Bank Merger Act Reporting Requirements (January 1, 2002 through December 31, 2002)
All of the following Merger applications have been approved by the FDIC during the year 2002. With regard to each of these applications, the FDIC considered and found favorably with respect to (i) the competitive factors involved; (ii) the financial resources, managerial resources, and future prospects of the existing and proposed institutions; (iii) the convenience and needs of the community to be served; and (iv) the effectiveness of each insured depository institution involved in the merger transaction in combating money laundering activities, including in overseas branches.
Except as noted, reports regarding the competitive factors were requested from the Attorney General and other Federal banking agencies for each transaction, and the Summary Report submitted by the Attorney General indicated that the transaction would not have a significantly adverse effect on competition.
In each case, the FDIC has determined that the transaction would not result in a monopoly or further any combination or conspiracy to monopolize or to attempt to monopolize the business of banking in any part of the United States. Furthermore, the FDIC generally determined that each transaction would not substantially lessen competition in any section of the country or tend to create a monopoly or in any other manner restrain trade. In any case where the FDIC found that the transaction would substantially lessen competition or tend to create a monopoly or restrain trade, the FDIC determined that the anticompetitive effects of the transaction were clearly outweighed in the public interest by the probable effect of the transaction in meeting the convenience and needs of the community to be served.