Applications for State Member Bank and Admission into the Membership
The Federal Reserve Bank of San Francisco's Formations + Transactions department serves as the primary point of contact for individuals or groups seeking to acquire ownership of a state member bank, or for those wishing to undertake various transactions related to state banking institutions. For detailed and accurate information on the application processes, forms, and timeframes for these transactions, it is essential to consult the Federal Reserve regulatory resources.
Mergers and Acquisitions
When it comes to mergers and acquisitions, the application process typically requires detailed filings on the transaction, financial condition, management, compliance, and impact on competition and community. Forms such as FR 4012 (Application for Membership in the Federal Reserve System) and related merger applications are required.
Branch Changes
Applications for branch changes, whether it's a new branch, relocation, or closure, often require formal approval. The process involves notifying the relevant authorities and may necessitate the submission of a branch application form.
Bank Services and Premises Investments
Investments in branch premises or fixed assets usually require prior approval or notice to regulators, with supporting documentation. This is to ensure that the proposed changes align with regulatory requirements and standards.
Membership
Banks must apply for membership in the Federal Reserve System using required forms and meet financial and managerial standards. The application process involves providing detailed information about the bank's operations, management, and financial status.
Changes in Control
Federal banking law requires notice and approval for substantial changes in the ownership or control of state member banks. This is to ensure that the changes comply with regulatory guidelines and do not pose any undue risks to the banking system or the public.
Newspaper Publication Requirements
Applications often must be publicly noticed in newspapers to ensure community awareness and solicit comments. This is a crucial step in the regulatory process, as it allows for transparency and the opportunity for interested parties to voice their opinions.
FAQs and Regulation H
Regulation H governs reserve requirements, membership, and related matters for state member banks. The Federal Reserve's website provides FAQs covering common questions about Regulation H.
Contact Information
For all applications, notifications, and general correspondence related to state banking institutions, please contact Julie Stengle at the Federal Reserve Bank of San Francisco. Her contact number is (415) 974-2789. The mailing address for Julie Stengle is 101 Market Street I 10th Floor, San Francisco, California 94105.
Applying for State Bank Membership
Information on the benefits of and process to apply for state bank membership is also provided. The Federal Reserve Bank of San Francisco's Formations + Transactions department is located in San Francisco, California, and is dedicated to providing information and guidance on these matters.
For detailed official guidance on SMB applications and Regulation H compliance, consulting the Federal Reserve Board’s official website or relevant regulatory guidance documents is recommended. These will provide downloadable forms, instructions, publication requirements, and typical review timelines. Processing timeframes vary depending on application complexity, regulatory workload, and completeness of submissions, ranging from several weeks to months.
- In the process of mergers and acquisitions, financial information about the transaction, financial condition, management, compliance, and impact on competition and community is required, which typically involves the completion of forms like FR 4012 (Application for Membership in the Federal Reserve System).
- Changes in the ownership or control of state member banks necessitate notice and approval, following federal banking law, to ensure compliance with regulatory guidelines and to prevent any undue risks to the banking system or the public.
