First National Bank of Blue Island Employee Stock Ownership Plan v. The Board of Governors of the Federal Reserve System

CUMMINGS, Circuit Judge.

The issue in this case is whether an employee stock ownership plan is a “company” for purposes of the Bank Holding Company Act (BHCA), 12 U.S.C. § 1841(a). Because we conclude that an ESOP is a “business trust” or “similar organization,” the decision of the Board of Governors of the Federal Reserve System is affirmed.

Statement of the Case

The First National Bank of Blue Island Employee Stock Ownership Plan (ESOP or Plan) asks this Court to review a decision of the Board of Governors of the Federal Reserve System (Board) denying its application to become a bank holding…