A newly organized or existing state or national bank, thrift, Edge Act company or industrial bank that seeks to become a state member bank of the Federal Reserve System. A bank seeking membership should contact the Federal Reserve prior to submitting a final application to allow for the completion of a pre-membership examination, if needed.

Sections 208.3 and 208.6 of Regulation H

Section 225.14(c) of Regulation Y.

None required

Form FR 2083A/B/C – Application for Membership

15 calendar days after receipt

If an institution does not meet the requirements (Section 208.2(e)) for 15 day processing, the application will be processed 30 - 60 days after receipt unless applicant is otherwise notified.

Any state member bank that seeks to establish and operate a de novo branch location (ATMs and qualified loan origination facilities are not considered branches). Also required of any state member bank that seeks approval to acquire a branch in conjunction with a merger filing.

Sections 208.2(e) and 208.6 of Regulation H

Section 225.14(c) of Regulation Y

Local newspapers

A letter that includes a detailed description of the proposed branch, and/or a copy of the state filing.

A copy of the affidavit of publication.

Uniform Interstate Application/ Notice

Five (5) business days after the end of the last comment period (de novo branches only)

If an institution does not meet the above processing requirements (Section 225.14(c)), the application will be processed as follows:

Reserve Bank processed filings – 30 calendar days after receipt or 5 business days after the end of the latest comment period

Board processed filings – 60 calendar days after receipt

A state member bank seeks to close a branch location.

90 days prior written notice of branch closing to primary federal regulator and branch customers.

Post a notice at the branch site at least 30 days prior to closing

The notice must include a detailed statement of the reasons for the decision to close the branch and information in support of those reasons.

Not applicable

Any state member bank that seeks to increase its direct or indirect investment in bank premises, if the aggregate level of investment will exceed the threshold specified in Regulation H. (Investment exceeds the bank’s perpetual preferred stock and common stock plus related surplus.)

Section 208.21 of Regulation H

None required

A letter that includes:

1. current and pro forma financial statements;

2. the amount, general description, and purpose of the proposed investment; and

3. the seller and whether such party is related to, or is an affiliate of, the applicant or any of its directors, senior executive officers, or shareholders.

An appraisal if the property is being purchased from an affiliate or related party.

15 days after the notice is received by the Federal Reserve unless applicant is notified that the investment is subject to further review by the end of the 15 day notice period

A merger of two or more banks in which the surviving bank will be a state member bank. This includes a purchase and assumption of third party banking assets, and operation of the target bank’s branches.

Sections 208.2(e) and 208.6 of Regulation H

Local newspapers

Form FR 2070 – Application for Prior Approval to Effect a Bank Merger, Consolidation, Acquisition of Assets or Assumption of Deposit Liabilities

30 - 60 calendar days after receipt unless applicant is otherwise notified
  

Any state member bank that seeks to pay dividends in excess of net income for the calendar year combined with retained net income from the preceding two years.

Section 208.5 of Regulation H

None required

A letter that includes:

1. the amount of the proposed dividend payment;

2. the purpose or reason for the dividend payment; and

3. the effect upon the bank’s capital levels.

Reserve Bank processed filings – 15 -30 days following receipt of all required information

Board processed filings – 60 days after receipt

Certain state member banks must provide prior notice to the Federal Reserve before adding or replacing a director or a senior executive officer, or substantially changing the responsibilities of any senior executive officer. An institution may request a waiver of the prior notice requirement if the individual's services are needed immediately.

Sections 225.71-225.73 of Regulation Y

None required

Form FR 2081b – Interagency Notice of Change in Director or Senior Executive Officer

Form FR 2081c – Interagency Biographical and Financial Report

30 days after the notice is received by the Federal Reserve unless applicant is otherwise notified

A change in control in which any person(s) proposes to own, control, or hold with power to vote 25 percent or more (10% in some cases) of any class of voting stock, or become the largest shareholder of a state member bank.

Sections 225.41-225.44 of Regulation Y

Local newspapers

The Federal Reserve also will publish a notice in the Federal Register

Form FR 2081a – Interagency Notice of Change in Bank Control

Form FR 2081c – Interagency Biographical and Financial Report

60 calendar days after receipt or 5 business days after the latest comment period end date