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bank holding company |
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Bank holding company A company that owns or has controlling interest in two or more banks and/or other bank holding companies.
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| Park Avenue Bancorp is announcing it has received official approval from the Federal Reserve Bank of New York on its application to become a bank holding company through its acquisition of The Park Avenue Bank. The Federal Reserve Board also issued an order upon consent under the Bank Holding Company Act requiring other individuals and trusts with relationships to The NorCrown Trust to cooperate in implementing the divestiture plan. The Federal Reserve Board on February 7, 2003, issued an interpretation concerning securities underwriting by banking organizations that are subject to the Bank Holding Company Act. |
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