Regulatory Alerts2025-07-21 | Conditional Approval 1343Added
Conditional Approval 1343 — Applications for substantial asset change, reduction of permanent capital, and merger with and into nonbank affiliate applications submitted by The Lemont National Bank, Lemont, Illinois
The Office of the Comptroller of the Currency conditionally approves The Lemont National Bank's applications to change its asset composition, reduce permanent capital by approximately $405 thousand, and merge into its nonbank affiliate, LNB Merger LLC. The approval requires that the capital reduction occur only after the bank's Purchase & Assumption transaction with NuMark Credit Union, and that the merger occur only after all deposit accounts are closed and FDIC insurance is terminated. If the merger does not occur within seven calendar days after the termination of FDIC deposit insurance, the bank must immediately notify the OCC and submit a plan to wind up its affairs. The approval automatically terminates if the transactions are not consummated within six months from the approval date.