The Federal Reserve System announced that certain individuals have applied to acquire shares of a bank or bank holding company under the Change in Bank Control Act. These applications are publicly available for review at specific Federal Reserve locations and can be requested online. Interested parties can submit their comments by January 6, 2025, but should be aware that these comments will be made public without alteration. One specific application involves Richard and Beth Wright, who intend to retain voting shares in Milco Bancorporation, Inc., and indirectly in the Bank of Iberia, both in Missouri.
Simple Explanation
Some people want to buy shares (like a small part) of a bank, and the Federal Reserve is checking to make sure everything is okay. People can tell the Federal Reserve what they think about this plan by sending in their thoughts, but these will be shared for everyone to see.