The Federal Reserve Board has announced that public meetings will be held next month in Los Angeles, California, and Chicago, Illinois, on the notice by Bank of America Corporation to acquire Countrywide Financial Corporation.The purpose of these meetings is to collect information relating to factors the Board is required to consider under the Bank Holding Company Act. These factors are whether the acquiring bank holding company's performance of the activities can reasonably be expected to produce benefits to the public (such as greater convenience, increased competition and gains in efficiency) that outweigh possible adverse effects (such as undue concentration of resources, decreased or unfair competition, conflicts of interests and unsound banking practices). Consideration of these factors includes an evaluation of the financial and managerial resources of the acquiring bank holding company. In addition, in acting on a notice to acquire a savings association, the Board also reviews the records of performance of the relevant insured depository institutions under the Community Reinvestment Act.
The specific dates, times and locations of the meetings are
- Los Angeles—Monday, April 28, 2008, and Tuesday, April 29, 2008, beginning at 8:30 a.m. PDT, at the Los Angeles Branch of the Federal Reserve Bank of San Francisco, 950 South Grand Avenue, Los Angeles, California.
- Chicago—Tuesday, April 22, 2008, beginning at 8:30 a.m. CDT, at the Federal Reserve Bank of Chicago, 230 South LaSalle Street, Chicago, Illinois.
All persons wishing to testify at the public meeting to be held in Los Angeles must submit a written request to Scott Turner, Community Affairs Officer, Federal Reserve Bank of San Francisco, 101 Market Street, San Francisco, California 94105 (facsimile: (415) 393-1920) no later than 5:00 p.m. PDT on April 8, 2008. All persons wishing to testify at the public meeting to be held in Chicago must submit a written request to Alicia Williams, Vice President, Federal Reserve Bank of Chicago, 230 South LaSalle Street, Chicago, Illinois 60604 (facsimile: (312) 913-2626) no later than 5:00 p.m. CDT on April 8, 2008.
The Federal Reserve Board has also announced that the period for public comment on the proposal has been extended through the close of business on Tuesday, April 29, 2008.
See the press release for full details.