Orders issued under Bank Holding Company Act - Legal Developments - acquisition of RBC Centura Bank by Royal Bank of Canada

Federal Reserve Bulletin,  August, 2002  by Robert DeV. Frierson

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(32.) A commenter noted that SFNB recently laid off 100 employees. The effect of a proposed transaction on employment in a community is not among the factors the Board may consider under the BHC Act or the Bank Merger Act, and the convenience and needs factor has been consistently interpreted by the federal banking agencies, the courts, and the Congress to relate to the effect of a proposal on the availability and quality of banking services in the community. See Wells Fargo & Company, 82 Federal Reserve Bulletin 445, 457 (1996).

(33.) See BB&T Corporation, 87 Federal Reserve Bulletin 545 (2001).

(34.) 12 U.S.C. [section] 322.

ROBERT DEV. FRIERSON
Deputy Secretary of the Board

COPYRIGHT 2002 Board of Governors of the Federal Reserve System
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