This application must be filed by a state member bank before merging or consolidating with an insured depository institution, acquiring its assets (either directly or indirectly), or assuming the liability for any of its deposits (either directly or indirectly). It collects information on the basic legal and structural aspects of the proposed merger, consolidation, other combined transactions between nonaffiliated parties, or corporate reorganization between affiliated parties. It also collects information from state member banks that propose to establish a branch or branches pursuant to section 9 of the Federal Reserve Act.
Purpose: The Federal Reserve needs this information to fulfill its statutory supervisory responsibilities to evaluate proposed transactions as to their permissibility, competitive effects, adequacy of the financial and managerial resources of the institutions involved, net public benefits, and the impact on the convenience and needs of the affected communities.
The FR 2070 application was instituted in 1960 with the enactment of the Bank Merger Act as section 18(c) of the Federal Deposit Insurance Act (FDI Act). It was discontinued in 1990 and at the same time the Application for Prior Approval for a Bank Holding Company to Acquire an Additional Bank or Bank Holding Company (FR Y-2) was amended to include proposals filed pursuant to section 18(c) of the FDI Act and section 9 of the Federal Reserve Act. Subsequent experience indicated that a separate FR 2070 application would be easier to use, and it was reinstated in 1994. In 1998 the application was reformatted for use by the four federal banking regulatory agencies and was retitled the Interagency Bank Merger Act Application.
State member banks. Participation is required.
The information collected on this application is not routinely published. However, it is available to the public on request, though respondents may request that certain information be kept confidential.