Change in Bank Control Notices; Acquisitions of Shares of a Bank or Bank Holding Company, 38053-38054 [2023-12385]

Download as PDF Federal Register / Vol. 88, No. 112 / Monday, June 12, 2023 / Notices years will be 2,181 hours. This estimate is derived from the following calculations: 1. Membership Applications FHFA estimates that the average number of applications for Bank membership submitted annually will be 141 and that the average time to prepare and submit an application and supporting materials will be 15 hours. Accordingly, the estimate for the annual hour burden associated with preparation and submission of applications for Bank membership is (141 applications × 15 hours per application) = 2,115 hours. 2. Appeals of Membership Denials FHFA estimates that the average number of applicants that have been denied membership by a Bank that will appeal such a denial to FHFA will be 1 and that the average time to prepare and submit an application for appeal will be 50 hours. Accordingly, the estimate for the annual hour burden associated with the preparation and submission of membership appeals is (1 appellants × 50 hours per application) = 50 hours. 3. Notices of Intent To Withdraw From Membership FHFA estimates that the average number of Bank members submitting a notice of intent to withdraw from membership annually will be 4 and that the average time to prepare and submit a notice will be 1.5 hours. Accordingly, the estimate for the annual hour burden associated with preparation and submission of notices of intent to withdraw is (4 withdrawing members × 1.5 hours per application) = 6 hours. ddrumheller on DSK120RN23PROD with NOTICES1 4. Requests for Transfer of Membership to Another Bank District FHFA estimates that the average number of Bank members submitting a request for transfer to another Bank will be 5 and that the average time to prepare and submit a request will be 2 hours. Accordingly, the estimate for the annual hour burden associated with preparation and submission of requests for automatic transfer is (5 transferring members × 2 hours per request) = 10 hours. D. Comment Request FHFA requests written comments on the following: (1) Whether the collection of information is necessary for the proper performance of FHFA functions, including whether the information has practical utility; (2) the accuracy of FHFA’s estimates of the burdens of the collection of information; (3) ways to enhance the quality, utility, and clarity VerDate Sep<11>2014 17:39 Jun 09, 2023 Jkt 259001 of the information collected; and (4) ways to minimize the burden of the collection of information on respondents, including through the use of automated collection techniques or other forms of information technology. 38053 1. Capital Funding Bancorp, Inc., Baltimore, Maryland; to engage de novo in extending credit and servicing loans, pursuant to section 225.28(b)(1) of the Board’s Regulation Y. Shawn Bucholtz, Chief Data Officer, Federal Housing Finance Agency. Board of Governors of the Federal Reserve System. Michele Taylor Fennell, Deputy Associate Secretary of the Board. [FR Doc. 2023–12445 Filed 6–9–23; 8:45 am] [FR Doc. 2023–12384 Filed 6–9–23; 8:45 am] BILLING CODE 8070–01–P BILLING CODE P FEDERAL RESERVE SYSTEM Notice of Proposals To Engage in or To Acquire Companies Engaged in Permissible Nonbanking Activities The companies listed in this notice have given notice under section 4 of the Bank Holding Company Act (12 U.S.C. 1843) (BHC Act) and Regulation Y, (12 CFR part 225) to engage de novo, or to acquire or control voting securities or assets of a company, including the companies listed below, that engages either directly or through a subsidiary or other company, in a nonbanking activity that is listed in § 225.28 of Regulation Y (12 CFR 225.28) or that the Board has determined by Order to be closely related to banking and permissible for bank holding companies. Unless otherwise noted, these activities will be conducted throughout the United States. The public portions of the applications listed below, as well as other related filings required by the Board, if any, are available for immediate inspection at the Federal Reserve Bank(s) indicated below and at the offices of the Board of Governors. This information may also be obtained on an expedited basis, upon request, by contacting the appropriate Federal Reserve Bank and from the Board’s Freedom of Information Office at https://www.federalreserve.gov/foia/ request.htm. Interested persons may express their views in writing on the question whether the proposal complies with the standards of section 4 of the BHC Act. Unless otherwise noted, comments regarding the applications must be received at the Reserve Bank indicated or the offices of the Board of Governors, Ann E. Misback, Secretary of the Board, 20th Street and Constitution Avenue NW, Washington, DC 20551–0001, not later than June 26, 2023. A. Federal Reserve Bank of Richmond (Brent B. Hassell, Assistant Vice President), P.O. Box 27622, Richmond, Virginia 23261. Comments can also be sent electronically to or Comments.applications@rich.frb.org: PO 00000 Frm 00039 Fmt 4703 Sfmt 4703 FEDERAL RESERVE SYSTEM Change in Bank Control Notices; Acquisitions of Shares of a Bank or Bank Holding Company The notificants listed below have applied under the Change in Bank Control Act (Act) (12 U.S.C. 1817(j)) and § 225.41 of the Board’s Regulation Y (12 CFR 225.41) to acquire shares of a bank or bank holding company. The factors that are considered in acting on the applications are set forth in paragraph 7 of the Act (12 U.S.C. 1817(j)(7)). The public portions of the applications listed below, as well as other related filings required by the Board, if any, are available for immediate inspection at the Federal Reserve Bank(s) indicated below and at the offices of the Board of Governors. This information may also be obtained on an expedited basis, upon request, by contacting the appropriate Federal Reserve Bank and from the Board’s Freedom of Information Office at https://www.federalreserve.gov/foia/ request.htm. Interested persons may express their views in writing on the standards enumerated in paragraph 7 of the Act. Comments regarding each of these applications must be received at the Reserve Bank indicated or the offices of the Board of Governors, Ann E. Misback, Secretary of the Board, 20th Street and Constitution Avenue NW, Washington, DC 20551–0001, not later than June 26, 2023. A. Federal Reserve Bank of Boston (Prabal Chakrabarti, Senior Vice President), 600 Atlantic Avenue, Boston, Massachusetts 02210–2204. Comments can also be sent electronically to BOS.SRC.Applications.Comments@ bos.frb.org: 1. Stilwell Activist Investments, L.P., Stilwell Activist Fund, L.P., and Stilwell Partners L.P., together known as The Stilwell Group, Stilwell Value LLC, as general partner of each of the limited partnerships, all of New York, New York; and Joseph D. Stilwell, San Juan, Puerto Rico, as managing member of E:\FR\FM\12JNN1.SGM 12JNN1 38054 Federal Register / Vol. 88, No. 112 / Monday, June 12, 2023 / Notices Stillwell Value LLC; a group acting in concert, to acquire additional voting shares of Provident Bancorp, Inc., and thereby indirectly acquire voting shares of BankProv, both of Amesbury, Massachusetts. B. Federal Reserve Bank of St. Louis (Holly A. Rieser, Senior Manager), P.O. Box 442, St. Louis, Missouri 63166– 2034. Comments can also be sent electronically to Comments.applications@stls.frb.org: 1. Austin F. Clark, Imperial, Missouri; Dillon C. Clark, Greta J. Fleming, Ellen C. Fleming, and Olivia G. Fleming, all of Litchfield, Illinois; to join the Fleming Family Control Group, a group acting in concert, to retain voting shares of Litchfield Bancshares Company and thereby indirectly retain voting shares of The Litchfield National Bank, both of Litchfield, Illinois. Board of Governors of the Federal Reserve System. Michele Taylor Fennell, Deputy Associate Secretary of the Board. Aggregate Financial Sector Liabilities ‘‘Aggregate financial sector liabilities’’ is equal to $23,694,977,610,000.3 This measure is in effect from July 1, 2023 through June 30, 2024. The Board’s Regulation XX prohibits a merger or acquisition that would result in a financial company that controls more than 10 percent of the aggregate consolidated liabilities of all financial companies (‘‘aggregate financial sector liabilities’’).1 Specifically, an insured depository institution, a bank holding company, a savings and loan holding company, a foreign banking organization, any other company that controls an insured depository institution, and a nonbank financial company designated by the Financial Stability Oversight Council (each, a ‘‘financial company’’) is prohibited from merging or consolidating with, acquiring all or substantially all of the assets of, or acquiring control of, another company if the resulting company’s consolidated liabilities would exceed 10 percent of the aggregate financial sector liabilities.2 Under Regulation XX, the Federal Reserve will publish the aggregate financial sector liabilities by July 1 of Calculation Methodology The aggregate financial sector liabilities measure equals the average of the year-end financial sector liabilities figure (as of December 31) of each of the preceding two calendar years. The yearend financial sector liabilities figure equals the sum of the total consolidated liabilities of all top-tier U.S. financial companies and the U.S. liabilities of all top-tier foreign financial companies, calculated using the applicable methodology for each financial company, as set forth in Regulation XX and summarized below. Consolidated liabilities of a U.S. financial company that was subject to consolidated risk-based capital rules as of December 31 of the year being measured, equal the difference between the U.S. financial company’s riskweighted assets (as adjusted upward to reflect amounts that are deducted from regulatory capital elements pursuant to the Federal banking agencies’ risk-based capital rules) and total regulatory capital, as calculated under the applicable risk-based capital rules. Companies in this category include (with certain exceptions listed below) bank holding companies, savings and loan holding companies, and insured depository institutions. The Federal Reserve used information collected on the Consolidated Financial Statements for Holding Companies (‘‘FR Y–9C’’) 1 Regulation XX implements section 622 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. See 12 U.S.C. 1852. 2 12 U.S.C. 1852(a)(2), (b); 12 CFR 251.3. 3 This number reflects the average of the financial sector liabilities figure for the years ending December 31, 2021 ($23,469,486,089,000) and December 31, 2022 ($23,920,469,131,000). [FR Doc. 2023–12385 Filed 6–9–23; 8:45 am] BILLING CODE P FEDERAL RESERVE SYSTEM [Docket No. OP–1808] Announcement of Financial Sector Liabilities ddrumheller on DSK120RN23PROD with NOTICES1 each year. Aggregate financial sector liabilities are equal to the average of the year-end financial sector liabilities figure (as of December 31) of each of the preceding two calendar years. FOR FURTHER INFORMATION CONTACT: Lesley Chao, Lead Financial Institution Policy Analyst, (202) 974–7063; Shooka Saket, Financial Institution Policy Analyst, (202) 452–3869; Matthew Suntag, Senior Counsel, (202) 452–3694; Laura Bain, Senior Counsel, (202) 736– 5546; for users of telephone systems via text telephone (TTY) or any TTY-based Telecommunications Relay Services (TRS), please call 711 from any telephone, anywhere in the United States; Board of Governors of the Federal Reserve System, 20th and C Streets NW, Washington, DC 20551. VerDate Sep<11>2014 17:39 Jun 09, 2023 Jkt 259001 PO 00000 Frm 00040 Fmt 4703 Sfmt 4703 and the Bank Consolidated Reports of Condition and Income (‘‘Call Report’’) to calculate liabilities of these institutions. Consolidated liabilities of a U.S. financial company not subject to consolidated risk-based capital rules as of December 31 of the year being measured, equal liabilities calculated in accordance with applicable accounting standards. Companies in this category include nonbank financial companies supervised by the Board, bank holding companies and savings and loan holding companies subject to the Federal Reserve’s Small Bank Holding Company Policy Statement, savings and loan holding companies substantially engaged in insurance underwriting or commercial activities, and U.S. companies that control insured depository institutions but are not bank holding companies or savings and loan holding companies. ‘‘Applicable accounting standards’’ is defined as Generally Accepted Accounting Principles (‘‘GAAP’’), or such other accounting standard or method of estimation that the Board determines is appropriate.4 The Federal Reserve used information collected on the FR Y–9C, the Parent Company Only Financial Statements for Small Holding Companies (‘‘FR Y–9SP’’), and the Financial Company Report of Consolidated Liabilities (‘‘FR XX–1’’) to calculate liabilities of these institutions. Under Regulation XX, liabilities of a foreign banking organization’s U.S. operations are calculated using the riskweighted asset methodology for subsidiaries subject to the risk-based capital rule, plus the assets of all branches, agencies, and nonbank subsidiaries, calculated in accordance with applicable accounting standards. 4 A financial company may request to use an accounting standard or method of estimation other than GAAP if it does not calculate its total consolidated assets or liabilities under GAAP for any regulatory purpose (including compliance with applicable securities laws). 12 CFR 251.3(e). In previous years, the Board received and approved requests from eleven financial companies to use an accounting standard or method of estimation other than GAAP to calculate liabilities. Ten of the companies were insurance companies that reported financial information under Statutory Accounting Principles (‘‘SAP’’), and one was a foreign company that controlled a U.S. industrial loan company that reported financial information under International Financial Reporting Standards (‘‘IFRS’’). For the insurance companies, the Board approved a method of estimation that was based on line items from SAP-based reports, with adjustments to reflect certain differences in accounting treatment between GAAP and SAP. For the foreign company, the Board approved the use of IFRS. Such companies that continue to be subject to Regulation XX continue to use the previously approved methods. The Board did not receive any new requests this year. E:\FR\FM\12JNN1.SGM 12JNN1

Agencies

FEDERAL RESERVE SYSTEM

[Federal Register Volume 88, Number 112 (Monday, June 12, 2023)]
[Notices]
[Pages 38053-38054]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2023-12385]


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FEDERAL RESERVE SYSTEM


Change in Bank Control Notices; Acquisitions of Shares of a Bank 
or Bank Holding Company

    The notificants listed below have applied under the Change in Bank 
Control Act (Act) (12 U.S.C. 1817(j)) and Sec.  225.41 of the Board's 
Regulation Y (12 CFR 225.41) to acquire shares of a bank or bank 
holding company. The factors that are considered in acting on the 
applications are set forth in paragraph 7 of the Act (12 U.S.C. 
1817(j)(7)).
    The public portions of the applications listed below, as well as 
other related filings required by the Board, if any, are available for 
immediate inspection at the Federal Reserve Bank(s) indicated below and 
at the offices of the Board of Governors. This information may also be 
obtained on an expedited basis, upon request, by contacting the 
appropriate Federal Reserve Bank and from the Board's Freedom of 
Information Office at https://www.federalreserve.gov/foia/request.htm. 
Interested persons may express their views in writing on the standards 
enumerated in paragraph 7 of the Act.
    Comments regarding each of these applications must be received at 
the Reserve Bank indicated or the offices of the Board of Governors, 
Ann E. Misback, Secretary of the Board, 20th Street and Constitution 
Avenue NW, Washington, DC 20551-0001, not later than June 26, 2023.
    A. Federal Reserve Bank of Boston (Prabal Chakrabarti, Senior Vice 
President), 600 Atlantic Avenue, Boston, Massachusetts 02210-2204. 
Comments can also be sent electronically to 
[email protected]:
    1. Stilwell Activist Investments, L.P., Stilwell Activist Fund, 
L.P., and Stilwell Partners L.P., together known as The Stilwell Group, 
Stilwell Value LLC, as general partner of each of the limited 
partnerships, all of New York, New York; and Joseph D. Stilwell, San 
Juan, Puerto Rico, as managing member of

[[Page 38054]]

Stillwell Value LLC; a group acting in concert, to acquire additional 
voting shares of Provident Bancorp, Inc., and thereby indirectly 
acquire voting shares of BankProv, both of Amesbury, Massachusetts.
    B. Federal Reserve Bank of St. Louis (Holly A. Rieser, Senior 
Manager), P.O. Box 442, St. Louis, Missouri 63166-2034. Comments can 
also be sent electronically to [email protected]:
    1. Austin F. Clark, Imperial, Missouri; Dillon C. Clark, Greta J. 
Fleming, Ellen C. Fleming, and Olivia G. Fleming, all of Litchfield, 
Illinois; to join the Fleming Family Control Group, a group acting in 
concert, to retain voting shares of Litchfield Bancshares Company and 
thereby indirectly retain voting shares of The Litchfield National 
Bank, both of Litchfield, Illinois.

    Board of Governors of the Federal Reserve System.
Michele Taylor Fennell,
Deputy Associate Secretary of the Board.
[FR Doc. 2023-12385 Filed 6-9-23; 8:45 am]
BILLING CODE P

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