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Press Release
New York Banking Department Announces Approval of Goldman Sachs Application
Goldman Sachs Bank USA to be Headquartered in New York City

November 28, 2008

New York, NY: Richard H. Neiman, Superintendent of Banks, today announced that on November 25, 2008 the Banking Department approved a series of related applications from the Goldman Sachs Group to convert its existing New York limited purpose trust company to a New York State-chartered full-service bank. The Goldman Sachs Group Inc.’s initial application to form Goldman Sachs Bank USA, which will be headquartered in New York City, was announced by Governor David A. Paterson on October 13, 2008. 

“The decision to select a New York charter reflects confidence in New York as a financial center and in its Banking Department as an effective regulator,” according to Superintendent Neiman.

Goldman Sachs’ current Utah-based industrial loan company will merge into its New York State-chartered trust company, Goldman Sachs Trust Company, which will in turn become a full-service New York bank with trust powers. Existing Goldman Sachs businesses which will become part of, or subsidiaries of, Goldman Sachs Bank USA include, but are not limited to, Goldman Sachs Credit Partners, L.P., Goldman Sachs Mortgage Company and Goldman Sachs Capital Markets, L.P.

The New York State Banking Department is the regulator for all state-chartered banking institutions, virtually all of the United States offices of international banking institutions, all of the State’s mortgage brokers, mortgage bankers, check cashers, money transmitters and budget planners. The aggregate assets of the depository institutions supervised by the Banking Department are more than $2.2 trillion.

In addition to regulating banking institutions, the Banking Department is active in informing and educating all New Yorkers on banking matters. To contact the Banking Department, please call 1-877-BANK-NYS or visit our Web site at www.banking.state.ny.us.

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