Document: 45 L.Ed.2d 41 95 S.Ct. 2099 422 U.S. 86 UNITED STATES, Appellant,v.CITIZENS AND SOUTHERN NATIONAL BANK et al. No. 73—1933. Argued March 19, 1975. Decided June 17, Syllabus To circumvent Georgia's longstanding stringent restrictions on city banks' opening branches in suburban areas, appellee Citizens & Southern National Bank (C&S National) formed a holding company, which then embarked program of forming de facto branch banks Atlanta's suburbs. This included the company's ownership 5 percent stock each banks, much remaining by parties friendly to C&S system banking entities (hereafter C&S), use logogram and all C&S's services, close oversight operation governance. In 1970, Georgia amended its statutes so as allow jure branching upon countywide basis. meant that could now absorb 5-percent true branches, because Atlanta is contained within two counties encompassing suburbs operated. Consequently applied Federal Deposit Insurance Corporation (FDIC) under Merger Act 1966 for permission acquire six historically operated or 'correspondent associate' system. The FDIC authorized five proposed acquisitions. Government brought suit District Court injunctive relief, alleging acquisitions would lessen competition relevant markets violation § 7 Clayton Act, historic, relations between constituted unreasonable restraints trade 1 Sherman Act. court rendered judgment C&S. Three were prior to, three after, July 1, 1966. 'grandfather' provision Holding Company 12 U.S.C. 1849(d), added amendments, provides '(a)ny acquisition, merger, consolidation kind described (12 s) 1842(a) . was consummated at any time subsequent May 9, 1956, no litigation initiated Attorney General 1966, shall be conclusively presumed not have been antitrust laws other than' 2 Title makes it unlawful, absent Reserve Board's approval, bank companies engage certain transactions, including those tending create enlarge company control independent banks. Held: 1. Since took action against date, transactions these became fall terms grandfather therefore correspondent associate programs force are immune from attack While formation unique type transaction, may fairly characterized an 'acquisition, 1842(a),' clearly falls class dealings Congress intended, provision, shield retroactive challenge laws. Pp. 102-111. 2. face state branching, founding new maintaining them such, did infringe 111-120. (a) Though contends encompassed least tacit agreement fix interest rates service charges make interrelationships—to extent least—illegal per se, cannot held, view mixed evidence record, fact such programs, permissible erred finding lack significant price flowed, agreement, but indirect, unintentional, formally discouraged result sharing expertise information heart program. 112-114. (b) Government's alternative contention transcending conventional 'correspondent' relationships 'unreasonably' restrained among C& National, persuasive, since even if had proved defendant more thoroughly effectively than (which found case), alone out violation. 114-116. (c) Where has direct response historic integral this particular, unusual function unreasonable. characterize issue restraint forget their whole purpose effect defeat trade, providing options customers, while eliminating existing options, plainly procompetitive. 116-120. 3. will violate 120-122. antibranching law proposes founded ab initio with sponsorship, follows extinguish present competitive conduct relationships. P. 121. As future competition, there realistic prospect denial lead compete other, being concerned 'probable' effects 'ephemeral possibilities.' 121-122. 372 F.Supp. 616, affirmed. Daniel M. Friedman, Deputy Solicitor Gen., Washington, D.C., appellant. B. Hodgson, Atlanta, Ga., appellees. Mr. Justice STEWART delivered opinion Court. For many years State restricted located cities areas. area, Holding), latter Atlanta. involved, features, (the maximum allowed law), S,1 governance expectation sides—by C&S, federal regulators—was '5-percent outright, convert into soon law, limits, altered permit accomplishment end. Because counties, DeKalb Fulton, encompasses operated, change branches. consequently (FDIC,) 80 Stat. 7, 1828, one 3 Department immediately commenced markets, thus 38 731, amended, 64 1125, 15 18, 'de branch' 26 209, After trial, issues. 616. appealed Expediting 32 823, 29, we noted probable jurisdiction.2 I. Background Litigation 4 applying banking, careful account must taken pervasive regulation characteristic industry, 'particularly legal entry line commerce.' United States v. Marine Bancorporation, 418 602, 606, 94 2856, 2862, 978. admonition special case, arrangements involved here banking. Before 1927 permitted statewide headquartered Savannah, established 1927, changed prohibit branching.3 decided expand through company. 1928, 1946 1954 purchased third, area. But 1956 again acquiring bank's stock. Ga.Laws pp. 309—312. A 1960 amendment, still force, reduced level percent. Ga.Code Ann. 13—207(a)(2) (1967 ed. Supp.1974). 6 By 1950's, interested primarily expansion. limits frozen 1952, area's economic population growth occurred outside city's boundaries. Between 1959 1969, accordingly (in Fulton Counties) case. Five sponsorship C&S; sixth, Tucker Bank, long when, 1965, converted bank.4 Each made status different C&S: addition held Holding, substantial shares also officers, shareholders, customers family members. It understood outset acquired outright permitted. From 1965 on, used buildings, papers, correspondence. filed charter applications openly assured full financial support, assurances often instrumental securing regulatory approval creation. chose principal executive officer bank. employees accorded same pension promotion rights possessed colleagues affiliates. selected location of, oversaw selection directors for, served 'advisory director' conducted surprise audits credit checks provided panoply avail themselves services supplied bank, manuals memoranda, large quantity concerning every conceivable procedure problem. Included data—stamped 'for only' employed cautioned own setting charges. sum, fair say—and agree almost respect save corporate form, National. 8 1968, Board investigated network investigation determine whether exerting over require 'approval' pursuant amended. 1842. ended 'understanding' staff program, it, formal approval.5 participated inconsistent 'understanding.' 9 1970 county already office. 13—203.1(a) (Supp.1974). which—like Atlanta—are confines Counties. assets, assume liabilities, banks.6 On October 4, 1971, after reviewing reports Board, Comptroller Currency, Department, approved acquisition helped found, disapproved Bank. enjoyed existence before concluded affiliation 'anticompetitive origins' should 'ratified' acquisition.7 however, stated: 10 '(T)he novo convenience needs respective communities enhanced ..' 11 largest commercial institution County County.8 reason, observed, 'new nonaffiliated market (by C&S) raise most serious problems Section Act.' reasoned mergers 'do today never competed'; further, existed 'no reasonable probability' break ties disapproved. Thus, '(s)uch alter structure way add concentration resources system.' II. Suit November 2, 30-day period prescribed suits, 1828(c)(6) (7), complaint Northern Georgia, ongoing originally sought relief prohibiting terminating alleged violations January 24, 1974, extensive entered defendants. 643. 13 allegations, based separate grounds. First, 1968 insulated relationship Id., 627. conclusion following statement Whitney New Orleans 379 411, 419, 85 551, 557, 386: 14 'We believe intended statutory proceedings (Federal Reserve) sole means questions organization tested.' Alternatively, assuming applied, failed prove 'collusive fixing' 'any agreements division.'9 'that matters complained subject 'rule reason,' (and) sustained burden proof unreasonableness practices adverse impact competition.' F.Supp., 627—628. 16 conceded arrange traditional smaller, outlying bank—a "mutually beneficial arrangement whereby smaller receives needed larger obtains both benefit balance kept income sale customers." 628. Noting concession, observed: 17 '(S)uch assistance desirable necessary anticompetitive. difference pure set forth merely degree, fine demarcation impossible perceive. 18 '. (T)he finds interchange them, circumstances Ibid. 19 Turning claim various 'engaged commerce' 'line 'commercial banking.' declined, define appropriate geographic stating 'disposition case factors precise delineation area unnecessary.' 629. Simply correctness position County, North generally, detailed findings nominal shares. 629—633.10 But, just saw increases significance always 633—638.11 20 III. Issues Under Acts 21 common ground substantially though they entities. agreed-upon facts, draw sharply divergent conclusions Acts. 22 provides: 23 'Every contract, combination form trust otherwise, conspiracy, commerce several declared illegal 24 theories: (1) S-owned resulting 'per se' (2) unreasonably interbank prices extending cooperation far beyond traditionally small markets. denies process procompetitive anticompetitive ban Act's reason.' alternative, 'exclusive primary jurisdiction' 25 'No corporation engaged acquire, directly indirectly, part share capital jurisdiction Trade Commission assets another commerce, where section country, tend monopoly.'12 27 argues 'lessen' when compared what situation ceased further that, do offend might nevertheless become business state-law reasons, foreclosing possibility. perceptible situation, asserted lawful urges possibility operates distinct segregable market, 'section country'; 'out-weighed public interest' meet 'the needs' area.13 reach contentions. A. Question Immunity 28 thought scrutiny We understand law. relied 386, question wholly Currency conform applicable guidance immunities, recourse provisions 1841 seq. 29 scheme requires 'prior approval' companies—including 1842(a).14 types requiring expanded amendments 1970.15 Prior appeared transaction immunity action, note stated nothing construed 'defense' suit. formalized blunted establishing intricate accommodating jurisdictions Department.16 'shall approve' otherwise forbidden unless meets standards derived from, everywhere identical 1842(c). order granting denying application review courts appeals. 1848. Furthermore, stayed automatically 30 days, during challenging district court. 1849(b). Such governed modified If consummated, thereafter attacked judicial proceeding itself (§ Act), chapter exempt complying consummation transaction.' 31 can consolation provisions. came 1842(a), 'approval.'17 give rise immunity. acquires 1849(b) only days received reflects applies 'an 1842 title compliance chapter.' obvious complex machinery accord finality actions subjected timely There indication wished similar informal views staff. note, 1849(d): 33 'Any Act).' Unlike 1849(b), does imply covered Board. not, like attempt accommodate competing Rather, simple conferral legislative amnesty theretofore unchallenged completed clarified nature accommodation. 34 created banks—the Sandy Springs, Chamblee, banks—were date. Those are, therefore, 35 1842(a).' Forming multifaceted involving multiplicity purchases number parties, adoption branch, connection personnel structuring receive administer establishment influence board branch. scope literal 'acquisition' stock: broad 'indirect' stock, boards 'in manner,' companies.18 creates simply protection extends acquisitions, mergers, consolidations, 'restraints trade' simultaneous functionally transactions. multifaceted, unitary cohesive undertaking sense facets closely coordinated, simultaneously instituted, designed serve single fitting 'C&S virtually about fully evident place moment launched. increase control, nor exercised. 36 Whether violated 1842(a)—as began—is our inquiry.19 terms, 1842(a). grant benefits transgressed construction cumbersome consuming,20 flagrantly inequitable. indirect assertion operations quite De Facto Branching 37 Park South DeKalb, Except very probably exist. record shows organizations unsuccessful attempting launch backing convincing authorities short, represented policy units, rather consequent elimination, pre-existing, banks.21 39 Of necessity, highly technical. Had reproach. allows extend thereby broadening choices available consumers markets.22 Having access parent-bank expert advice, enter yet developed enough support variety independent, unit offers choice monopoly oligopoly prevail. gives sophisticated local little ability incentive deliver. none this, was, until closest substitute Yet insists parent legally obligated, vigorously other. 40 is, course, behaved active competitors either majority-owned goes actually charges, see Interstate Circuit, Inc. States, 306 208, 227, 59 467, 474, 83 L.Ed. 610; Masonite Corp., 316 265, 275—276, 62 1070, 1076—1077, 1461; Bausch Lomb Optical Co., 321 707, 723, 805, 813, 88 1024; Motors 384 127, 142—143, 1321, 1329—1330, 415; se.' See Socony-Vacuum Oil 310 150, 224—226, n. 59, 60 811, 843—846, 84 1129; Parke, Davis 362 47, 503, 513, 505. prices. mixed. regularly notify banks—as branches—of dissemination se Maple Flooring Assn. 268 563, 578, 69 1093; Cement Mfrs. Protective 588, 586, 1104; Container 393 333, 338, 89 510, 526. (concurring opinion). few memoranda distributed advocating uniformity; hand, without exception stamped only,' admonished times clearly, prices; indeed, warned required less. observed vary significantly attributed 'natural deference recipient greater better services.' And fixing.' 626. 42 Were dealing having reason intimate continuous consultation facet doing business, adduced well preclude conspiracy affect indicate below, light, hold erroneous Court's flow instead programs. Fed.Rule Civ.Proc. 52(a): Dynamics 415 486, 508, 1186, 1199, 530. 43 argues, alternatively, gone relationships, persuaded theory: 44 'The rates, practices, etc., apparently applauds condones relationship.' court's dilemma understandable, neither custom clear, fixed definition relationship:23 46 'Correspondent practice 'city' provide cluster 'country' exchange deposits. Dating back colonial times, extended link centers, furnished central functions. Today, vital component era electronic enables correspondents range varied, constantly expanding; survey lists fifty categories.' 47 Among typically check clearing, help bill collections, participation loans, building securities portfolios, counseling policies, training, site selection, auditing, data processing. merger banks.24 48 Nevertheless, appear steps arrangements. advised chief 'branchlike' logogram, dealt administration department, constant procedures.25 separately together, defendants correspondence remains Chicago 246 231, 238, 242, 243, 683. turn question. 49 message entity find higher profits internal expansion—that successfully arranging treaties competitors. commonly owned firms interrelationships conspirators determinative applicability Yellow Cab 332 218, 67 1560, 1565, 91 2010. Kiefer-Stewart Co. Joseph E. Seagram Sons, Inc., 340 211, 215, 71 259, 261, 219; Timken Roller Bearing 341 593, 598, 971, 974, 1199; Perma Life Mufflers, International Parts 392 134, 141—142, 1981, 1985—1986, 982. fortiori, independently escape pretending pretense perfect cartel. assume, one, generally justify restraining entity, advice seed capital. Otherwise technique followed displace normal legitimate expansion, unknowable consequences. 50 general principles dispose absolutely reaching preferred substitute.26 Just last Term, brief presented Court, told us '(enter) areas foreclosed sponsoring affiliate later method expansion well-recognized organizations, recognized authorities.'27 acknowledged sponsored 'be affiliated sponsor purposes inter-bank support,' 'formed' 'officers, directors, associates' 'assisted' firm 'until branch.'28 good curbstone description precisely case.29 51 trade. amounted compulsory division. Accomplished private division offense Act: 52 'This reiterated '(h)orizontal territorial limitations naked except stifling competition." Topco Associates, 405 596, 608, 92 1126, 1133, 515, quoting White Motor 253, 263, 696, 702, 738. 53 rigid potential suburban, town, rural captive banks.30 devised strategy barrier. 54 suggests 'conventional' equally virtue facilitating mere speculation record. Moreover, clear put which, light point Putting side total realism suggesting competed cf. Penn-Olin Chemical 378 158, 169, 1710, 1716, 775, argument disregards ultimate goal possible, year proper. Claim 55 previous discussion, disposition becomes relatively straightforward. FDIC, 'may country.' 56 predominant generally; industry concentrated statistics; and, shares.31 decide ones. assuming, arguendo, were, prima facie decisions Philadelphia 374 321, 362—366, 1715, 1740—1743, 915; Phillipsburg Trust 399 350, 365—367, 90 2035, 2044—2045, 658; U.S., 497, S.Ct., 1193. incumbent show market-share statistics gave inaccurate acquisitions' competition. supra, 497—498, 1193—1194; 631, 2874. showing continuously effect, real likely develop 57 past agrees none. affairs making evil permanent Citizen Publishing 394 131, 135, 927, 929, 148. anti-branching sponsorship. indisputably Trans Texas 412 946, 93 3014, 996, aff'g curiam 1972 Cas. 74,257 (WD Tex.). 58 theoretically owned, officers expressed inclination so, profitable 5percent banks.32 Brown Shoe 370 294, 323, 82 1502, 1522, 510. reasons opinion, ordered. 61 Affirmed. APPENDIX TO OPINION OF THE COURT summarized statistical way, 629—632: 63 Treating Emory organization, operating offices County. deposits individual, partnership ('IPC') demand top respectively, (offices DeKalb), First outstanding deposits, loans IPC accounted four follows: Total Demand Deposits Loans Banks (12/31/71) (6/30/72) Top 2.............. 38.3% 42.7% 34.8% 3.............. 51.8% 52.4% 47.3% 4............... 62.9% 61.8% 58.2% 65 DeKalb) accounts 66 C&S................. 24.1% 28.5% 20.1% whose Dekalb County: 68 Chamblee........... 5.7% 5.9% National...... 2.9% 1.5% 3.0% DeKalb....... 1.8% 2.5% 1.9% ---- 10.4% 9.7% 10.8% Depending measurement, Chamblee third fourth 70 approved, include DaKalb) 34.5% Kalb 38.2% 30.9% (or fourth) market: 72 mergers.... 48.7% 45.6% 62.2% 62.1% 58.1% 73.3% 71.5% 69.0% 73 system's example, 24% 34%, 40%. 63% 73%, 38% 49% 52% 62%, respectively. 74 nine Roswell Exchange Fulton. 30, mentioned Georgia. 75 (6/30/70) 2......... 57.8% 66.4% 64.0% 3......... 70.1% 78.9% 80.2% 4......... 80.3% 90.7% 91.9% 76 1972, Springs Office East Point 1.7% 77 36.4% 10.2%, 34.4% 11.7%, 78 Point's Office, Springs) 48.3% 79 mergers.................................. 69.7% 82.0% 92.0% system's1 48.3%, twice second Two organization. addition, 92.0%, 82.0%, 81 Point), follows:2 2............ 63.0% 55.2% 61.3% 3............ 78.8% 73.9% 78.1% 4............ 89.4% 87.0% 88.8% Point) C&S........... 37.2% 30.8% 32.1% Springs... .7% .8% .9% Fulton.... .3% ----- 1.0% 1.1% 1.2% 87 eighth ninth Point, Fulton) 31.9% 33.3% mergers..... 56.3% 62.5% 79.8% 75.0% 79.3% 90.4% 88.1% 90.0% Area Emory, operate C&S............. 30.0% 30.6% area: Chamblee.............. .5% .6% National......... .1% .4% DeKalb.......... .2% Springs......... Fulton.......... 2.0% 96 (as 12/31/71) combined ($71,142,252), equivalent sixth alone, tenth eleventh 97 32.0% 33.0% 98 99 mergers... 60.5% 77.9% 76.8% 88.4% 86.2% 87.5% 100 BRENNAN, whom DOUGLAS WHITE join, dissenting. 101 I erred, alleged, dissent affirmance judgment. 102 issues Acts, logically related; possessing lawfully internally. 75% Today's decision assures dominions branches' solidified merger. today's powerless prevent result. 103 '5-percent' exceeding banking,' clearance, investment specialized arm's-length transactions.1 inception contemplated seek, provide, significance. advisory directors—treated actual directors—made covering minute detail,2 maintained bulletins contents ranged admonitions exhortations 'get (on loans) up.' Branch Supervision monitored performance management replaced who measure up. These desired effect. elaborate fabric 'consultations,' seeking 'advice guidance,' eliminated opportunity rivalry presently inter sese.' 642 (1974). 104 concludes 11(d) 1849(d). That distorted language purpose. 105 concept structural first 7. Congress, responding 915 (1963), Lexington, 376 665, 1033, (1964), attempted mesh considerations agency. provisions, mandate consideration agencies 'competitive factors', 1828. City Houston, 386 361, 1088, 151 (1967); Third Nashville, 390 171, 882, 1015 (1968). 10, conferred (except Act) 'merger, consolidation, assumption liabilities' 1963, date 106 months enactment 'antitrust' written verbatim counterparts, principally addressed integrating process, expanding powers. attention; reference history indicates 'apply cases procedures ..'3 borrowed earlier 11(d). 107 congressional preoccupation features interpretation involve attribution intent discernment it. particularly 11(d), transplanted statute seemingly scant attention differences environment. Objections grandfathering posed immunization quickly brushed aside,4 swept along despite whatever dissimilarity underlying exposed, indicated considered advance purposes. Accordingly, however difficult look counterpart guidepost left us. 108 assuredly sanctuary then-unchallenged price-fixing, market-division, cartel activity Congressional concern narrowly directed. rejected limited some acceptance decision. difficulty unscrambling pre-Philadelphia undertaken reliance ultimately rejected, immunized section.5 barring safeguard Lexington supra. although 2), sort challenged continuing Courts thereafter.6 109 Against foregoing background, confront enacted shielded 3(a) then, today, that: 110 '(a) causes company; subsidiary (3) voting if, indirectly centum bank; (4) thereof, (5) merge consolidate company.'7 111 operative permitting regulate events therein described. 112 'grandfathering' 3(a),' obviously exempted required. None defined 3(a), includes Clauses refer, companies. Clause refers salient feature affiliative indeed address creation company-subsidiary relationship. definitional 2(d) undergone recent designated 'subsidiary' controlled 25% manner election majority directors. conditions satisfied simultaneously, shortly forerunner suggested condition redundant. Note, Stan.L.Rev. 337, (1957). interests structured elect satisfying requirement.8 fear well-founded, satisfaction power vote 113 sheltered Indeed, resort methods turned arrangements, 'under standings.' functional perhaps affiliation, recently, triggered formality sure, referred 'directly indirectly' manner' company.9 suggestion embrace less complete harmony clues suggest contrary, powers attached exercise derivatively, intermediary.10 114 1760, defines 'control' exercises controlling policies 2(a)(2)(C), 1841(a)(2)(C). presumption owns, controls, given company.' 2(a)(3). Nevertheless rebuttable 115 'enters understanding subsidiaries overall CFR 225.2(b)(3) (1975). Arguably, bring legislation authority.11 suppose immunize 3, amendment demonstrates character previously embraced 'grandfathered' 116 reinforced 4(a)(2) original forbade 117 'engage managing furnishing performing owns controls shares.' 118 early interpreted 'services' functions performed are: '(1) (e)stablishment supervision loaning policies; direction purchase securities; training personnel; enforcement practices' 225.113 differentiation activities 'control management' inclusion vividly exposes fallacy invoking foreclose compelled properly counts.12 merits. B 119 express divide call rule, 1129 (1940); Sealy, 388 1847, 1238 (1967), association eliminate involved. 120 embodied blocked, time, avenue lawfulness inception, solution satisfactory. calling delicate balancing immediate distant, real, danger barriers continue longer justified them. inquiry would, take occur restrictive conditions. unaffiliated bank13 sponsorship—a initial assistance, withdrawal sponsor's influence, relationship14—might sufficed cited justification incidental restraints. consumed particular insubstantial, judgments led prefer rules. 220—221, 842—843; Pacific R. 356 5, 514, 518, 545 (1958); supra; 515 (1972). 362, 1740. 121 continue, injunction. suit, freely rule assess circumstances, 683 (1918), assumed, controlling, changes deprive once-reasonable justification. Jerrold Electronics, 187 545, 560—561 (ED Pa.1960), aff'd, 365 567, 755, 806 (1961). E.I. du Pont Nemours 353 596—598, 872, 878—880, 1057 claimed desirability now-repealed insofar continuation undisturbed reinstate future. Put need ourselves appellees branching' guarantee perpetual noninterference 122 Certainly open argue rational banker perpetuity. seldom carried day persuasive hemmed presumably offer win consumer loyalty name. inception. charged surveys, equipment procurement, promotional services; suggestion, loss, gains accrued provider. True, hoped cement expectations essential undertaking. continued App. 378—379. Our concern, event, lies protecting avoiding disincentives services. Sponsorship recoup fashion return assistance. sufficient induce profit-seeking chafing restrictions, entrant forbidden. 123 occasion incident prohibition says Term 978 examined prevailing 124 resemble 'common brand' marketing franchising franchisor deals entrepreneurial skill franchisees. combinations may, enhance Common-brand group exploit economies enterprises spans submarkets. Franchising facilitate allowing entering expenses Restraints invariably accompany promoting product uniformity, standardization indispensable success scheme. notwithstanding accompanying mistake regard presumptively lower done so. See, e.g., 319 1031, 1038 (ND Ill.1970), rev'd grounds, (1972); Siegel Chicken Delight, 448 F.2d (CA9 1971); Susser Carvel 505 (CA2 1964). participants Arnold, Schwinn 365, 1856, 1249 (1967). combinations, moreover, warrant collectively possesses dominant entry, profitability collusion tempt standardize attributes. 125 Despite acceptability common-brand pose contest. Many regulation, inhibiting restricting individual free vary. With confined 'non-price' collateral requirements repayment policies. delimited, additional cooperative tolerated extinguished entirely. abolish rivalry. dispel 126 fails satisfy test. definitions Ante, 122-130.15 allied rival, hegemony. firms. Cf. 372, 1746. substantial, thriving enterprises,16 inhibited entitled injunction, specifically name, 'consultations' guidance.' 127 concedes 120. affirms determination pre-existing violates disagree issue. Since, my view, rely rebut remand 'convenience defense 1828(c)(5)(B). reverse accepted counts. briefly concluding. 128 acquired, likelihood expected grows managements experience. However risky ventures attests viability.17 anticipate posture, shop around services.18 129 Quite apart do, improbable happy enjoined. aggressive, expansionist increased trial. inconceivable content 5%. former associates,' plausible 130 possibilities,' 510 (1962), analysis ignore. repeatedly said, 'arrest anicompetitive tendencies 'incipiency." 1741. standards, obliged unlawful lessening discernible. E.g., Continental Can 441, 458, 1738, 1747, 953 (1964); FTC Procter Gamble 568, 577, 1224, 303 Falstaff Brewing 410 526, 539, 1096, 1104, 475 (1973) (Douglas, J., concurring part). inevitably involves speculation, fidelity resolve doubts favor preservation perforce where, here, one. 131 My Brother reminded his 653, 2885: 132 'In one's rules devises assessing barred, turns bar contribute American business. dangers acute 'if costs excessive absence pressures, costs, economy, affected. ." (Citations omitted.) 133 permits entrench position. rivals, together follow branches.'19 developments exemplify 'further business' prevent. Unless indicated, term 'C&S' generically entities, affiliates excluding here—are national, Holding. Taken sometimes called 'defendant banks.' 419 893, 137. Notice appeal effective Antitrust Procedures Penalties Pub.L. 93-528, 1710. filing 1828(c)(7)(A). stay, remained pending 1929 home-office aid ambitions Savannah. Founded were: (two offices). operational 1969 national state-chartered adopted name Springs. Chamblee. 1967 institution. institution, 1969. offices), 1919, Tucker. Holwing phase FDIC. infra. 89—485, 237, Dec. 31, 91—607, Tit. I, 102, 1763. Holding: Banks, Banks. responsible agency 'nonmember (of System) insured bank.' 1828(c)(2)(C). unsound assumed community 'just growing sections laws.' Appendix summary statistics. aspects re- lationships interstate commerce: '1. routine systematic comprehensive past, achieving uniformity defendants; '2. memoranda; '3. suggestions hours operation, loan discourage minimum rates. asserts, shows, offered followed. 'These activities, amount collusive fixing. amounts appraisal lending institution—a naturally pay great attention. context permitted). 'There conclude utilization explicit natural sources. 626, 627, opinion. witness (for defendants) testified implications 638. Competitors 'expressed whatsoever relates parties.' 'as sese, affected merger.' 642. interval trial announcement Supreme ruled technical Its grounded numbers directed Banking Commissioner file divestiture excess holdings shareholders. Independent Bankers Dunn, 230 Ga. 345, 197 S.E.2d 129, sub nom. Assn., 231 421, 202 78. notice state-court genuine announced, Commissioner, acting judgment, ordered limit 'terminate wishes nunc pro tunc Commissioner's 'order basis 643 8. Pursuant 1828(c)(7)(B), referring 1828(c) (5)(B), outweighed meeting served.' Hence, "convenience defense' 'comes play 1015; 151. 12, 'It .' causing adding requirement, broadened 'own(s)' own(s) control(s)' percentage share. Compare 236, 133. codified 1841(d)(1). included, 1841(d)(2). December 101(d), 1763, enlarged power, determined hearing.' 1841(d)(3). 240. 1849, (with subsection headings omitted) reads: Nothing herein approving act, anything constitute hereafter instituted prohibited monopolistic conduct, section. '(b) thirtieth calendar Any arising thirty-day period. commencement stay effectiveness order. presented. attacking sec- tion 15, apply title. Upon termination section, therein, transaction. '(c) title, supervisory party motion right, counsel. '(d) 15. '(e) substantive '(f) 'antitrust laws' 1890 1914 pari materia.' Secretary letter Department: institutions begun 1968. focus essentially questions: unlawfully cent secured requisite approval; un- approval. arose Southern's registration Augusta. Governors retain maintain reached members representatives instances employee benefits, deemed facts alone. Further, officer, finance shares, indirectly. Finally, placing consider reasonably conclusive laws, necessarily 1849(f). could, expressly 1849(d) cover violative daunting—and senseless—task dissecting complicated, integrated components comes coverage explained considerably Mayer, 83—91 Austin Solomon, Problem: Vertical Integration Correspondent Banking, U.Pa.L.Rev. 366, 367—368 (1973). 367—371. varieties 'service packages' Knight, Part I: Balances Services, Fed. Kansas Monthly Review (Nov. 1970); Knight II: Loan Participation Fund Flows, (Dec. Subcommittee Domestic Finance House Committee 88th Cong., 2d Sess., Report System (Comm. Print 1964), Relations: Survey Banker Opinion Oct. 1964); Nadler, Score Years Bnaking, 54—55 (July 1968); Am.Banker 8—71 1970). Also, banks—not challenges ownership, aggravates problems. explore raised forms. deal solely maintenance branching. Brief 15—16, 73—38, O.T.1973, Bancorporation (citations omitted). 17. example had, according authorities, "satellite" 16. riddled entry. 628—629, 2873 barriers—e.g., chartering requirements—at arguably overriding customer confidence assuring adequate stability Antibranching widely device protect rigors regional Report, President's Financial Structure Regulation 59—63, (1971); Charter, Branching, Laws; Competition Frustrated, Yale L.J. Structural Limitations Competition, 502, 515—516 (1962); Smith Greenspun, Law Contemp.Prob. 40, 45—46 Comment, Washington: Need Reappraisal, Wash.L.Rev. 611 (1973); Baker, Barriers Future Shock—Will Walls Come Tumbling Down?, 612 8, 2865. entire Stone Mountain terminated hands hostile shareholders resisted introduction methods. exists recently trim modify, ways 'supervision' 11, development explicitly bonds 638, 643, computations completely (rather constituting relate assignment proportions Relationships labeled banking' corresponding shades 'consultation' intra-industry interaction management, education enhances welfare 'understandings' inhibit, foreclose, seek promote. commentator '(C)ommunication, especially hierarchy, tends conflict resolution. Perhaps context, resolution Phillips, Confusion, Commercial J. 32, (1964). ordinary examination interconnections Consumer Credit Operating Bulletin, E—1024 (DX 311), illustrative. explains records established, plan, perfecting security interest. manual sets late payments, extensions deadlines, notification borrower's employer delinquency. initially House, H.R.Rep.No.534, 89th 1st Sess. (1965). Senate subsequently Houses. S.Rep.No.1179, (1966). Cong.Rec. 12385 (1966), remarks Sen. Robertson, ibid. S.Rep.No.299, 1—7 (1965); H.R.Rep.No.1221, (1966); U.S.Code Cong. Admin.News p. 1860; 13304—13305 (1965) (remarks Robertson); 2454 (1966) Rep. Celler). Crocker-Anglo 223 849 Cal.1963); Manufacturers Hanover 240 867 (SDNY 1965), Hearings S. 1698 446, 463 1956. clause H.R.Rep.No.609, 84th 12—13 (1955); 8028 (1955) Patman). 'exercise influence.' substituted enacted, requirement S.Rep.No.1095, (1955). 2(a) (defining company), inadvertently omitted 2(d). 134. corrected omission. 2385. 2(g) ownership: 'For Act— '(2) trustees (A) (B) (C) (whether exclusively not) '(3) transferred transfer, company) transferee indebted transferor, trustees, beneficiaries transferor hearing, determines capable transferee.' adopt interpretations S.Rep.No.91—1084, (1970); H.R.Rep.No.91—1747, 5519. Amendments Geo.Wash.L.Rev. 1200, 1213—1214 (1971). supported outcome convened inquire possible pattern employees. Ultimately acceptable, purchases. indication, communications doubt pent-up sooner efforts organize More questionable, respond promptly general, retard institutions. Peltzman, Entry Econ. chain possible. Mountain, organized 1957 functioned 1970. At declined Appellees argued represents intimately tied testimony Mills Lane, President ownership. (2 378—379, Pelham, Fayetteville, Hogansville). does, demonstrate leading independence accepting contentions arguendo deciding same. report prepared Standard Metropolitan Statistical too constituent 'reasonable analyze mergers.' E—83. approximation, revealed residents respects appears defining Counties cases. 658 (1963). banks—Sandy Tucker—had $15 million organized, experienced vigorous growth. average annual rate deposit preceding 102% 50% contrast slightly 10%. doubled $1.5 $3 half E—422, E—546. 16, Officers severance relations, establish happen declarations intention eschew course dictated selfinterest viewed skepticism. 568—570, 1118, 1120, (Marshall, result). principals am troubled me above enjoining deter 143-144. competitors, obtained, E—39.

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