Dividend Payments

Change in Directors/Officers (FIRREA)

Change in Control


Type of FilingDescription
Who Must File
Publication RequirementsForms RequiredApproximate Processing Time

Dividend Payments

Any state member bank that seeks to pay dividends in excess of net income for the calendar year combined with retained net income from the preceding two years.

External LinkSection 208.5 of Regulation H

None required

A letter that includes:

1. the amount of the proposed dividend payment;

2. the purpose or reason for the dividend payment; and

3. the effect upon the bank’s capital levels.

Reserve Bank processed filings – 15 -30 days following receipt of all required information

Board processed filings – 60 days after receipt

Change in Directors/Officers(FIRREA)

Certain state member banks must provide prior notice to the Federal Reserve before adding or replacing a director or a senior executive officer, or substantially changing the responsibilities of any senior executive officer. An institution may request a waiver of the prior notice requirement if the individual's services are needed immediately.

External LinkSections 225.71-225.73 of Regulation Y

None required

External LinkForm FR 2081b – Interagency Notice of Change in Director or Senior Executive Officer

External LinkForm FR 2081c – Interagency Biographical and Financial Report

30 days after the notice is received by the Federal Reserve unless applicant is otherwise notified

Change in Control

A change in control in which any person(s) proposes to own, control, or hold with power to vote 25 percent or more (10% in some cases) of any class of voting stock, or become the largest shareholder of a state member bank.

External LinkSections 225.41-225.44 of Regulation Y

External LinkLocal newspapers

The Federal Reserve also will publish a notice in the Federal Register

External LinkForm FR 2081a – Interagency Notice of Change in Bank Control

External LinkForm FR 2081c – Interagency Biographical and Financial Report

60 calendar days after receipt or 5 business days after the latest comment period end date