{"id":523,"date":"2026-08-20T10:09:15","date_gmt":"2026-08-20T14:09:15","guid":{"rendered":"https:\/\/blogs.duanemorris.com\/bankinglaw\/?p=523"},"modified":"2026-08-20T10:09:21","modified_gmt":"2026-08-20T14:09:21","slug":"acting-in-concert-shareholder-agreements-and-change-in-bank-control-filings-with-the-federal-reserve","status":"publish","type":"post","link":"https:\/\/blogs.duanemorris.com\/bankinglaw\/2026\/08\/20\/acting-in-concert-shareholder-agreements-and-change-in-bank-control-filings-with-the-federal-reserve\/","title":{"rendered":"Acting in Concert: Shareholder Agreements and Change in Bank Control Filings with the Federal Reserve"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\"><span style=\"text-decoration: underline\">CIBCA Framework<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The Change in Bank Control Act (&#8220;CIBCA&#8221;) framework imposes filing requirements on persons or groups seeking to acquire control of a banking organization. One of the most significant \u2014 and often overlooked \u2014 aspects of this framework is the concept of persons &#8220;acting in concert,&#8221; which can transform individual shareholders into a regulated group with collective filing obligations.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span style=\"text-decoration: underline\">The Shareholders&#8217; Agreement Presumption<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Under <a href=\"https:\/\/www.ecfr.gov\/current\/title-12\/chapter-II\/subchapter-A\/part-225\/subpart-E\/section-225.41\">12 CFR 225.41(d)(4)<\/a>, shareholders who are parties to a shareholders&#8217; agreement are generally presumed to be a &#8220;group acting in concert.&#8221; This presumption can be rebutted in very limited circumstances where the following is true:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>All or substantially all shareholders are parties to the agreement.<\/li>\n\n\n\n<li>The agreement relates <strong>only <\/strong>to shares, not to management or operations.<\/li>\n\n\n\n<li>It is entered for purposes such as preserving S Corporation status, preserving tax benefits, or providing a right of first refusal.<\/li>\n\n\n\n<li><strong>No other limitations<\/strong> exist on shareholders&#8217; ability to acquire, vote, or transfer shares. See also <a href=\"https:\/\/www.ecfr.gov\/current\/title-12\/chapter-II\/subchapter-A\/part-225\/subpart-A\/section-225.9\">12 CFR 225.9(b)<\/a>.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><span style=\"text-decoration: underline\">Trustee Relationships<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A person with an unrestricted right to remove and replace a trustee<strong> is presumed<\/strong> to act in concert with the trust and its trustee. However, a limited right \u2014 such as removal only for cause or fraud \u2014 generally would NOT create this presumption.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span style=\"text-decoration: underline\">Adding New Group Members<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">When a new person seeks to join an existing group acting in concert, the new acquirer must file a CIBCA notice with the Federals Reserve. The notice should identify the new acquirer, the group name (e.g., &#8220;XYZ Family Group&#8221;), and state that the acquirer is joining an existing (and previously approved) control group. This filing requirement applies <em>even when<\/em> the new member is acquiring a de minimis interest.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>DM Tip<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Shareholders party to a shareholder agreement should <strong>review it periodically<\/strong> to confirm whether they could trigger &#8220;acting in concert&#8221; presumptions and ensure all filing obligations are met when group membership changes. <strong>Maintain an up-to-date roster<\/strong> of group members and file promptly upon any additions.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>CIBCA Framework The Change in Bank Control Act (&#8220;CIBCA&#8221;) framework imposes filing requirements on persons or groups seeking to acquire control of a banking organization. One of the most significant \u2014 and often overlooked \u2014 aspects of this framework is the concept of persons &#8220;acting in concert,&#8221; which can transform individual shareholders into a regulated &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/blogs.duanemorris.com\/bankinglaw\/2026\/08\/20\/acting-in-concert-shareholder-agreements-and-change-in-bank-control-filings-with-the-federal-reserve\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Acting in Concert: Shareholder Agreements and Change in Bank Control Filings with the Federal Reserve&#8221;<\/span><\/a><\/p>\n","protected":false},"author":693,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"ppma_author":[502],"class_list":["post-523","post","type-post","status-publish","format-standard","hentry","category-general"],"authors":[{"term_id":502,"user_id":693,"is_guest":0,"slug":"jsilvia","display_name":"Joseph E. Silvia","avatar_url":"https:\/\/blogs.duanemorris.com\/bankinglaw\/wp-content\/uploads\/sites\/14\/2024\/09\/silviajoseph-100x100.jpg","author_category":"","last_name":"Silvia","first_name":"Joseph E.","job_title":"","user_url":"https:\/\/www.duanemorris.com\/attorneys\/josephsilvia.html","description":"<a href=\"https:\/\/www.duanemorris.com\/attorneys\/josephsilvia.html\">Read Joseph's bio.<\/a>"}],"_links":{"self":[{"href":"https:\/\/blogs.duanemorris.com\/bankinglaw\/wp-json\/wp\/v2\/posts\/523","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blogs.duanemorris.com\/bankinglaw\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blogs.duanemorris.com\/bankinglaw\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blogs.duanemorris.com\/bankinglaw\/wp-json\/wp\/v2\/users\/693"}],"replies":[{"embeddable":true,"href":"https:\/\/blogs.duanemorris.com\/bankinglaw\/wp-json\/wp\/v2\/comments?post=523"}],"version-history":[{"count":1,"href":"https:\/\/blogs.duanemorris.com\/bankinglaw\/wp-json\/wp\/v2\/posts\/523\/revisions"}],"predecessor-version":[{"id":524,"href":"https:\/\/blogs.duanemorris.com\/bankinglaw\/wp-json\/wp\/v2\/posts\/523\/revisions\/524"}],"wp:attachment":[{"href":"https:\/\/blogs.duanemorris.com\/bankinglaw\/wp-json\/wp\/v2\/media?parent=523"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blogs.duanemorris.com\/bankinglaw\/wp-json\/wp\/v2\/categories?post=523"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blogs.duanemorris.com\/bankinglaw\/wp-json\/wp\/v2\/tags?post=523"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/blogs.duanemorris.com\/bankinglaw\/wp-json\/wp\/v2\/ppma_author?post=523"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}