Although the review framework is the same for all applications, the facts of each case can vary widely, from community bank mergers to mergers of much larger institutions that can affect markets across large regions of the country.
While this variability necessitates an in-depth review of each transaction on its own merits, these reviews are most effective when the expectations of the regulators are clear in advance and the parties can reasonably anticipate the application review process. The agencies are required to review the statutory factors, but it is also important that we understand that timing matters in merger transactions.