The answer is YES. Refer to Reg O, 215.2m 1 & 2
12 CFR 215.2
(m)
(1) Principal shareholder means a person (other than an insured bank) that directly or indirectly, or acting through or in concert with one or more persons, owns, controls, or has the power to vote more than 10 percent of any class of voting securities of a member bank or company. Shares owned or controlled by a member of an individual’s immediate family are considered to be held by the individual.
(2) A principal shareholder of a member bank does not include a company of which a member bank is a subsidiary.
Toughest part of this reg is getting the definitions right.
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