Section 3(e) of the Bank Holding Company Act (12 USC 1842(e)) states,
“Every bank that is a holding company and every bank that is a subsidiary of
such a company shall become and remain an insured bank as such term is
defined in section 3(h) of the Federal Deposit Insurance Act.” When an
application has been filed to acquire a bank and the bank to be acquired is a
noninsured bank, the transaction shall not be consummated until there has
been compliance with section 3(e) of the act (12 USC 1842(e)). BHC-23; Oct.
3, 1973.
