OCC OKs GE Capital Acquisition of Metlife Deposit Business
The Office of the Comptroller of the Currency (OCC) said it has conditionally approved the application by GE Capital Retail Bank, Draper, UT (GECRB) to assume certain deposits (estimated at $6.5 billion) and related liabilities, to acquire a retail deposit platform, and a single retail deposit-taking office located in New Jersey and certain related assets, from MetLife Bank, Bridgewater, NJ.
The OCC said the approval is granted after a thorough evaluation of the application, other materials that have been supplied, and other information available to the OCC, including commitments and representations made in the application and by GECRB’s representatives during the application process. The OCC’s approval is subject to the consummation requirements and conditions set out herein.
GECRB is a federal savings association. GECRB’s main office is located in Draper, UT and GECRB has no branch offices. GECRB does not currently have a retail deposit-taking business. MetLife Bank is a national bank with its main office in Bridgewater, NJ. GECRB seeks to assume certain deposits and related liabilities of MetLife Bank, acquire MetLife Bank’s retail deposit-taking business, and its single retail deposit-taking office in New Jersey and related assets.
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