Change in Bank Control Notices; Acquisitions of Shares of a Bank or Bank Holding Company
AI-generated summary for informational purposes only. Not legal advice. See the original source for the authoritative text.
The Federal Reserve System published a notice listing two applications under the Change in Bank Control Act. Russell A. Weaver II, Sandra M. Weaver, and Wanda K. Weaver-Marshall seek to form the Weaver Family Control Group to retain voting shares of Fryburg Banking Company Inc. and indirectly of First United National Bank, both in Pennsylvania. Separately, James N. Carson seeks to retain voting shares of Carson Financial Holding Company, Inc. and indirectly of Carson Community Bank in Oklahoma. The public has until April 20, 2026 to submit written comments on whether these acquisitions meet the standards in 12 U.S.C. 1817(j)(7). Application materials are available for inspection at the relevant Federal Reserve Banks and the Board of Governors.
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Key Changes
- Public comment deadline set for April 20, 2026
- Weaver family members to form control group for Fryburg Banking Company Inc. and First United National Bank
- James N. Carson application to retain control of Carson Financial Holding Company and Carson Community Bank
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Obligations
What this law requires
The Federal Reserve must evaluate acquisitions against the standards enumerated in 12 U.S.C. 1817(j)(7)
Applicants seeking to acquire shares of a bank or bank holding company must file an application under the Change in Bank Control Act (12 U.S.C. 1817(j)) and Regulation Y (12 CFR 225.41) with the appropriate Federal Reserve Bank
Public portions of applications and related filings must be made available for immediate inspection at the relevant Federal Reserve Bank(s) and the Board of Governors offices
Application materials must be obtainable on an expedited basis upon request through the appropriate Federal Reserve Bank and the Board's Freedom of Information Office
Interested persons may submit written comments on whether acquisitions meet the standards in 12 U.S.C. 1817(j)(7)