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STATE OF MAINE
BUREAU OF FINANCIAL INSTITUTIONS
In re: Global Trust Company ) AMENDMENT OF THE
WHEREAS, on November 5, 2008, pursuant to 9-B M.R.S. Chapters 31 and 121, and by Order effective December 5, 2008 (“the Order”), the Maine Bureau of Financial Institutions approved the application of Northeast Retirement Services, Inc. to establish the nondepository trust company known as Global Trust Company; and
WHEREAS, the Order contains 16 conditions; and
WHEREAS, Condition No. 3 of the Order requires maintenance of Tier 1 capital at a level set by the Bureau of Financial Institutions; and
WHEREAS, on May 1, 2009, the Bureau issued Global Trust Company a Certificate to Transact Business; and
WHEREAS, the Bureau has determined that amendment of the Order as set forth herein is appropriate and Global Trust Company has agreed to that amendment and to execution of an asset pledge relating to the Company’s MassMutual directed trustee assets,
NOW THEREFORE, it is hereby ORDERED:
The Order establishing Global Trust Company is amended by replacing the original text of Condition No. 3 with the following:
Unless a different amount is established by the Superintendent, Global Trust Company shall maintain Tier 1 capital (as defined in Bureau Regulation 27) not less than the greater of:
a. Two million dollars; or
b. The sum of (i) 10 basis points (0.10%) of discretionary assets, (ii) 5 basis points (0.05%) of nondiscretionary assets, including assets held in custody but excluding MassMutual directed trustee assets, and (iii) 0.25 basis points (0.0025%) of the MassMutual directed trustee assets.
All other provisions of the November 5, 2008 Order of the Bureau of Financial Institutions establishing Global Trust Company are affected in no way. If any provision of this amendment becomes invalid for any reason, the remaining provisions shall remain in full force and effect.
By Order of the Superintendent effective August 18, 2010.
Last Updated: June 5, 2013
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