On May 20, the FDIC announced its intent to rescind the 2024 Statement of Policy and reinstate its prior Bank Merger Statement of Policy. This decision reflected the FDIC’s assessment that the 2024 Statement of Policy added “considerable uncertainty” to the merger application process. The FDIC further noted how the 2024 Statement of Policy diminished the transparency of its merger review process, leaving prospective applicants unclear about the necessary resources to complete the merger process.
As previously covered by InfoBytes, FDIC Acting Chairman Travis Hill stated his intention to replace the 2024 Statement of Policy in the interest of more timely merger approvals. Driving its decision, the FDIC received 12 comment letters from 10 commenters, advocating for the rescission of the 2024 Statement of Policy and reinstating the Bank Merger Statement of Policy.
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