§ 19-7-1. Definitions. (a) For the purposes of this chapter, the term or terms: (1) “Bank”, “bank-holding company”, “company”, “subsidiary”, and “control” have the meanings set forth in the federal Bank Holding Company Act of 1956, 12 U.S.C. § 1841 et seq., except that “bank” shall also include financial institutions, as defined in this title, […]
§ 19-7-10. Federally chartered institutions. To the extent it is empowered to do so, this state authorizes banks organized under the laws of the United States that have a main office in Rhode Island to merge or consolidate with and to acquire assets and assume liabilities of out-of-state banks and to have assets and liabilities […]
§ 19-7-11. Examination of mergers and acquisitions. The director, or the director’s designee, may make or cause to be made an examination of each bank in order to fulfill the requirements of this chapter. The total cost of these examinations shall be borne by the bank so examined and shall be governed by the same […]
§ 19-7-12. Severability. If any provision of this chapter or the application of this chapter to any person or circumstances is held invalid or unconstitutional, the invalidity or unconstitutionality shall not affect other provisions or applications of this chapter that can be given effect without the invalid or unconstitutional provision or application, and to this […]
§ 19-7-2. Acquisitions authorized. (a) An out-of-state bank or bank-holding company may acquire direct or indirect ownership or control of more than five percent (5%) of the voting stock of one or more financial institutions or Rhode Island bank-holding companies if the following conditions are met: (1) The laws of the state in which the […]
§ 19-7-3. Interstate mergers of stock financial institutions. (a) Any financial institution organized with capital stock may, subject to the approval of the director, or the director’s designee, merge or consolidate with one or more banks: (1) Each of which is organized with capital stock and is either a financial institution or an out-of-state bank; […]
§ 19-7-4. Interstate mergers of mutual financial institutions. (a) Any financial institution organized without capital stock may, subject to the approval of the director, or the director’s designee, merge or consolidate with one or more institutions, if: (1) Each institution is organized without capital stock and is either a financial institution or an out-of-state bank; […]
§ 19-7-5. General effect of merger or consolidation. Upon the merger or consolidation of a financial institution with one or more banks in accordance with the provisions of this chapter: (1)(i) All of the property of each predecessor bank, including all its right, title, and interest in and to all assets of any conceivable value […]
§ 19-7-6. Interstate purchases of assets and assumptions of liabilities. (a) In addition to any other power granted under the laws of this state, a financial institution may, with the approval of the director, or the director’s designee, purchase all or part of the assets of, and assume all or part of the liabilities of, […]
§ 19-7-7. Powers authorized. If organized under laws other than the laws of this state, a successor bank or purchasing bank shall have and may exercise within this state the powers and privileges granted to financial institutions. A successor financial institution or purchasing financial institution shall have and may exercise in this state the powers […]
§ 19-7-8. Special definitions applicable to mergers, etc. For purposes of this chapter: (1) The surviving or new bank resulting from a merger or consolidation, as the case may be, shall be called the “successor financial institution” or “successor bank”, as applicable; (2) Each bank discontinuing its corporate existence pursuant to a merger or consolidation […]
§ 19-7-9. Interstate branches. Upon obtaining the consent of the director, or the director’s designee, a financial institution may establish a branch, or branches, outside of this state and an out-of-state bank may establish a branch, or branches, within this state; provided that, in the case of an out-of-state bank, the law of the state […]
