Eight percent of bank applications in the second half of 2014 — or 52 out of 629 — were withdrawn, according to the Federal Reserve’s latest semiannual report on application results released today. No applications were denied. The percentage of withdrawals rose from 7 percent in the second half of 2013 but dipped from 14 percent in 2010.
Of the withdrawn applications, 17 were retracted after Fed staff indicated they were unlikely to be approved. Of these, the Fed said the applications were problematic due to managerial issues, control issues, financial challenges at the applicant institution or competitive concerns.
Mergers and acquisitions represented 21 percent of all approved applications in the second half, up from 18 percent in the second half of 2013. The report showed that the median processing time rose to 41 days from 39 in the second half of 2013.
