(a) Exemption. A management interlock that is prohibited by section
212.3 is permissible, if—
(1) the interlock is not prohibited by
section 212.3(c); and
(2) the depository organizations (and their depository institution
affiliates) hold, in the aggregate, no more than 20 percent of the
deposits in each RMSA or community in which both depository organizations
(or their depository institution affiliates) have offices. The amount
of deposits shall be determined by reference to the most recent annual
Summary of Deposits published by the FDIC for the RMSA or community.
(b) Confirmation
and records. Each depository organization must maintain records
sufficient to support its determination of eligibility for the exemption
under paragraph (a) of this section, and must reconfirm that determination
on an annual basis.
