Sec. 7. Managerial criteria for certain merger transactions
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Section 18(c) of the Federal Deposit Insurance Act ( 12 U.S.C. 1828(c) ), as amended by section 5, is further amended by adding at the end the following: In this paragraph, the term covered transaction means a merger transaction in which the resulting company would have more than $100,000,000,000 in total assets. An application for approval of a covered transaction shall include the name of each individual who will serve on the board of directors or serve as a senior executive officer of the resulting company.
The responsible agency shall make a written evaluation of the competence, experience, character, and integrity of each individual described in subparagraph (B). The responsible agency shall not approve a covered transaction if the responsible agency determines that the competence, experience, character, or integrity of any individual described in subparagraph
(B)indicates that it would not be in the best interests of the depositors of the depository institution or in the best interests of the public to permit the individual to be employed by, or associated with, the resulting company. The responsible agency shall make any written evaluation described in subparagraph
(C)publicly available after the date on which the responsible agency approves or denies a covered transaction. . Section 3(c) of the Bank Holding Company Act of 1956 ( 12 U.S.C. 1842(c) ), as amended by section 6, is further amended by adding at the end the following: In this paragraph, the term covered transaction means an acquisition, merger, or consolidation under this section in which the resulting company would have more than $100,000,000,000 in total assets. An application for approval of a covered transaction shall include the name of each individual who will serve on the board of directors or serve as a senior executive officer of the resulting company. The Board shall make a written evaluation of the competence, experience, character, and integrity of each individual described in clause (i). The Board shall not approve a covered transaction if the Board determines that the competence, experience, character, or integrity of any individual described in clause
(i)indicates that it would not be in the best interests of the shareholders of the bank holding company or in the best interests of the public to permit the individual to be employed by, or associated with, the resulting company. The Board shall make any written evaluation described in clause
(ii)publicly available after the date on which the Board approves or denies a covered transaction. . Section 4(j)(2) of the Bank Holding Company Act of 1956 ( 12 U.S.C. 1843(j)(2) ), as amended by section 6(a)(2) of this Act, is amended by adding at the end the following: In this paragraph, the term covered transaction means a transaction under this subsection in which the resulting company would have more than $100,000,000,000 in total assets. Notice for approval of a covered transaction shall include the name of each individual who will serve on the board of directors or serve as a senior executive officer of the resulting company. The Board shall make a written evaluation of the competence, experience, character, and integrity of each individual described in clause (i). The Board shall deny a proposed covered transaction if the Board determines that the competence, experience, character, or integrity of any individual described in clause
(i)indicates that it would not be in the best interests of the shareholders of the bank holding company or in the best interests of the public to permit the individual to be employed by, or associated with, the resulting company. The Board shall make any written evaluation described in clause
(ii)publicly available after the date on which the Board approves or denies a covered transaction. .
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