Central Wisconsin Bankshares, Inc. v. Board of Governors of the Federal Reserve System

FAIRCHILD, Chief Judge.

This is a petition for review of an order entered May 26, 1976 by the Board of Governors of the Federal Reserve Bank (the Fed), denying petitioner Central Wisconsin Bankshares (Bankshares) application for approval to acquire 80% of the voting stock of Central National Bank of Wausau (Bank). Bankshares contends that the denial was beyond the authority of the Fed because it came more than 91 days after the Fed had a complete record, and thus the application was deemed granted under 12 U.S.C. § 1842(b). 1

I. BACKGROUND

Bankshares submitted the 101-page application on July…