The Federal Reserve System has received applications from several individuals and groups seeking to acquire shares in banks or bank holding companies, as outlined under the Change in Bank Control Act. These applications are open to public review and comment, with comments due by March 28, 2025. Notable applications include a group from Bentonville, Arkansas, aiming to acquire shares in Stark Bancshares, Inc., and the Kosman Family Group, looking to retain and share control over Platte Valley Financial Service Companies Inc. and its associated banks. Interested parties can submit comments to the Federal Reserve Banks in St. Louis and Kansas City, or the Board of Governors.
Simple Explanation
The Federal Reserve got requests from some people and families who want to buy parts of banks, and everyone can share their thoughts on this until the end of March. One group is from Bentonville and wants to buy some of one bank, while a family wants to keep owning some other banks together.