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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) ____
MERIDIAN TRUST COMPANY
---------------------------------------------------
(Exact name of Trustee as specified in its charter)
Pennsylvania 23-2332649
- - - - ------------------------------ -------------------
(jurisdiction of incorporation (I.R.S. Employer
or organization if not a U.S. Identification No.)
national bank)
35 North Sixth Street
Reading, Pennsylvania 19601
- - - - --------------------- ----------
(Address of principal (Zip Code)
executive offices)
Michael Ruppel
35 North Sixth Street
Reading, PA 19601
(610) 655-3151
---------------------------------------------------------
(Name, address and telephone number of agent for service)
PECO ENERGY COMPANY
---------------------------------------------------
(Exact name of obligor as specified in its charter)
Pennsylvania 23-0970240
- - - - --------------------------------- -------------------
(State or other jurisdiction (I.R.S. Employer
of incorporation or organization) Identification No.)
2301 Market Street
Philadelphia, Pennsylvania 19101
- - - - -------------------------- ----------
(Address of principal (Zip Code)
executive offices)
DEBT 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.
Federal Reserve Bank (3rd District), Ten Independence Mall,
Philadelphia, Pennsylvania 19106.
Department of Banking, Commonwealth of Pennsylvania, 333
Market Street, Harrisburg, Pennsylvania 17101.
(b) Whether it is authorized to exercise corporate trust powers.
The Trustee is authorized to exercise corporate trust powers.
Item 2. Affiliations with Obligor.
--------------------------
If the Obligor is an affiliate of the Trustee, describe each such
affiliation.
The Obligor is not an affiliate of the Trustee (or any of its
affiliates, including Meridian Bancorp, Inc.).
Item 3. Voting Securities of the Trustee.
---------------------------------
Furnish the following information as to each class of voting
securities of the Trustee:
As of May 20, 1994
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Col. A Col. B
Title of class Amount outstanding
*Common Capital Stock - Par Value $1.00 *300,000 Shares
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* All voting securities of the Trustee are owned by Meridian Asset
Management, Inc., a Pennsylvania business corporation, all of whose
voting securities are owned by Meridian Bancorp, Inc., a Pennsylvania
business corporation.
Item 4. Trusteeship under Other Indentures.
-----------------------------------
If the Trustee is a trustee under another indenture under which any
other securities, or certificates of interest or participation in any
other securities, of the Obligor are outstanding, furnish the following
information:
(a) Title of the securities outstanding under each such other
indenture.
The Trustee is not a trustee under another indenture
under which any other securities, or certificates of interest
or participation in any other securities, of the Obligor are
outstanding.
-2-
(b) A brief statement of the facts relied upon as a basis for
the claim that no conflicting interest within the meaning of
Section 310(b)(1) of the Act arises as a result of the trust-
eeship under any such other indenture, including a statement
as to how the indenture securities will rank as compared with
the securities issued under such other indenture.
No conflicting interest within the meaning of Section
310(b)(1) of the Act arises because the Trustee is not a
trustee under another indenture under which any other securi-
ties, or certificates of interest or participation in any
other securities, of the Obligor are outstanding.
Item 5. Interlocking Directorates and Similar Relationships with the
------------------------------------------------------------
Obligor or Underwriters.
------------------------
If the Trustee or any of the directors or executive officers of the
Trustee is a director, officer, partner, employee, appointee, or repre-
sentative of the Obligor or of any Underwriter for the Obligor, identify
each such person having any such connection and state the nature of each
such connection.
Mr. Joseph F. Paquette, Jr. is Chairman of the Board and a director
of the Obligor and a director of Meridian Bancorp, Inc., the parent
corporation of the Trustee. (See Note on page 8.)
Mr. Walter J. Laird, Jr. is a Senior Vice President of Dean Witter
Reynolds Inc., one of the Underwriters, and a director of Delaware Trust
Capital Management, Inc., an affiliate of the Trustee. (See Note on page
8.)
Item 6. Voting Securities of the Trustee Owned by the Obligor or its
------------------------------------------------------------
Officials.
----------
Furnish the following information as to the voting securities of the
Trustee owned beneficially by the Obligor and each director, partner and
executive officer of the Obligor:
As of May 20, 1994
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Col. A Col. B Col. C Col. D
Percentage of
voting securi-
ties represented
Amount owned by amount given
Name of owner Title of class beneficially in Col. C
* * * *
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* The amount of voting securities of the Trustee (or any of its
affiliates, including Meridian Bancorp, Inc.) owned beneficially by the
Obligor and its directors, partners and executive officers, taken as a
group, does not exceed one percent of the outstanding voting securities
of the Trustee (or any of its affiliates, including Meridian Bancorp,
Inc.). (See Note on page 8.)
-3-
Item 7. Voting Securities of the Trustee Owned by Underwriters or
---------------------------------------------------------
their Officials.
----------------
Furnish the following information as to the voting securities of the
Trustee owned beneficially by each Underwriter for the Obligor and each
director, partner and executive officer of each such Underwriter:
As of May 20, 1994
- - - - ------------------------------------------------------------------------------
Col. A Col. B Col. C Col. D
Percentage of
voting securi-
ties represented
Amount owned by amount given
Name of owner Title of class beneficially in Col. C
* * * *
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* The amount of voting securities of the Trustee (or any of its
affiliates, including Meridian Bancorp, Inc.) owned beneficially by each
Underwriter for the Obligor and its directors, partners and executive
officers, taken as a group, does not exceed one percent of the outstand-
ing voting securities of the Trustee (or any of its affiliates, including
Meridian Bancorp, Inc.). (See Note on page 8.)
Item 8. Securities of the Obligor Owned or Held by the Trustee.
-------------------------------------------------------
Furnish the following information as to securities of the Obligor
owned beneficially or held as collateral security for obligations in
default by the Trustee:
As of May 20, 1994
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Col. A Col. B Col. C Col. D
Amount owned
Whether the se- beneficially or
curities are held as collat- Percent of class
voting or non- eral security represented by
voting securi- for obligations amount given in
Title of class ties in default Col. C
* * * *
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* The Trustee (or any of its affiliates, including Meridian Bancorp,
Inc.) does not own beneficially or hold as collateral security for
obligations in default more than one percent of any class of outstanding
securities of the Obligor. (See Note on page 8.)
Item 9. Securities of Underwriters Owned or Held by the Trustee.
--------------------------------------------------------
If the Trustee owns beneficially or holds as collateral security
for obligations in default any securities of an Underwriter for the
Obligor, furnish the following information as to each class of securities
of such Underwriter any of which are so owned or held by the Trustee:
-4-
As of May 20, 1994
- - - - ------------------------------------------------------------------------------
Col. A Col. B Col. C Col. D
Amount owned
beneficially or
held as collat-
eral security Percent of class
Title of issuer for obligations represented by
and title of Amount outstand- in default by amount given in
class ing Trustee Col. C
* * * *
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* The Trustee (or any of its affiliates, including Meridian
Bancorp, Inc.) does not own beneficially or hold as collateral security
for obligations in default more than one percent of any class of any
securities of an Underwriter for the Obligor. (See Note on page 8.)
Item 10. Ownership or Holdings by the Trustee of Voting Securities of
------------------------------------------------------------
Certain Affiliates or Security Holders of the Obligor.
------------------------------------------------------
If the Trustee owns beneficially or holds as collateral security for
obligations in default voting securities of a person who, to the knowl-
edge of the Trustee (1) owns 10 percent or more of the voting securities
of the Obligor or (2) is an affiliate, other than a subsidiary, of the
Obligor, furnish the following information as to the voting securities of
such person:
As of May 20, 1994
- - - - ------------------------------------------------------------------------------
Col. A Col. B Col. C Col. D
Amount owned
beneficially or
held as collat-
eral security Percent of class
Title of issuer for obligations represented by
and title of Amount outstand- in default by amount given in
class ing Trustee Col. C
* * * *
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* The Trustee (or any of its affiliates, including Meridian
Bancorp, Inc.) does not own beneficially or hold as collateral security for
obligations in default more than one percent of the voting securities of
any person who, to the knowledge of the Trustee (or any of its affili-
ates, including Meridian Bancorp, Inc.), (1) owns 10 percent or more of
the voting securities of the Obligor or (2) is an affiliate, other than a
subsidiary, of the Obligor. (See Note on page 8.)
Item 11. Ownership or Holdings by the Trustee of any Securities of a
-----------------------------------------------------------
Person owning 50 Percent or More of the Voting Securities of
------------------------------------------------------------
the Obligor.
------------
If the Trustee owns beneficially or holds as collateral security for
obligations in default any securities of a person who, to the knowledge
of the Trustee, owns 50 percent or more of the voting securities of the
Obligor, furnish the following information as to each class of securities
of such person any of which are so owned or held by the Trustee:
-5-
As of May 20, 1994
- - - - ------------------------------------------------------------------------------
Col. A Col. B Col. C Col. D
Amount owned
beneficially or
held as collat-
eral security Percent of class
Title of issuer for obligations represented by
and title of Amount outstand- in default by amount given in
class ing Trustee Col. C
* * * *
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* The Trustee (or any of its affiliates, including Meridian
Bancorp, Inc.) does not own beneficially or hold as collateral security for
obligations in default more than one percent of any securities of a
person who, to the knowledge of the Trustee (or any of its affiliates,
including Meridian Bancorp, Inc.), owns 50 percent or more of the voting
securities of the Obligor. (See Note on page 8.)
Item 12. Indebtedness of the Obligor to the Trustee.
-------------------------------------------
Except as noted on the instructions, if the Obligor is indebted to
the Trustee, furnish the following information:
As of May 20, 1994
- - - - ------------------------------------------------------------------------------
Col. A Col. B Col. C
Nature of indebtedness Amount outstanding Date due
$35,000,000 Line of Credit -- Not applicable
$12,500,000 Line of Credit $500,000 May 31, 1994
$1,000,000 Line of Credit -- Not applicable
$1,000,000 Letter of Credit $536,429 May 31, 1994
$302,049 Letter of Credit $302,049 May 31, 1994
$224,380 Letter of Credit -- Not applicable
$75,000 Letter of Credit -- Not applicable
$10,000 Letter of Credit $10,000 May 31, 1994
- - - - ------------------------------------------------------------------------------
Meridian Bank, an affiliate of the Trustee, has established the
foregoing lines and letters of credit totaling $50,111,429, which may be
drawn upon by the Obligor. As of May 20, 1994, there was an aggregate of
$1,348,478 outstanding on these lines and letters of credit.
Item 13. Defaults by the Obligor.
------------------------
(a) State whether there is or has been a default with respect to
the securities under this indenture. Explain the nature of
any such default.
-6-
There is not nor has there been a default with respect
to the securities under this indenture. (See Note on page
8.)
(b) If the Trustee is a trustee under another indenture under
which any other securities, or certificates of interest or
participation in any other securities, of the Obligor are
outstanding, or is trustee for more than one outstanding
series of securities under the indenture, state whether there
has been a default under any such indenture or series, iden-
tify the indenture or series affected, and explain the nature
of any such default.
The Trustee is not a trustee under any other indenture
under which any other securities, or certificates of interest
or participation in any other securities, of the Obligor are
outstanding and there has not been a default under any out-
standing securities under this indenture. (See Note on page
8.)
Item 14. Affiliations with the Underwriters.
-----------------------------------
If any Underwriter is an affiliate of the Trustee, describe each
such affiliation.
No Underwriter for the Obligor is an affiliate of the Trustee. (See
Note on page 8.)
Item 15. Foreign Trustee.
----------------
Identify the order or rule pursuant to which the foreign trustee is
authorized to act as sole trustee under indentures qualified or to be
qualified under the Act.
Not applicable.
Item 16. List of Exhibits.
-----------------
List below all exhibits filed as part of this statement of eligibil-
ity and qualification.
1. A copy of the articles of incorporation of the Trustee as now
in effect (incorporated by reference to Exhibit 1 to Form T-1
filed in Form S-3 Registration Statement of The Bell Tele-
phone Company of Pennsylvania (Reg. No. 33-43712)).
2. Certificate of authority of the Trustee to commence business
(incorporated by reference to Exhibit 2 to Form T-1 filed in
Form S-3 Registration Statement of The Bell Telephone Company
of Pennsylvania (Reg. No. 33-43712)).
3. Authorization of the Trustee to exercise corporate trust
powers (incorporated by reference to Exhibit 3 to Form T-1
filed in Form S-3 Registration Statement of The Bell Tele-
phone Company of Pennsylvania (Reg. No. 33-43712)).
4. A copy of the existing by-laws of the Trustee (incorporated
by reference to Exhibit 4 to Form T-1 filed in Form S-3
-7-
Registration Statement of The Bell Telephone Company of
Pennsylvania (Reg. No. 33-43712)).
5. A copy of the indenture referred to in Item 4, if the Obligor
is in default. Not applicable.
6. The consent of the Trustee required by Section 321(b) of the
Act.
7. A copy of the latest report of condition of the Trustee as of
the close of business on March 31, 1994, published pursuant
to law or the requirement of its supervising or examining
authority.
NOTE
----
Inasmuch as this Form T-1 is filed prior to the ascertainment by
the Trustee of all facts on which to base responsive answers to Items 5,
6, 7, 8, 9, 10, 11, 13 and 14, the answers to said Items are based on
incomplete information.
Items 5, 6, 7, 8, 9, 10, 11, 13 and 14 may, however, be considered
correct unless amended by an amendment to this Form T-1.
In answering any items in this Statement of Eligibility that
related to matters peculiarly within the knowledge of the Obligor, or its
directors or officers, or an Underwriter for the Obligor (Items 5, 6, 7,
8, 9, 10, 11 and 13 particularly), the Trustee has relied upon informa-
tion furnished to it by the Obligor and such Underwriter and the Trustee
disclaims responsibility for the accuracy or completeness of such infor-
mation.
-8-
SIGNATURE
---------
Pursuant to the requirement of the Trust Indenture Act of 1939, the
Trustee, Meridian Trust Company, a corporation organized and existing
under the laws of the Commonwealth of Pennsylvania, 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 Reading
and the Commonwealth of Pennsylvania, on the 20th day of May, 1994.
MERIDIAN TRUST COMPANY
By: /s/ Michael Ruppel
--------------------------------
Name: Michael Ruppel
Title: Account Officer
CONSENT OF TRUSTEE
Pursuant to the requirements of Section 321(b) of the Trust Indenture
Act of 1939 and in connection with the proposed issue of up to $360,500,000
aggregate principal amount of PECO Energy Company Subordinated Debentures
due to mature in 2043, we hereby consent that reports of examinations by
federal, state, territorial, or district authorities may be furnished by
such authorities to the Securities and Exchange Commission upon request
therefor.
MERIDIAN TRUST COMPANY
By: /s/ Michael G. Ruppel
--------------------------------
Name: Michael G. Ruppel
Title: Account Officer
Dated: May 25, 1994
------------------
CONSOLIDATED REPORTS OF CONDITION AND INCOME STATE 034
FOR A COMMERCIAL BANK OR A SAVINGS BANK WITH DOMESTIC OFFICES ONLY Page RC-1
AND TOTAL ASSETS OF LESS THAN $100 MILLION (3-94)
- - - - ------------------------------------------------------------------------------
LEGAL TITLE OF BANK STATE BANK NO.
MERIDIAN TRUST COMPANY --------------------------------
FEDERAL RESERVE DISTRICT NO.
THIRD
- - - - ------------------------------------------------------------------------------
CITY COUNTY STATE ZIP CODE CLOSE OF BUSINESS
MALVERN CHESTER PA 19355 MARCH 31, 1994
- - - - ------------------------------------------------------------------------------
Consolidated Report of Condition for Insured Commercial
and State-Chartered Savings Banks
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
--------
| C100 | <-
----------------------
Dollar Amounts in Thousands | Mil Thou |
- - - - --------------------------------------------------------------------------
ASSETS | ////////////////// |
1. Cash and balances due from depository | ////////////////// |
institutions: | ////////////////// |
a. Noninterest-bearing balances and currency | ////////////////// |
and coin(1)(2) ............................ | RCON 0081 5 | 1.a.
b. Interest-bearing balances(3) .............. | RCON 0071 760 | 1.b.
2. Securities: | ////////////////// |
a. HELD-TO-MATURITY SECURITIES (FROM SCHEDULE | ////////////////// |
RC-B, COLUMN A) ........................... | RCON 1754 358 | 2.a.
b. AVAILABLE-FOR-SALE SECURITIES (FROM | ////////////////// |
SCHEDULE RC-B, COLUMN D) .................. | RCON 1773 0 | 2.b
3. Federal funds sold and securities purchased | ////////////////// |
under agreements to resell: | ////////////////// |
a. Federal funds sold(4) ...................... | RCON 0276 0 | 3.a.
b. Securities purchased under agreements | ////////////////// |
to resell(5) ............................... | RCON 0277 0 | 3.b.
4. Loans and lease financing receivables: | ////////////////// |
a. Loans and leases, net of unearned | ////////////////// |
income (from ----------------------| ////////////////// |
Schedule RC-C) ...... | RCON 2122 173 | ////////////////// | 4.a.
b. LESS: Allowance | //////////////////// | ////////////////// |
for loan and | //////////////////// | ////////////////// |
lease losses ........ | RCON 3123 0 | ////////////////// | 4.b.
c. LESS: Allocated | //////////////////// | ////////////////// |
transfer risk | //////////////////// | ////////////////// |
reserve ............. | RCON 3128 0 | ////////////////// | 4.c.
----------------------| ////////////////// |
d. Loans and leases, net of unearned income, | ////////////////// |
allowance, and reserve (item 4.a minus 4.b | ////////////////// |
and 4.c) ................................... | RCON 2125 173 | 4.d.
5. Assets held in trading accounts ............... | RCON 3545 0 | 5.
6. Premises and fixed assets (including | ////////////////// |
capitalized leases) ........................... | RCON 2145 1,003 | 6.
7. Other real estate owned (from Schedule RC-M) .. | RCON 2150 0 | 7.
8. Investments in unconsolidated subsidiaries and | ////////////////// |
associated companies (from Schedule RC-M) ..... | RCON 2130 0 | 8.
9. Customers' liability to this bank on | ////////////////// |
acceptances outstanding ....................... | RCON 2155 0 | 9.
10. Intangible assets (from Schedule RC-M) ........ | RCON 2143 0 |10.
11. Other assets (from Schedule RC-F) ............. | RCON 2160 5,496 |11.
12. a. Total assets (sum of items 1 through 11) ... | RCON 2170 7,795 |12.a.
b. Losses deferred pursuant to 12 U.S.C. | ////////////////// |
1823(j) (from Schedule RC-M) ............... | RCON 0306 0 |12.b.
c. Total assets and losses deferred pursuant | ////////////////// |
to 12 U.S.C. 1823(j) (sum of items 12.a and | ////////////////// |
12.b) ...................................... | RCON 0307 7,795 |12.c.
----------------------
- - - - ----------
(1) Includes cash items in process of collection and unposted debits. Report
deposit accounts "due from" depository institutions that are overdrawn
in Schedule RC, item 16, "Other borrowed money."
(2) The amount reported in this item must be greater than or equal to the
sum of Schedule RC-M, items 2 and 3.
(3) Includes time certificates of deposit not held in trading accounts.
(4) Report "term federal funds sold" in Schedule RC, item 4.a, "Loans and
leases, net of unearned income," and in Schedule RC-C, part I.
(5) Report securities purchased under agreements to resell that involve the
receipt of immediately available funds and mature in one business day
or roll over under a continuing contract in Schedule RC, item 3.a,
"Federal funds sold."
STATE 034
Page RC-2
(3-94)
Schedule RC -- Continued
--------
| //// | <-
--------------------------
Dollar Amounts in Thousands | ///////////// Mil Thou |
- - - - -----------------------------------------------------------------------
LIABILITIES | ////////////////////// |
13. Deposits: | ////////////////////// |
a. In domestic offices (sum of totals | ////////////////////// |
of columns A and C from Schedule | ////////////////////// |
RC-E) ............................... | RCON 2200 0 |13.a.
(1) Non- | ////////////////////// |
interest -----------------------| ////////////////////// |
bearing(1) | RCON 6631 0 | ////////////////////// |13.a.(1)
(2) Interest | //////////////////// | ////////////////////// |
bearing .. | RCON 6636 0 | ////////////////////// |13.a.(2)
-----------------------| ////////////////////// |
b. In foreign offices, Edge and | ////////////////////// |
Agreement subsidiaries, and IBFs .... | ////////////////////// |
(1) Non-interest bearing ............ | ////////////////////// |
(2) Interest bearing ................ | ////////////////////// |
14. Federal funds purchased and securities | ////////////////////// |
sold under agreements to repurchase: | ////////////////////// |
a. Federal funds purchased(2) .......... | RCON 0278 0 | 14.a.
b. Securities sold under agreements | ////////////////////// |
to repurchase(3) .................... | RCON 0279 0 | 14.b.
15. a. Demand notes issued to the U.S. | ////////////////////// |
Treasury ............................ | RCON 2840 0 | 15.a.
b. TRADING LIABILITIES ................. | RCON 3548 0 | 15.b.
16. Other borrowed money: | ////////////////////// |
a. WITH ORIGINAL MATURITY OF ONE YEAR | ////////////////////// |
OR LESS ............................. | RCON 2332 0 | 16.a.
b. WITH ORIGINAL MATURITY OF MORE THAN | ////////////////////// |
ONE YEAR ............................ | RCON 2333 0 | 16.b.
17. Mortgage indebtedness and obligations | ////////////////////// |
under capitalized leases ............... | RCON 2910 0 | 17.
18. Bank's liability on acceptances executed | ////////////////////// |
and outstanding ........................ | RCON 2920 0 | 18.
19. Subordinated notes and debentures....... | RCON 3200 0 | 19.
20. Other liabilities (from Schedule RC-G).. | RCON 2930 3,190 | 20.
21. Total liabilities (sum of items 13 | ////////////////////// |
through 20) ............................ | RCON 2948 3,190 | 21.
| ////////////////////// |
22. Limited-life preferred stock and | ////////////////////// |
related surplus ........................ | RCON 3282////////////0 | 22.
EQUITY CAPITAL | ////////////////////// |
23. Perpetual preferred stock and related | ////////////////////// |
surplus ................................ | RCON 3838 0 | 23.
24. Common stock ........................... | RCON 3230 300 | 24.
25. Surplus (exclude all surplus related | ////////////////////// |
to preferred stock) .................... | RCON 3839 477 | 25.
26. a. Undivided profits and capital | ////////////////////// |
reserves ............................ | RCON 3632 3,828 | 26.a.
b. NET UNREALIZED HOLDING GAINS | ////////////////////// |
(LOSSES) ON AVAILABLE-FOR SALE | ////////////////////// |
SECURITIES .......................... | RCON 8434 0 | 26.b.
27. Cumulative foreign currency | ////////////////////// |
translation adjustments ................ | ////////////////////// |
28. a. Total equity capital (sum of items | ////////////////////// |
23 through 27) ...................... | RCON 3210 4,606 | 28.a.
b. Losses deferred pursuant to 12 U.S.C. | ////////////////////// |
1823(j) (from Schedule RC-M) ........ | RCON 0306 0 | 28.b.
c. Total equity capital and losses | ////////////////////// |
deferred pursuant to 12 U.S.C. | ////////////////////// |
1823(j) (sum of items 28.a and 28.b). | RCON 3559 4,606 | 28.c.
29. Total liabilities, limited-life | ////////////////////// |
preferred stock, equity capital, and | ////////////////////// |
losses deferred pursuant to 12 U.S.C. | ////////////////////// |
1823(j) (sum of items 21, 22, and 28.c). | RCON 2257 7,795 | 29.
--------------------------
Memorandum
TO BE REPORTED ONLY WITH THE MARCH REPORT OF CONDITION.
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 Number
independent external auditors as of any ------------------
date during 1993 ................................... | RCON 6724 2 | M.1.
------------------
1 = Independent audit of the bank conducted in accordance with generally
accepted auditing standards by a certified public accounting firm which
submits a report on the bank
2 = Independent audit of the bank's parent holding company conducted in
accordance with generally accepted auditing standards by a certified
public accounting firm which submits a report on the consolidated
holding company (but not on the bank separately)
3 = Directors' examination of the bank conducted in accordance with
generally accepted auditing standards by a certified public accounting
firm (may be required by state chartering authority)
4 = Directors' examination of the bank performed by other external auditors
(may be required by state chartering authority)
5 = Review of the bank's financial statements by external auditors
6 = Compilation of the bank's financial statements by external auditors
7 = Other audit procedures (excluding tax preparation work)
8 = No external audit work
- - - - ----------
(1) Includes total demand deposits and noninterest-bearing time
and savings deposits.
(2) Report "term federal funds purchased" in Schedule RC, item 16,
"Other borrowed money."
(3) Report securities sold under agreements to repurchase that involve
the receipt of immediately available funds and mature in one business
day or roll over under a continuing contract in schedule RC, item 14.a,
"Federal funds purchased."