Fed eyes bank buyouts to keep the money machine humming smoothly
Published Date: 4/21/2025
Notice
Summary
Some folks want to buy or keep big chunks of banks or bank companies, and the Federal Reserve is checking their plans to make sure everything’s fair and safe. If you care, you’ve got until May 6, 2025, to share your thoughts. This process helps keep banks steady and protects your money!
Analyzed Economic Effects
3 provisions identified: 1 benefits, 0 costs, 2 mixed.
Public access to bank acquisition filings
The public portions of these bank control applications are available for immediate inspection at the Federal Reserve Bank listed (Federal Reserve Bank of Minneapolis) and at the Board of Governors’ offices. You can also request expedited access by contacting the appropriate Federal Reserve Bank or the Board’s Freedom of Information Office at https://www.federalreserve.gov/foia/request.htm.
Public comment window and disclosure rules
Interested persons may submit written comments on these applications, and comments must be received by May 6, 2025 at the Reserve Bank indicated or at the Board of Governors in Washington, DC. Comments received are subject to public disclosure and generally will be made available without change, so do not include information you do not want publicly disclosed.
Named applications to control KodaBank in North Dakota
The notice lists specific applicants: the Anderson Family Control Group seeks to retain voting shares of Koda Bancor, Inc. and thereby indirectly retain voting shares of KodaBank in Drayton, North Dakota, and Karen L. Schumacher seeks to acquire control of voting shares of Koda Bancor, Inc. and thereby indirectly acquire control of KodaBank. These applications are the subjects on which the public may inspect filings and submit comments by May 6, 2025.
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