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Tuesday, November 25, 2014

Fed Details Approvals, Withdrawals of Applications

Seven percent of bank applications in the first half of 2014 — or 42 out of 630 — were withdrawn, according to the Federal Reserve’s first semiannual report on application results released yesterday. One application was denied. The percentage of withdrawals has fallen from 10% in the first half of 2013 and 17% in 2009.

Of the withdrawn applications, 12 were retracted after Fed staff indicated they were unlikely to be approved. Of these, four were withdrawn over Community Reinvestment Act concerns, three because of financial issues, two due to managerial issues and three because of a combination of managerial and legal issues.

Mergers and acquisitions represented 19% of all approved applications in the first half, up from 11% in the first half of 2013. The report showed that the median processing time rose to 30 days from 27 in the first half of 2013, which the Fed attributed to greater complexity in applications.

Read the Federal Reserve report.

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