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FDIC Offers Three New Online Business Transactions Through FDICconnect

 

Feb 20 - The FDIC is offering three new online business transactions through FDICconnect, its secure transaction-based website for FDIC-insured institutions. Institutions will be able to submit interagency bank merger applications, notices of change in control, and notices of change of director or senior executive officer.

Highlights:

 Interagency Bank Merger Application. The filing procedures are pursuant to 12 CFR 303.62 of the FDIC Rules and Regulations. This application is required for a merger, consolidation, or other combining transaction between nonaffiliated parties as well as to effect a corporate reorganization between affiliated parties under the Bank Merger Act, Section 18(c) of the Federal Deposit Insurance Act, as amended (12 U.S.C. 1828(c)).

 Interagency Notice of Change in Control. The filing procedures are pursuant to 12 CFR 303.84 of the FDIC Rules and Regulations. This notice to acquire control of an insured state nonmember bank or a parent company of an insured state nonmember bank is required pursuant to the Change in Bank Control Act of 1978,Section 7(j) of FDIA (12 U.S.C. 1817(j)).

 Interagency Notice of Change of Director or Senior Executive Officer. The filing procedures are pursuant to 12 CFR 303.102 of the FDIC Rules and Regulations. Pursuant to Section 32 of FDIA (12 U.S.C. 1831i), an insured state nonmember bank is required to notify the FDIC of a proposed change in the board of directors or senior executive officer of such institution when the institution is not in compliance with all minimum capital requirements; the institution is in troubled condition; or the FDIC determines, in connection with its review of a capital restoration plan required under Section 38 of FDIA (12 U.S.C. 1831o) or otherwise, that such prior notice is appropriate.


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