The document is a notice from the Federal Reserve System about applications by companies to become bank holding companies or to acquire control of existing ones. Specifically, Sturdy Bancorp, MHC, and its proposed subsidiary, Sturdy Bancorp, Inc., both based in Stone Harbor, New Jersey, are seeking to acquire Sturdy Savings Bank. The document invites public comments on these applications and specifies that comments must be submitted by May 30, 2025. It also provides information on how and where to submit these comments, including electronic submission options.
Simple Explanation
The Federal Reserve System shared a note that a company in New Jersey wants to buy a bank, and it's asking people to say what they think about this plan by May 30, 2025. People can share their thoughts online or by sending a letter.