An Act to amend the Federal Deposit Insurance Act to require Federal approval for mergers and consolidations of insured banks
PL 86-463 (S.1062), enacted 05/13/1960

T4 S T A T . ] 
PUBLIC LAW 86-463-MAY 13, 1960 
129 
Public Law 86-463 
AN ACT 
To amend the Federal Deposit Insurance Act to require Federal approval for 
mergers and consolidations of insured banks. 
Be it enacted hy the Senate and House of Representatives 
of the 
United States of America in Congress assembled, That subsection (c) 
of section 18 of the Federal Deposit Insurance Act is amended by 
striking out the third sentence and inserting in lieu thereof the fol-
lowing : "No insured bank shall merge or consolidate with any other 
insured bank or, either directly or indirectly, acquire the assets of, 
or assume liability to pay any deposits made in, any other insured 
bank without the prior written consent (i) of the Comptroller of the 
Currency if the acquiring, assuming, or resulting bank is to be a 
national bank or k District bank, or (ii) of the Board of Governors 
of the Federal Eeserve System if the acquiring, assuming, or resulting 
bank is to be a State member bank (except a District bankj, or (iii) 
of the Corporation if the acquiring, assuming, or resulting bank is to 
be a nonmember insured bank (^except a District bank). Notice of 
any proposed merger, consolidation, acquisition of assets, or assump-
tion of liabilities, m a form approved by the Comptroller, the Board, 
or the Corporation, as the case may be, shall (except in a case where 
the furnishing of reports under the seventh sentence of this subsection 
is not required) be published, at appropriate intervals during a period 
(prior to the approval or disapproval of the transaction) at least as 
long as the period allowed under such sentence for furnishing such 
reports, in a newspaper of general circulation in the community or 
communities where the main offices of the banks involved are located 
(or, if there is no such newspaper in any such community, then in the 
newsj)aper of general circulation published nearest thereto). 
In 
granting or withholding consent under this subsection, the Comp-
troller, the Board, or the Corporation, as the case may be, shall con-
sider the financial history and condition of each of the banks involved, 
the adequacy of its capital structure, its future earnings prospects, 
the general character of its management, the convenience and needs of 
the community to be served, and whether or not its corporate powers 
are consistent with the purposes of this Act. 
In the case of a merger, 
consolidation, acquisition of assets, or assumption of liabilities, the 
appropriate agency shall also take into consideration the effect of the 
transaction on competition (including any tendency toward monop-
oly), and shall not approve the transaction unless, after considering 
all of such factors, it finds the transaction to be in the public interest. 
In the interests of uniform standards, before acting on a merger, con-
solidation, acquisition of assets, or assumption of liabilities under this 
subsection, the agency (unless it finds that it must act immediately 
in order to prevent the probable failure of one of the banks involved) 
shall request a report on the competitive factors involved from the 
Attorney General and the other two banking agencies referred to in 
this subsection (which report shall be furnished within thirty calen-
dar days of the date on which it is requested, or within ten calendar 
days of such date if the requesting agency advises the Attorney Gen-
eral and the other two bankingagencies that an emergency exists re-
quiring expeditious action). The Comptroller, the Board, and the 
Corporation shall each include in its annual report to the Congress 
May 13, 1960 
[S. 1062] 
Federal Deposit 
I n s u r a n c e 
Act, 
amendment,. 
64 Stat. 892. 
12 u s e 1828. 
Mergers and con-
solidations. 
P u b l i c ation of 
notice. 
Report by Attor^ 
ney General. 
Rep ort to Coi^ 
gress. 
48232 0 - 6 1 - 9 
130 
PUBLIC LAW 86-464-MAY 13, 1960 
[74 S T A T . 
a description of each merger, consolidation^ acquisition of assets, or 
assumption of liabilities approved by it during the period covered by 
the report, along with the following information: the name and total 
resources of each bank involved; whether a report has been submitted 
by the Attorney General hereunder, and, if so, a summary by the 
Attorney General of the substance of such report; and a statement 
by the Comj)troller, the Board, or the Corporation, as the case may 
be, of the basis for its approval." 
Approved May 13, 1960. 
May 13, 1960 
[H. R. 10550] 
Public Law 86-464 
AN ACT 
To extend the Export Control Act of 1949 for two additional years. 
5 0 
2032. 
u s e 
a p p . 
Be it enacted hy the Senate and House of Eepresentatives 
of the 
United States of America in Congress assembled, That section 12 of 
the Export Control Act of 1949 (63 Stat. 7), as amended by Public 
Law 33, Eighty-second Congress (65 Stat. 43), Public Law 62, Eighty-
third Congress (67 Stat. 62), Public Law 631, Eighty-fourth Congress 
(70 Stat. 407), and Public Law 85-466, Eighty-fifth Congress (72 
Stat. 220), is hereby amended by striking out "1960" and inserting in 
lieu thereof "1962". 
Approved May 13, 1960. 
May 13, 1960 
[H. R. 9084] 
Public Law 86-465 
AN ACT 
To repeal certain retirement promotion authority of the Coast and Geodetic 
Survey. 
Coast and 
Geo-
detic Survey. 
Be it enacted hy the Senate and House of Representatives 
of the 
United States of America in Congress assembled, That the Act of 
June 6, 1942 (ch. 383, 56 Stat. 328, as amended (33 U.S.C. 864e)), is 
hereby repealed. 
SEC. 2. This Act becomes effective on November 1,1959. 
Approved May 13, 1960. 
May 13, 1960 
[H. R. 10045] 
Public Law 86-466 
AN ACT 
To amend the Act entitled "An Act to provide better facilities for the enforcement 
of the customs and immigration laws", to increase the amounts authorized 
to be expended. 
46 Stat. 817; 70 
Stat. 159. 
Be it enacted hy the Senate and House of Representatives 
of the 
United States of America in Congress assembled, That the Act of 
June 26,1930, as amended (U.S.C, title 19, sec. 68,1952 edition, Supp. 
V), is amended by striking from the proviso "$30,000" and "$60,000" 
and substituting in lieu thereof "$40,000" and "$80,000", respectively. 
Approved May 13, 1960.