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  5. 849 F.2d 1499 (1988)
 

NORTHEAST BANCORP, INC. v. BD. OF GOV. OF FED. RES. SYS.

No. 87-1365.

849 F.2d 1499 (1988)

NORTHEAST BANCORP, INC. and Richard D. McDaniel, Petitioners, v. BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM, Respondent.

United States Court of Appeals, District of Columbia Circuit.

Decided June 21, 1988.

Attorney(s) appearing for the Case

C. Westbrook Murphy, Washington, D.C., for petitioners.

Robert D. McGillicuddy, Atty., Bd. of Governors of the Federal Reserve System, with whom Richard K. Willard, Asst. Atty. Gen., and Richard Ashton, Associate Gen. Counsel, Bd. of Governors of the Federal Reserve System, Washington, D.C., were on the brief, for respondent.

Before SILBERMAN and WILLIAMS, Circuit Judges, and DAVIS, Circuit Judge, United States Court of Appeals for the Federal Circuit.

Opinion for the Court filed by Circuit Judge SILBERMAN.

SILBERMAN, Circuit Judge:

In July of 1987, the Board of Governors of the Federal Reserve System, which oversees bank holding companies, approved the application of Northeast Bancorp, Inc. to become a bank holding company by acquiring eighty percent or more of the outstanding voting shares of First National Bank of North East (the "Bank"), in North East, Maryland. In separate letters to Northeast and to...

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