FNB definition
Examples of FNB in a sentence
Effective as of the S Election Date, WFB made a valid election for FNB to be taxed as a qualified subchapter S subsidiary (within the meaning of section 1361(b)(3)(B) of the Code), and such election at all times remained validly in effect from the S Election Date through the Revocation Date.
All agreements between FNB and any of its Affiliates (or any company treated as an affiliate for purposes of such Law) comply, to the extent applicable, with Sections 23A and 23B of the Federal Reserve Act and Regulation W of the FRB.
With respect to each Subsidiary of WFB (other than FNB) owned by WFB at any time between the S Election Date and the Revocation Date, WFB made a valid election for each such Subsidiary to be taxed as a qualified subchapter S subsidiary, effective as of the later of the S Election Date and the date on which WFB acquired such Subsidiary, and such election at all times remained validly in effect from such effective date through the Revocation Date.
All BOLI is owned solely by FNB, no other Person has any ownership claims with respect to such BOLI or proceeds of insurance derived therefrom and there is no split dollar or similar benefit under WFB’s BOLI.
Neither WFB nor FNB has any potential liability for any Tax under section 1374 of the Code.