FR LL-10(e)
Application to Become a Savings
and Loan Holding Company or to Acquire a Savings
Association or Savings and Loan Holding Company
Form:
Instructions:
Description:
The form collects information concerning certain proposed Savings and Loan Holding Company (SLHC) formations, acquisitions, and mergers.
OMB Control Number:
7100-0336
Purpose:
The FR LL-10(e) collects financial and managerial information and information about the proposed transaction, the competitive effects of the proposal, and the impact of the transaction on the convenience and needs of the communities to be served. Applicants that file the FR LL-10(e) are also required to publish a notice in a newspaper of general circulation in the community(ies) in which the head office(s) of the applicant; its largest subsidiary savings association, if any; and each savings association to be directly or indirectly acquired are located.
Background:
Section 10(e) of the Home Owners' Loan Act (HOLA), as implemented in Regulation LL, provides that certain transactions involving the formation, acquisition, or merger of an SLHC or the acquisition of a savings association require prior written approval from the Board. These transactions consist of the formation of an SLHC, an acquisition that causes a savings association to become a subsidiary of an SLHC, the acquisition of control of all or substantially all of the assets of a savings association or an SLHC, the merger of SLHCs, and the acquisition of control of a savings association or SLHC by certain individuals. The information required for the FR LL 10(e) allows the Board to fulfill its responsibilities under HOLA and Regulation LL to evaluate the subject transactions. The completed FR LL 10(e) is the primary source of comprehensive data on, among other things, the structure of the proposal, the pro forma financial condition of the applicant and of its subsidiary(ies), the competitive position of the applicant and entities being acquired, and the convenience and needs of communities to be served. The information helps the Federal Reserve to determine whether a proposed transaction is financially sound, competitively acceptable, and consistent with convenience and needs considerations.
Respondent Panel:
The respondent panel comprises entities seeking prior approval to become or acquire an SLHC or merge SLHCs; SLHCs seeking to acquire a savings association or all or substantially all of the assets of a savings association or SLHC; and directors or officers of a SLHC, or any individual who owns, controls, or holds the power to vote (or holds proxies representing) more than 25 percent of the voting shares of an SLHC seeking control of any savings association that is not a subsidiary of such SLHC.
Frequency:
Event-generated.
Public Release:
None.