§ 711.5 Small market share exemption.
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Verbatim text below is from the Electronic Code of Federal Regulations (eCFR), a public-domain U.S. government work. Always verify the current version with the eCFR before relying on it for any legal matter.
Full Text
Exemption.(a) A management interlock that is prohibited by § 711.3(a) or § 711.3(b) is permissible, provided:
(1) The interlock is not prohibited by § 711.3(c); and
http://www.fdic.gov.(2) The depository organizations (and their depository institution affiliates) hold, in the aggregate, no more than 20% of the deposits, in each RMSA or community in which the depository organizations (or their depository institution affiliates) are located. The amount of deposits will be determined by reference to the most recent annual Summary of Deposits published by the FDIC. This information is available on the Internet at
Confirmation and records.(b) Each depository organization must maintain records sufficient to support its determination of eligibility for the exemption under paragraph (a) of this section, and must reconfirm that determination on an annual basis.
[64 FR 66360, Nov. 26, 1999]
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