6-321. Definitions In this article, unless the context otherwise requires: 1. " Acquire" as applied to an in-state financial institution means any of the following actions or transactions: (a) The merger or consolidation of an in-state financial institution with an out-of-state financial institution. (b) The acquisition by an out-of-state financial institution of the direct or […]
6-322. Interstate acquisitions; approval of deputy director; exception A. Except as otherwise expressly allowed by federal law, an out-of-state financial institution shall not acquire an in-state financial institution unless the deputy director has approved the acquisition. The deputy director shall not approve an acquisition unless the deputy director has determined that deposits held in this […]
6-324. De novo entry by certain financial institutions An out-of-state financial institution may establish a bank, savings and loan association or holding company in this state through de novo entry subject to the applicable laws of this state. An in-state financial institution may not be acquired for operation as a branch by an out-of-state financial […]
6-325. Failure to act on application as approval The deputy director shall rule on any application submitted under section 6-322 not later than sixty days following the date the application is filed with the division. If the deputy director fails to rule on the application within the required sixty-day period, the failure to rule shall […]
6-326. Denial of application; grounds The deputy director shall deny an application for acquisition of an in-state financial institution if the deputy director finds any of the following: 1. The financial condition of the acquiring out-of-state financial institution is such that it may jeopardize the financial stability of the in-state financial institution or prejudice the […]
6-327. Applicable laws and rules; cooperative agreements; contracting exemption A. Any bank, savings and loan association, out-of-state financial institution or holding company doing business as such in this state is subject to the applicable laws of this state and all the rules adopted pursuant to such laws, including examination and supervision by the deputy director. […]
6-328. Deposit concentration limits A. Neither an out-of-state financial institution nor an in-state financial institution shall acquire another out-of-state financial institution or in-state financial institution if either of the following conditions exist: 1. The resulting out-of-state financial institution, in-state financial institution or affiliation would control thirty percent or more of the bank deposits held in […]
6-329. Deposit production offices A. Except as prescribed by subsection B of this section, a person shall not establish or operate a deposit production office or similar office in this state for the purpose of soliciting deposits or similar evidence of indebtedness or participation interests in indebtedness. B. This section does not apply to activities […]
6-330. Rights, powers and privileges of out-of-state banks Except as prohibited by federal law, an out-of-state bank doing business in this state, including any special purpose depository institution that is chartered as a bank, has all of the rights, powers and privileges and is entitled to the same exemptions and immunities as a comparable in-state […]
6-331. Enforcement A. If the deputy director determines that a branch that is maintained in this state by an out-of-state bank is being operated in violation of any law of this state or any rule adopted by this state or that the branch is being operated in an unsafe or unsound manner, the deputy director […]
