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Securities Act of 1993 File No: 33-54299
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
__________________________________
FORM T-1
STATEMENT OF ELIGIBILITY
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)_____
__________________________________
CITIBANK, N.A.
(Exact name of trustee as specified in its charter)
13-5266470
(I.R.S. employer
identification no.)
399 Park Avenue, New York, New York 10043
(Address of principal executive office) (Zip Code)
____________________________________
BANPONCE CORPORATION
(Exact name of obligor as specified in its charter)
Puerto Rico 66-0416582
(State or other jurisdiction of (I.R.S. employer
incorporation or organization) identification no.)
209 Munoz Rivera Avenue
Hato Rey, Puerto Rico 00918
(Address of Principal Executive Offices) (Zip Code)
BANPONCE FINANCIAL CORP.
(Exact name of obligor as specified in its charter)
Delaware 66-0476353
(State or other jurisdiction of (I.R.S. employer
incorporation or organization identification no.)
c/o CT Corporation 19801
1209 Orange Street (Zip Code)
Wilmington, Delaware
(Address of principal executive office)
__________________________________
Guaranteed Securities
(Title of the indenture securities)
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Item 1. General Information.
Furnish the following information as to the trustee:
(a) Name and address of each examining or supervising authority to
which it is subject.
Name Address
----- -------
Comptroller of the Currency Washington, D.C.
Federal Reserve Bank of New York New York, NY
Federal Deposit Insurance Corporation Washington, D.C.
(b) Whether it is authorized to exercise corporate trust powers.
Yes.
Item 2. Affiliations with Obligor.
If the obligor is an affiliate of the trustee, describe each
such affiliation.
None.
Item 16. List of Exhibits.
Exhibit 1 - Copy of Articles of Association of the Trustee, as
now in effect. (Exhibit 1 to T-1 to Registration Statement No.
2-79983)
Exhibit 2 - Copy of certificate of authority of the Trustee to
commence business. (Exhibit 2 to T-1 to Registration Statement
No. 2-29577).
Exhibit 3 - Copy of authorization of the Trustee to exercise
corporate trust powers. (Exhibit 3 to T-1 to Registration
Statement No. 2-55519)
Exhibit 4 - Copy of existing By-Laws of the Trustee. (Exhibit
4 to T-1 to Registration Statement No. 33-34988)
Exhibit 5 - Not applicable.
Exhibit 6 - The consent of the Trustee required by Section
321(b) of the Trust Indenture Act of 1939. (Exhibit 6 to T-1
to Registration Statement No. 33-19227.)
Exhibit 7 - Copy of the latest Report of Condition of Citibank,
N.A. (as of March 31, 1994 - attached)
Exhibit 8 - Not applicable.
Exhibit 9 - Not applicable.
__________________________
SIGNATURE
Pursuant to the requirements of the Trust Indenture Act of 1939, the
Trustee, Citibank, N.A., a national banking association organized and existing
under the laws of the United States of America, has duly caused this statement
of eligibility to be signed on its behalf by the undersigned, thereunto duly
authorized, all in The City of New York and State of New York, on the 13th day
of July, 1994.
CITIBANK, N.A.
By /s/ JOHN J. BYRNES
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John J. Byrnes
Vice President
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EXHIBIT 7
Charter No. 1461
Comptroller of the Currency
Northeastern District
REPORT OF CONDITION
CONSOLIDATING
DOMESTIC AND FOREIGN
SUBSIDIARIES OF
CITIBANK, N.A.
of New York in the State of New York, at the close of business on March
31, 1994, published in response to call made by Comptroller of the Currency,
under Title 12. United States Code, Section 161. Charter Number 1461
Comptroller of the Currency Northeastern District.
ASSETS
Thousands
of Dollars
Cash and balances due from depository institutions:
Noninterest-bearing balances and currency and coin $ 6,452,000
Interest-bearing balances 7,339,000
Securities:
Held-to-maturity securities 3,923,000
Available-for-sale securities 9,604,000
Federal funds sold and securities purchased under agreements
to resell in domestic offices of the bank and of its Edge
and Agreement subsidiaries, and in IBFs:
Federal funds sold 1,416,000
Securities purchased under agreements to resell 3,128,000
Loans and lease financing receivables:
Loans and leases, net of unearned income- $116,456,000
LESS: Allowance for loan and lease losses- 3,578,000
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Loans and leases, net of unearned income and allowance 112,878,000
Assets held in trading accounts 38,412,000
Premises and fixed assets (including capitalized leases) 3,107,000
Other real estate owned 3,170,000
Investments in unconsolidated subsidiaries and associated
companies 1,008,000
Customers' liability to this bank on acceptances outstanding 1,368,000
Intangible assets 15,000
Other assets 7,397,000
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TOTAL ASSETS $199,217,000
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LIABILITIES
Deposits:
In domestic offices $ 34,936,000
Noninterest-bearing $12,668,000
Interest-bearing 22,268,000
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In foreign offices, Edge and Agreement subsidiaries and IBFs 100,380,000
Noninterest-bearing 6,932,000
Interest-bearing 93,448,000
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Federal funds purchased and securities sold under agreements
to repurchase in domestic offices of the bank and of its
Edge and Agreement subsidiaries, and in IBFs:
Federal funds purchased 2,556,000
Securities sold under agreements to repurchase 1,568,000
Trading liabilities 21,074,000
Other borrowed money:
With original maturity of one year or less 7,837,000
With original maturity of more than one year 3,844,000
Mortgage indebtedness and obligations under capitalized leases 220,000
Bank's liability on acceptances executed and outstanding 1,386,000
Notes and debentures subordinated to deposits 4,700,000
Other liabilities 9,121,000
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TOTAL LIALIBITIES $187,622,000
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EQUITY CAPITAL
Common stock $ 751,000
Surplus 5,928,000
Undivided profits and capital reserves 5,373,000
Net unrealized holding gains (losses) on available-for-sale
securities 191,000
Cumulative foreign currency translation adjustments (648,000)
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TOTAL EQUITY CAPITAL $ 11,595,000
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TOTAL LIABILITIES AND EQUITY CAPITAL $199,217,000
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I, Roger W. Trupin, Controller of the above-named bank do hereby
declare that this Report of Condition is true and correct to the best of my
knowledge and belief.
ROGER W. TRUPIN
We, the undersigned directors, attest to the correctness of this Report
of Condition. We 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
and is true and correct.
PAUL J. COLLINS )
PEI-YUAN CHIA ) Directors
CHRISTOPHER J. STEFFEN )