Part 3: ORGANIZATION AND STRUCTURE OF FINANCIAL INSTITUTIONS
Chapter 37: INTERSTATE BRANCHING, MERGERS, CONSOLIDATIONS AND ACQUISITIONS
§373. Interstate combinations, branch acquisitions and de novo establishments
1.Authority.
Interstate combinations are expressly authorized subject to the provisions of this chapter. Interstate branch acquisition
and establishment of de novo branches are expressly authorized subject to the provisions of this chapter; however, the law
of jurisdiction of any out-of-state financial institution, federal association or national bank proposing to establish or
acquire one or more branches in this State must expressly authorize, under conditions no more restrictive than those imposed
by the laws of this State as determined by the superintendent, the financial institution, federal association or national
bank whose home state is this State to engage in interstate branch acquisition or establishment of de novo branches in that
state.
[
1995, c. 628, §20 (NEW);
1995, c. 628, §38 (AFF)
.]
2.Application requirements.
When the resulting financial institution of any interstate combination, interstate branch acquisition or de novo branch
establishment is a financial institution organized under the laws of this State, that financial institution must obtain prior
approval of the superintendent before participating in the transaction. The application for the superintendent's approval
must be filed in the form and manner prescribed by the superintendent in accordance with this chapter and chapters 33 and
35, as applicable. The superintendent shall approve or disapprove an application under this section in accordance with the
requirements of section 252 and the superintendent may condition approval of the application, as necessary, to conform with
the criteria set forth in section 253.
[
1995, c. 628, §20 (NEW)
.]
3.Notice requirements.
When the resulting financial institution of any interstate combination, branch acquisition or de novo branch establishment
is an out-of-state financial institution, federal association or national bank with a home state that is not this State, that
out-of-state financial institution, federal association or national bank must provide prior notice to the superintendent before
participating in the transaction. Notice to the superintendent must:
A. Be in a form and contain that information prescribed by the superintendent, including, but not limited to, proof of compliance
with this chapter, as applicable; [1995, c. 628, §20 (NEW).]
B. Be provided no later than 3 days after the date of filing an application for that transaction with the appropriate state
or federal regulatory agency; [1995, c. 628, §20 (NEW).]
C. Include a copy of any application filed with the appropriate state or federal regulatory agency; and [1995, c. 628, §20 (NEW).]
D. Include payment of the fee pursuant to section 371. [1995, c. 628, §20 (NEW).]
The superintendent shall provide written response within 30 days of receipt of the notice. If the superintendent finds that
the interstate combination, acquisition or establishment does not comply with applicable state law, including, but not limited
to, the conditions and requirements of this chapter, the superintendent may file an objection with the appropriate state or
federal regulatory agency that has primary responsibility for the applicant. In addition, if the superintendent finds that
an interstate combination, branch acquisition or de novo establishment would be adverse to the public interest, the superintendent
may bring an action in the name of the State pursuant to chapter 24.
[
1995, c. 628, §20 (NEW)
.]
SECTION HISTORY
1995, c. 628, §20 (NEW).
1995, c. 628, §38 (AFF).
Data for this page extracted on 10/16/2012 08:19:53.