Notice of the proposed transaction, in a form approved by the FDIC, has been published pursuant to the FDI Act. The proposed transaction would allow Legg Mason, Inc. to serve trust clients in a multi-state environment on a nationwide basis. It would not affect the structure of banking or the concentration of banking resources within the relevant market. The examination of LMC by Maryland's Commissioner of Financial Regulations disclosed a generally satisfactory condition.
Management is considered capable with extensive trust-related experience.
Capital is adequate and expected to be well in excess of 10 percent throughout the first three-year period after receiving deposit insurance. Earnings prospects are favorable. Having found favorable, on the statutory factors and having considered all other relevant information, including any reports on the competitive factors furnished by the Comptroller of the Currency. That if federal deposit insurance has not become effective within twelve months from the date of this Order, or unless, in the meantime, a request for an extension of time has been approved by the FDIC, the consent granted herein shall expire at the end of the said twelve-month period. Dated at Washington, D.C., this 22nd June 1999.