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SECURITY BANCORP v. BOARD OF GOVERNORS, ETC.

Nos. 78-1581, 78-2031.

655 F.2d 164 (1980)

SECURITY BANCORP, a California Corporation, Security National Bank, A National Banking Association, Petitioners, v. BOARD OF GOVERNORS OF the FEDERAL RESERVE SYSTEM, Respondent.

United States Court of Appeals, Ninth Circuit.

Decided October 27, 1980.

Supplemental Opinion April 10, 1981.

Attorney(s) appearing for the Case

Justin M. Roach, Jr., Crosby, Heafey, Roach & May, Oakland, Cal., for petitioners.

Freddi Lipstein, Washington, D.C., for respondent.

Before HUG and SCHROEDER, Circuit Judges and BURNS, District Judge.

SCHROEDER, Circuit Judge:

In these petitions for review we must decide whether the Federal Reserve Board properly denied an application to become a bank holding company pursuant to the Bank Holding Company Act, 12 U.S.C. §§ 1841-1849, and its requirement of adequate "managerial resources." 12 U.S.C. § 1842(c). The Board of Governors of the Federal Reserve System held that the applicant did not have adequate "managerial resources" and denied the application...

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