The Federal Reserve Board has denied an application from Canandaigua National Corporation, based in Canandaigua, New York. The company had submitted a notice to the Board, proposing to engage in an activity that would require it to acquire real property.

Under the Bank Holding Company Act, bank holding companies are generally not allowed to invest in real property. After reviewing the proposal and considering all relevant facts and circumstances, the Board found that the proposed activity does not meet the legal requirements it must evaluate.

"The Board's order will be released following a review for confidential information related to the firm," according to the Federal Reserve Board.