Farm Credit System institutions enabled to become banks
Northwestern Financial Review, Aug 15, 2001
The Farm Credit Administration Board adopted a rule that enables small Farm Credit System institutions to terminate their FCS charters, acquire state or federal charters and become banks, savings associations or other financial institutions. The new rule alters the method for calculating an institution's exit fee to take into consideration equity held by dissenting stockholders.
FCA notes that no applications for termination have been filed. The proposal will be published in the Federal Register after a Congressional review. After publication, a 60-day comment period will commence.
Copyright NFR Communications Inc Aug 15, 2001
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