banks); and 12 U.S.C. Section (S) 161 consolidated foreign subsidiaries, or International
(National banks). Banking Facilities must file FFIEC 031.
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NOTE: The Reports of Condition and Income must be signed by an authorized
officer and the Report of Condition must be attested to by not less than two
directors (trustees) for State nonmember banks and three directors for State
member and National Banks.
I, Xxxxxx X. Childs, Managing Director
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Name and Title of Officer Authorized to Sign Report
of the named bank do hereby declare that these Reports of Condition and Income
(including the supporting schedules) have been prepared in conformance with
the instructions issued by the appropriate Federal regulatory authority and
are true to the best of my knowledge and belief.
/s/ Xxxxxx X. Childs
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Signature of Officer Authorized to Sign Report
April 21, 1999
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Date of Signature
The Reports of Condition and Income are to be prepared in accordance with
Federal regulatory authority instructions. NOTE: these instructions may in
some cases differ from generally accepted accounting principles.
We, the undersigned directors (trustees), attest to the correctness of this
Report of Condition (including the supporting schedules) and declare that it
has been examined by us and to the best of our knowledge and belief has been
prepared in conformance with the instructions issued by the appropriate
Federal regulatory authority and is true and correct.
/s/ Xxxxxx X. Xxxxxxx
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Director (Trustee)
/s/. X. X. More, Jr.
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Director (Trustee)
/s/. Xxxxxx Xxxxx
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Director (Trustee)
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Submission of Reports
Each bank must prepare its Reports of Condition and Income either:
(a) in electronic form and then file the computer data file
directly with the banking agencies' collection agent, Electronic
Data Systems Corporation (EDS), by modem or on computer diskette; or
(b) in hard-copy (paper) form and arrange for another party to
convert the paper report to electronic form. That party (if other
than EDS) must transmit the bank's computer data file to EDS.
For electronic filing assistance, contact EDS Call Report Services,
0000 Xxxxx Xxxxxxxx Xxxxxx, Xxxxxxxxx, XX 00000, telephone (800)
000-0000.
To fulfill the signature and attestation requirement for the Reports
of Condition and Income for this report date, attach this signature
page to the hard-copy record of the completed report that the bank
places in its files.
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FDIC Certificate Number 33217 US Trust Company of Texas, National Association
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(RCRI 9050) Legal Title of Bank (TEXT 9010)
Dallas
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City (TEXT 9130)
TX 75201
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State Abbrev. (TEXT 9200) Zip Code. (TEXT 9220)
Board of Governors of the Federal Reserve System, Federal Deposit Insurance
Corporation, Office of the Comptroller of the Currency
U.S. Trust Company of Texas, N.A. Call Date: 3/31/1999 State #: 48-6797 XXXXX 000
0000 Xxxx Xxxxxx, Xxxxx 0000 Xxxxxx XX: D Cert #: 33217 RC-1
Xxxxxx, XX 00000 Transit #: 11101765
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9
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CONSOLIDATED REPORT OF CONDITION FOR INSURED COMMERCIAL
AND STATE-CHARTERED SAVINGS BANKS FOR March 31, 1999
All schedules are to be reported in thousands of dollars. Unless otherwise
indicated, report the amount outstanding as of the last business day of the
quarter.
Schedule RC - Balance Sheet
C200
Dollar Amounts in Thousands
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ASSETS
1. Cash and balances due from depository institutions: RCON
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a. Noninterest-bearing balances and currency and coin (1,2)______________ ______ _______ 0081 1,297 1.a
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b. Interest bearing balances (3)_________________________________________ ______ _______ 0071 696 1.b
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2. Securities:
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a. Held-to-maturity securities (from Schedule RC-B, column A)____________ ______ _______ 1754 0 2.a
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b. Available-for-sale securities (from Schedule RC-B, column D)__________ ______ _______ 1773 131,683 2.b
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3. Federal funds sold (4) and securities purchased under agreements to 1350 6,000 3
resell:
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4. Loans and lease financing receivables: RCON
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a. Loans and leases, net of unearned income (from Schedule RC-C)________ 2122 22,709 4.a
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b. LESS: Allowance for loan and lease losses____________________________ 3123 260 4.b
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c. LESS: Allocated transfer risk reserve________________________________ 3128 0 4.c
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d. Loans and leases, net of unearned income, allowance, and reserve RCON
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(item 4.a minus 4.b and 4.c)______________________________________ ______ _______ 2125 22,249 4.d
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5. Trading assets____________________________________________________________ ______ _______ 3545 0 5.
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6. Premises and fixed assets (including capitalized leases)__________________ ______ _______ 2145 917 6.
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7. Other real estate owned (from Schedule RC-M)______________________________ ______ _______ 2150 0 7.
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8. Investments in unconsolidated subsidiaries and associated companies
(from Schedule RC-M)______________________________________________________ ______ _______ 2130 0 8
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9. Customers' liability to this bank on acceptances outstanding______________ ______ _______ 2155 0 9.
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10. Intangible assets (from Schedule RC-M)____________________________________ ______ _______ 2143 1,950 10.
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11. Other assets (from Schedule RC-F)_________________________________________ ______ _______ 2160 2,527 11.
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12. Total assets (sum of items 1 through 11)__________________________________ ______ _______ 2170 167,519 12.
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(1) Includes cash items in process of collection and unposted debits.
(2) Included time certificates of deposit not held for trading.
U.S. Trust Company of Texas, N.A. Call Date: 03/31/1999 State #: 48-6797 XXXXX 000
0000 Xxxx Xxxxxx, Xxxxx 0000 Xxxxxx XX: D Cert #: 33217 RC-2
Xxxxxx, XX 00000 Transit #: 11101765
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10
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Schedule RC - Continued
Dollar Amounts in Thousands
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LIABILITIES
13. Deposits:
a. In domestic offices (sum of totals of RCON
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columns A and C from Schedule RC-E)________________________________ RCON 2200 141,618 13.a
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(1) Noninterest-bearing 6631 8,794 13.a.1
___________________________________________________
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(2) Interest-bearing 6636 132,824 13.a.2
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b. In foreign offices, Edge and Agreement subsidiaries, and IBFs
(1) Noninterest-bearing____________________________________________
(2) Interest-bearing_______________________________________________
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14. Federal funds purchased(2) and securities sold under agreements to RCON 0 14
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repurchase: 2800
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15. a. Demand notes issued to the U.S. Treasury______________________________ ______ _______ 2840 0 15.a
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b. Trading liabilities___________________________________________________ ______ _______ 3548 0 15.b
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16. Other borrowed money:
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a. With a remaining maturity of one year or less_________________________ ______ _______ 2332 0 16.a
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b. With a remaining maturity of more than one year through three years__ ______ _______ A547 2,000 16.b
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c. With a remaining maturity of more than three years____________________ ______ _______ A548 1,000 16.c
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17. Not applicable
18. Bank's liability on acceptances executed and outstanding_________________ ______ _______ 2920 0 18.
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19. Subordinated notes and debentures________________________________________ ______ _______ 3200 0 19.
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20. Other liabilities (from Schedule RC-G)___________________________________ ______ _______ 2930 2,317 20.
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21. Total liabilities (sum of items 13 through 20)___________________________ ______ _______ 2948 146,935 21.
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22. Not applicable
EQUITY CAPITAL
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RCON 7,000 23.
23. Perpetual preferred stock and related surplus____________________________ ______ ______ 3838
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24. Common stock_____________________________________________________________ ______ ______ 3230 500 24.
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25. Surplus (exclude all surplus related to preferred stock__________________ ______ ______ 3839 8,384 25.
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26. a. Undivided profits and capital reserves________________________________ ______ ______ 3632 4,406 26.a
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b. Net unrealized holding gains (losses) on available-for-sale ______ ______ 8434 294 26.b
securities_______________________________________________________________
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27. Cumulative foreign currency translation adjustments______________________
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28. Total equity capital (sum of items 23 through 27)________________________ ______ ______ 3210 20,584 28.
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29. Total liabilities and equity capital (sum of items 21 and 28)____________ ______ ______ 2257 167,519 29.
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Memorandum
To be reported only with the March Report of Condition. Number
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1. Indicate in the box at the right the number of the statement below that
best describes the most comprehensive level of auditing work performed for
the bank by independent external auditors as of any date during 1998_____ 6724 1 M.1
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1 = Independent audit of the bank conducted in accordance 4 = Directors' examination of the bank performed by other
with generally accepted auditing standards by certified external auditors (may be required by state
public accounting firm which submits a report on the bank chartering authority)
2 = Independent audit of the bank's parent holding company 5 = Review of the bank's financial statements by external
conducted in accordance with generally accepted auditing auditors
standards by a certified public accounting firm which 6 = Compilation of the bank's financial statements by
submits a report on the consolidated holding company (but external auditors
not on the bank separately) 7 = Other audit procedures (excluding tax preparation
3 = Directors' examination of the bank conducted in accordance work)
with generally accepted auditing standards by a certified 8 = No external audit work
public accounting firm (may be required by state chartering
authority)
(1) Includes total demand deposits and noninterest-bearing time and savings
deposits.
(2) Includes limited-life preferred stock and related surplus.
