Sections 1 through 12 [58-1B-1 to 58-1B-11 NMSA 1978] of this act may be cited as the “Interstate Bank Acquisition Act”. History: Laws 1996, ch. 2, § 1. ANNOTATIONS Cross references. — For the Interstate Bank Branching Act, see 58-1C-1 NMSA 1978. For permitted interstate acquisitions, see 58-26-4 NMSA 1978.
To carry out the purposes of the Interstate Bank Acquisition Act, the director may: A. adopt regulations; B. enter into cooperative, coordinating or information-sharing agreements with a bank supervisory agency or an organization affiliated with or representing a bank supervisory agency; C. accept a report of examination or investigation by a bank supervisory agency having […]
The director may enforce the provisions of the Interstate Bank Acquisition Act by an action for injunctive relief in the district court of Santa Fe county. The director shall give notice promptly to the home state regulator of any action commenced by the director against an out-of-state bank holding company and, to the extent practicable, […]
As used in the Interstate Bank Acquisition Act: A. “acquire” means: (1) for a company to merge or consolidate with a bank holding company; (2) for a company to assume direct or indirect ownership or control of: (a) more than twenty-five percent of any class of voting shares of a bank holding company or a […]
The purpose of the Interstate Bank Acquisition Act is to establish the conditions under which a company may acquire a New Mexico bank or a New Mexico bank holding company. In enacting it the legislature intends to avoid discrimination against out-of-state bank holding companies or foreign bank holding companies in any manner that would violate […]
A. Except as provided in Subsection B of this section, a company may not acquire a New Mexico state bank or a New Mexico bank holding company without the prior approval of the director unless federal law expressly permits the acquisition without that approval. B. The prohibition of Subsection A of this section does not […]
A. A company that proposes to make an acquisition pursuant to the Interstate Bank Acquisition Act shall: (1) file with the director a copy of the application that the company has filed with the responsible federal bank supervisory agency and any additional information prescribed by the director; and (2) pay to the director any application […]
A. In deciding whether to approve an application for a proposed acquisition pursuant to the Interstate Bank Acquisition Act, the director shall consider whether the acquisition may: (1) be detrimental to the safety and soundness of the New Mexico state bank or the New Mexico bank holding company to be acquired; (2) result in a […]
A. The director shall approve or disapprove an application for acquisition pursuant to the Interstate Bank Acquisition Act within ninety days after receipt of a completed application unless the director requests additional information from the applicant following receipt of a completed application in which case the time limit for decision by the director is the […]
A. To the extent specified by the director by regulation, order or written request, each bank holding company that directly or indirectly controls a New Mexico state bank or a New Mexico bank holding company, or the home state regulator of the company, shall submit to the director copies of each financial report filed by […]
A. If it complies with the requirements of this section, a New Mexico state bank may agree to act as an agent for any affiliated bank depository institution to receive deposits, renew time deposits, close loans, service loans, receive payments on loans and other obligations and perform other services for which it has received the […]
