The Federal Reserve Board has denied an application from Canandaigua National Corporation, based in Canandaigua, New York. The company had submitted a notice to the Board proposing to engage in an activity that would require it to acquire real property. Under the Bank Holding Company Act, bank holding companies are generally not allowed to invest in real property.
According to the Federal Reserve Board, “After reviewing the proposal and considering all the facts and circumstances, the Board has determined that the proposed activity is inconsistent with the factors the Board is required to evaluate by law. The Board’s order will be released following a review for confidential information related to the firm.”
