The Federal Reserve System has received applications from certain companies seeking approval to become bank holding companies or to acquire control of banks or other bank holding companies. These applications are filed under the Bank Holding Company Act of 1956 and other relevant regulations. Interested individuals can inspect the applications at the relevant Reserve Banks or the Board of Governors and submit comments until April 4, 2025. One specific application involves Battle Financial, Inc. from Edwards, Colorado, which seeks to acquire Stearns Bank of Upsala, National Association in Minnesota.
Simple Explanation
The Federal Reserve is checking if some companies can buy or join together with other banks, like how kids might join clubs. People can look at these plans and share their thoughts until April 4, 2025, but they're not allowed to change any personal info for privacy.