Mystery Bank Buyer Files Required Government Paperwork
Published Date: 1/16/2025
Notice
Summary
If someone wants to buy or control shares in a bank or bank holding company, they have to tell the Federal Reserve first. People can check these plans and share their thoughts by January 31, 2025. This keeps bank ownership clear and fair, making sure no surprises pop up in who’s running the banks.
Analyzed Economic Effects
4 provisions identified: 3 benefits, 1 costs, 0 mixed.
Must notify Federal Reserve before buying bank control
If you want to acquire or control shares of a bank or a bank holding company, you (the purchaser) must apply under the Change in Bank Control Act and Regulation Y and notify the Federal Reserve before completing the purchase.
Public access to change-in-control applications
The public portions of these change-in-control applications are available for inspection at the Federal Reserve Bank(s) listed (for this notice: the Federal Reserve Bank of Minneapolis) and at the Board of Governors, and may be requested via the Board's FOIA request page.
Public comment window and disclosure rules
Interested persons may submit written comments on the applications; comments must be received at the indicated Reserve Bank or at the Board of Governors (Ann E. Misback, Secretary) not later than January 31, 2025. Comments received are subject to public disclosure and generally will be made available without change.
Specific application: Pogatchnik family retaining bank shares
Gabrielle Pogatchnik of Philadelphia has applied to join the Pogatchnik Family Control Group to retain voting shares of Finlayson Bancshares, Inc., and thereby indirectly retain voting shares of First Independent Bank (Russell, MN) and Northview Bank (Sandstone, MN); the public may comment on this application by January 31, 2025 at the Federal Reserve Bank of Minneapolis or the Board of Governors.
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Key Dates
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