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securities totaled $38,141,487, and the loan participations
totaled $27,710,909; these three categories of assets were
transferred to Investments as paid-in capital. No security or
tax-exempt obligation of any kind was transferred by Peoples to
Investments during the subject years. Of the taxable securities
and tax-exempt obligations that Peoples transferred to
Investments, 17 percent were federally tax-exempt municipal
securities, 41 percent were federally taxable securities (issued
primarily by Government agencies), and 42 percent were loan
participation interests. At the time of the transfers, no
liabilities encumbered the transferred securities or obligations,
and Investments did not assume any liability of Peoples.
Investments did not sell any tax-exempt obligation or taxable
security before maturity, and all such obligations and securities
received from Investments matured by the end of the subject
years. Investments’ income for the subject years was
attributable to holding federally taxable securities, federally
tax-exempt obligations, and loan participations. Investments did
not own any other asset, and it did not provide services to
unrelated third parties.
Investments’ total assets during the subject years
represented about 20 percent of the total assets of Investments
and Peoples combined. During each of those years, Peoples
incurred approximately $8 million to $12 million of interest
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Last modified: March 27, 2008