§412:2-500 Definitions. As used in this part: “Failing financial institution” means a Hawaii financial institution or a federal financial institution whose operations are principally conducted in this State, and which: (1) Is insolvent or has failed to make good an impairment of its capital and surplus as provided in section 412:2-314; (2) Has incurred or […]
§412:2-501 Commissioner’s determination of failing institution. (a) Upon determining that a Hawaii financial institution is a failing financial institution, the commissioner shall serve written notice of such determination to the institution. The notice shall set forth the basis for the commissioner’s determination, and shall indicate that the commissioner intends to implement the provisions of this […]
§412:2-502 Solicitation of purchasers. If the court sustains the commissioner’s determination that the financial institution is a failing financial institution, or if the institution has not contested the determination and the time for petitioning the court has passed, the commissioner may solicit applications to merge with the failing financial institution or with its holding company, […]
§412:2-503 Applications to purchase. (a) If the failing financial institution is a bank, savings bank, or depository financial services loan company that is a Hawaii financial institution, or if the institution to result from the acquisition proposed in the application is to be any of the foregoing, the commissioner may accept an application under this […]
§412:2-504 Granting of application; criteria for approval. In evaluating the applications filed under this part, the commissioner shall consider the following factors: (1) Whether immediate action is necessary; (2) The financial and managerial resources of the applicant and its holding company, if any; (3) The probable viability of the failing financial institution after the acquisition […]
§412:2-505 Waiver of statewide concentration limits under the Bank Holding Company Act of 1956, as amended. If the commissioner finds that waiver of the statewide concentration limits under section 3(d) of the Bank Holding Company Act of 1956, as amended, is necessary to prevent probable failure of the Hawaii financial institution, the commissioner shall have […]
§412:2-506 Charter or license. In any acquisition pursuant to this part, a charter or license shall be required for: (1) Any Hawaii financial institution resulting from a consolidation of an acquirer with a failing financial institution; and (2) Any new corporation (except a federal financial institution) formed to merge with or acquire the assets of […]
§412:2-507 Expedited approvals. If the commissioner finds that immediate action is necessary in order to prevent the probable failure of the Hawaii financial institution, as determined by section 412:2-501, the commissioner shall have the power to issue an expedited approval authorizing the following: (1) In the case of a Hawaii financial institution seeking to acquire […]
§412:2-508 Provisional approval to organize. (a) The commissioner may issue a provisional approval to organize a new corporation pursuant to this chapter and chapter 414 solely for the purpose of merging with or acquiring the stock or assets and assuming the liabilities of a failing financial institution in a transaction meeting the requirements of this […]
§412:2-509 Effect of merger or acquisition on prior business, title and obligations. Sections 412:3-610 and 412:3-615 shall apply to the businesses previously carried on by any failing financial institution, title to its property, and its liabilities with respect to any merger or acquisition consummated under this part. [L 1993, c 350, pt of §1]
§412:2-510 Commissioner’s powers. No provision under this part shall be construed to limit, modify, or restrain any other powers otherwise granted to the commissioner or the division. The provisions of this part shall supplement and provide an alternative to the commissioner’s other authority and powers under this article. [L 1993, c 350, pt of §1]
§412:2-511 Modification of time periods. Any time periods requiring action by the commissioner as set forth in this part, or as established by rules implementing this part, may be shortened or extended when in the commissioner’s discretion good cause exists. [L 1993, c 350, pt of §1]
§412:2-512 REPEALED. L 1999, c 245, §8.
