FIRST LINCOLNWOOD CORP. v. BOARD OF GOVERNORS

No. 76-1114.

560 F.2d 258 (1977)

FIRST LINCOLNWOOD CORPORATION, an Illinois Corporation, Petitioner, v. BOARD OF GOVERNORS OF the FEDERAL RESERVE SYSTEM, Respondent.

United States Court of Appeals, Seventh Circuit.

Decided July 13, 1977.

As Amended July 14, 1977.


Attorney(s) appearing for the Case

George B. Collins, Chicago, Ill., for petitioner.

Rex E. Lee, Asst. Atty. Gen., Michael H. Stein, Atty., Dept. of Justice, Washington, D. C., for respondent.

Before FAIRCHILD, Chief Judge, and SWYGERT, CUMMINGS, PELL, SPRECHER, BAUER and WOOD, Circuit Judges.


Argued in banc April 19, 1977.

FAIRCHILD, Chief Judge.

Petitioner (First Lincolnwood) is an Illinois corporation, formed to acquire and hold 80% of the stock of the First National Bank of Lincolnwood. Because such acquisition would cause First Lincolnwood to become a bank holding company, 12 U.S.C. § 1841(a), the proposed acquisition requires approval of the Board of Governors of the Federal Reserve System, 12 U.S.C. § 1842(a). The Board denied approval...

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