53C-7-101. Control transactions. (a) Except as otherwise expressly permitted by this section, a person shall not engage in a control transaction, as defined by G.S. 53C-1-4(22), involving a bank without the prior approval of the Commissioner. A person may contract to engage in a control transaction with the consummation of such control transaction being subject […]
53C-7-102. Application regarding a control transaction. (a) A person seeking approval of a control transaction involving a bank under this Article shall file the following with the Commissioner: (1) An application in the form prescribed by the Commissioner. (2) All filing fees required by a rule of the Commissioner. (3) Such information as is required […]
53C-7-103. Public notice. A person filing an application for approval of a control application shall publish a public notice of the filing of the application not more than 30 days before nor more than 10 days after the filing of the application with the Commissioner. The public notice shall contain the following: (1) A statement […]
53C-7-104. Actions on control transaction applications. (a) The Commissioner shall examine the proposed control transaction, including the character, competence, and experience of the acquiring person and its proposed management personnel, to determine whether the interests of the customers and communities served by the bank would be adversely affected by the proposed control transaction. Not later […]
53C-7-105. Appeal. Any order of the Commissioner denying an application for approval of a control transaction may be appealed to the Commission by the person filing the application denied, as provided in G.S. 53C-2-6. (2012-56, s. 4.)
53C-7-201. Combination authority. With the approval of the Commissioner, a bank may combine with one or more depository institutions or non-depository institutions, provided that the bank is the surviving entity in any combination with a non-depository institution. The application for approval shall be in the form required by the Commissioner and shall be accompanied by […]
53C-7-202. Combination application and investigation. (a) A bank seeking approval of a combination shall file with the Commissioner an application for approval, copies of the agreement under which the bank proposes to effect the combination, and such additional information as the Commissioner shall require by rule or as is required by the Commissioner in connection […]
53C-7-203. Decision on application. Based on the application and the Commissioner’s examination, the Commissioner shall enter an order approving or denying approval of the proposed combination not later than the 60th day following the date the Commissioner notifies the parties that the application is complete, unless extraordinary circumstances require a longer period of review. (2012-56, […]
53C-7-204. Interim banks. The Commissioner may approve an application to organize an interim bank solely for the purpose of effecting a combination under this Article. No interim bank shall transact any business except as is incidental and necessary to its organization and the combination. The Commissioner may set forth in the order approving the organization […]
53C-7-205. Fiduciary powers and liabilities in a combination or a transferring of assets and liabilities. Whenever any depository institution or any trust institution shall combine with or shall sell to and transfer its assets and liabilities to any other depository institution, trust institution, or other company, as provided by the laws of this State or […]
53C-7-206. Combination with federally chartered institution. A combination by a bank with a federally chartered institution in which the federally chartered institution will be the surviving party shall be subject to approval by the chartering authority of the federally chartered institution in accordance with the laws of the United States. (2012-56, s. 4.)
53C-7-207. Combination with a nonbank subsidiary. (a) Except as provided in subsection (c) of this section, a bank proposing to do any of the following combinations shall give prior written notice to the Commissioner that provides the details of the proposed combination that are required by the Commissioner: (1) Combine with a nonbank subsidiary, if […]
53C-7-209. Appeal. Any order of the Commissioner denying an application for approval of a combination may be appealed to the Commission by a party to the combination as provided in G.S. 53C-2-6. (2012-56, s. 4.)
53C-7-301. Conversion to a North Carolina bank charter. (a) Any depository institution that is not a bank may apply to the Commissioner for permission to convert into a bank and for certification of related amendments to its organizational documents necessary to effect the conversion. The application for approval shall be in the form required by […]
53C-7-302. Appeal. Any order of the Commissioner denying an application for approval of a conversion to a bank may be appealed to the Commission by the party filing the application as provided in G.S. 53C-2-6. (2012-56, s. 4.)
53C-7-303. Conversion by North Carolina bank. (a) A bank may convert to another form of depository institution under the laws of this State, of another state, or the United States in accordance with applicable law. (b) Upon the effective date of the conversion, the depository institution shall notify the Commissioner of the effective date and […]
