Small Bank Law and Legal Definition

According to 12 CFR 228.12 [Title 12 -- Banks and Banking; Chapter II -- Federal Reserve System; Subchapter A -- Board of Governors of the Federal Reserve System Part 228 -- Community Reinvestment (Regulation Bb); Subpart A – General], small bank means “a bank that, as of December 31 of either of the prior two calendar years, had assets of less than $ 1.098 billion. Intermediate small bank means a small bank with assets of at least $ 274 million as of December 31 of both of the prior two calendar years and less than $ 1.098 billion as of December 31 of either of the prior two calendar years.”