Organization; Mergers, Consolidations, and Charter Amendments of Banks or Associations

Zusammenfassung

The Farm Credit Administration (FCA, Agency, we, or our) proposes to amend existing regulations related to mergers and consolidations of Farm Credit System (System) banks and associations to clarify the merger review and approval process and incorporate existing practices in the regulations. The proposed rule would identify when the statutory 60-day review period begins, require that only independent tabulators be authorized to validate ballots and tabulate stockholder votes on mergers or consolidations, require institutions to hold informational meetings on proposed mergers or consolidations if circumstances warrant, explain the reconsideration petition process and specify the voting record date list to be provided to stockholders who wish to file a reconsideration petition. The proposed rule would update cross-references in the existing regulations, incorporate cross references to stockholder voting rules contained elsewhere in part 611, and clarify or update terminology to enhance transparency.