Client Alert

Georgia Banking Department Proposes Rule Affecting Acquisitions and Proxy Solicitations in Large Financial Institutions

October 30, 2007

John Douglas

The Georgia Department of Banking and Finance is proposing a rule to require prior approval before anyone may (i) acquire more than 5% of a "large financial institution" or (ii) acquire more than 1% of such an institution and propose corporate action in opposition to the institution's board of directors.

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