The Federal Reserve Board denied an application by Canandaigua National Corporation after the firm filed a complementary activity notice proposing to engage in an activity that would obligate it to acquire real property. Bank holding companies are generally prohibited from investing in real property under the Bank Holding Company Act, and the Board determined the proposed activity was inconsistent with the statutory factors it is required to evaluate. The Board’s order will be released after a review for confidential information related to the firm.
Federal Reserve Board 2025-10-17
Federal Reserve Board denies Canandaigua National Corporation request to undertake complementary activity involving acquisition of real property
The Federal Reserve Board denied Canandaigua National Corporation's application to engage in an activity requiring real property acquisition, citing inconsistency with the Bank Holding Company Act. The Board's decision will be published following a confidentiality review.