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WETZLER v. F.D.I.C.

No. 1273, Docket 93-9068.

38 F.3d 69 (1994)

James W. WETZLER, as Commissioner of Taxation and Finance of the State of New York, and the New York State Department of Taxation and Finance, Plaintiffs-Appellants, v. FEDERAL DEPOSIT INSURANCE CORPORATION, as Receiver of the Seamen's Bank for Savings, F.S.B., Defendant-Appellee. FEDERAL DEPOSIT INSURANCE CORPORATION, Counter-Claimant, v. James W. WETZLER and New York State Department of Taxation and Finance, Counter-Defendants.

United States Court of Appeals, Second Circuit.

Decided October 13, 1994.

Attorney(s) appearing for the Case

Frederic L. Lieberman, Asst. Atty. Gen. of the State of N.Y., New York City (G. Oliver Koppell, Atty. Gen. of the State of N.Y., of counsel), for plaintiffs-appellants James W. Wetzler and the New York State Dept. of Taxation and Finance.

Kathleen V. Gunning, Counsel, F.D.I.C., Washington, DC (Ann S. Duross, Asst. Gen. Counsel, Robert D. McGillicuddy, Senior Counsel, F.D.I.C., Washington, DC; Steven A. Hammond, Merrikay S. Hall, and Kevin M. Crotty, Hughes, Hubbard & Reed, New York City, of counsel), for defendant-appellee F.D.I.C.

O. Peter Sherwood, Corp. Counsel of the City of New York, Attorney for the City of New York, New York City (Edward F.X. Hart, Frances J. Henn, and Stanley Buchsbaum, Corp. Counsel of the City of New York, of counsel), filed a brief for amicus curiae the City of New York.

Before: TIMBERS, CARDAMONE and WINTER, Circuit Judges.

CARDAMONE, Circuit Judge:

The question we are called upon to resolve is whether Seamen's Bank (Seamen's), a federal savings bank chartered under the Home Owners' Loan Act of 1933, must pay New York State's bank franchise tax during a time when it was receiving financial assistance from the Federal Deposit Insurance Corporation (FDIC). Seamen's Bank, with its principal office at 30 Wall Street, New York City, was originally founded, as its name suggests, to serve people...

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