The Federal Reserve System published a notice regarding change in bank control applications under the Change in Bank Control Act. Four individuals from Illinois are proposing to form the Throgmorton Family Control Group to retain voting shares in South Porte Financial Inc. and SouthernTrust Bank. Interested parties can submit comments, which must be received by May 5, 2025, and will be publicly disclosed without modification. The applications and related documents are available for inspection at specified Federal Reserve locations.
Simple Explanation
Some people in Illinois want to have control over a bank by keeping shares in it, and the Federal Reserve wants to let everyone know about it. If anyone has something to say about it, they must do so by May 5, 2025.