New Data on Federal Reserve Merger and Acquisition Application Approval Times: The Federal Reserve’s Most Recent Semiannual Report Provides Insight Into the Bank M&A Application Process

Sullivan & Cromwell LLP - September 28, 2015
Download

On September 24, 2015, the Board of Governors of the Federal Reserve System (the “Federal Reserve”) released its third Semiannual Report on Banking Applications Activity (the “Semiannual Report”), which includes aggregate summary statistics regarding the disposition of bank merger and acquisition (“M&A”) proposals by the Federal Reserve in the first half of 2015, as well as historical approval data.  Further information regarding the background behind the Semiannual Report can be found in our prior Memorandum to Clients here.

We have conducted our own analysis of Federal Reserve M&A applications approval data to provide additional insight into the approval process and outcomes.