Regulatory Alerts2026-03-23 | Corporate Decision 1369Added
Corporate Decision 1369 — Application for substantial asset change submitted by The First National Bank of Lacon, Lacon, Illinois
The Office of the Comptroller of the Currency conditionally approves The First National Bank of Lacon’s application to add a BIN Sponsorship Program as a substantial asset change. The approval requires the bank to provide sixty days' prior written notice before significantly deviating from its business plan for three years and to obtain a letter of no objection before appointing senior executive officers or directors for two years. The OCC grants waivers of residency and citizenship requirements under 12 USC 72 for specific directors and Mr. Bhavin Turakhia, contingent on maintaining a specific ratio of non-resident directors. The approval automatically terminates if the transaction is not consummated within six months of the letter date.