Bank Merger Process Should Be Modernized And Simplified V. GGD-82-53

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GGD-82-53 1 (1982-08-16)

handle is hein.gao/gaobabdoh0001 and id is 1 raw text is:

BY THE COMPTROLLER GENERAL

Report To The Congress

OF THE UNITED STATES

Bank Merger Process

Should Be Modernized

And Simplified

Federal agencies do not have uniform crite-
ria for evaluating proposed mergers and, as
a result, make conflicting assessments of
mergers.

Unlike nonbanking commerce, Federal
banking laws do not provide for shell corpo-
rations to facilitate the takeover of total
ownership of an entity. Bank holding com-
panies or stockholders are using a complex
merger process to obtain total ownership of
a bank. This process, which could be simpli-
fied, is expensive, time consuming, and
burdensome.

This report contains recommendations to
the Congress and the three Federal banking
agencies to modernize and simplify the
laws and procedures used by the agencies
to assess and approve bank merger
applications.

..... 119210

'o GAO/GGD-82-53

AUGUST 16, 1982

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