The Federal Reserve System has released a notice regarding proposals for companies to engage in or acquire those involved in non-banking activities as allowed under the Bank Holding Company Act and Regulation Y. The notice invites the public to submit their comments on whether these proposals meet the required standards and details where these applications can be inspected. Specifically mentioned is the proposed merger of River Run Bancorp with Rollstone Bancorp, potentially leading to the acquisition of Rollstone Bank & Trust. Comments should be submitted by March 3, 2025, to ensure they are considered.
Simple Explanation
The Federal Reserve wants to hear people's thoughts about some companies wanting to join or buy others that do things like banks, but aren't banks. The public has until March 3, 2025, to share their opinion.