212.1 Authority, purpose, and scope. The purpose of the Interlocks Act and this part is to foster competition by generally prohibiting a management official from serving two nonaffiliated depository organizations in situations where the management interlock likely would have an anticompetitive effect. This part applies to management officials of state member banks, bank holding companies, and their affiliates. For purposes of that section 202, shares held by an individual include shares held by members of his or her immediate family. In making this determination, the Board considers, among other things, whether a person, including members of his or her immediate family, whose shares are necessary to constitute the group owns a nominal percentage of the shares of one of the organizations and the percentage is substantially disproportionate to that person's ownership of shares in the other organization.
Community means a city, town, or village, and contiguous and adjacent cities, towns, or villages.
The property line of an office located in an unincorporated city, town, or village is the boundary line of that city, town, or village for the purpose of this definition. 212.5, means important to restoring or maintaining a depository organization's safe and sound operations. Additionally, a United States office, including a branch or agency, of a foreign commercial bank is a depository institution. Depository institution affiliate means a depository institution that is an affiliate of a depository organization. Office does not include a representative office of a foreign commercial bank, an electronic terminal, a loan production office, or any office of a depository holding company.