14:19
I fear I realized too late
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Simple English definitions for legal terms
bank holding company
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A quick definition of bank holding company:
A bank holding company is a company that owns or controls one or more banks. This means that they have a significant amount of ownership or control over the banks, usually at least 25%.
A more thorough explanation:
A bank holding company is a company that owns or controls one or more banks. To be considered a bank holding company, the company must own or control at least 25% of the bank. The abbreviation for bank holding company is BHC.
- JPMorgan Chase & Co. is a bank holding company that owns several banks, including JPMorgan Chase Bank, N.A. and Chase Bank USA, N.A.
- Wells Fargo & Company is a bank holding company that owns Wells Fargo Bank, N.A.
These examples illustrate the definition of a bank holding company because they both own multiple banks. JPMorgan Chase & Co. owns JPMorgan Chase Bank, N.A. and Chase Bank USA, N.A., while Wells Fargo & Company owns Wells Fargo Bank, N.A. Both companies own at least 25% of these banks, making them bank holding companies.