The JOBS Act contains a provision that community banks have long desired – an increase in the number of shareholders that a bank or a bank holding company can have before it is required to register its shares with the Securities and Exchange Commission. Prior to the JOBS Act, that number was 500; the JOBS Act increases that threshold to 2,000. This change will provide community banks and holding companies who have been concerned about the possibility of triggering the registration requirement, with its attendant expense and ongoing reporting obligations, with much more flexibility in terms of their capital raising activities.
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