§ 1685. — 1685. (Added by Stats. 2011, Ch. 243, Sec. 3.)

California § 1685.

• Jurisdiction: California
• Code FIN: Financial Code - FIN
• Div. 1.1.: DIVISION 1.1. BANKING
• Ch. 19.: CHAPTER 19. Foreign (Other State) Banks
• Art. 2.: ARTICLE 2. California Branch Offices

Text

(a)
No foreign (other state) bank that does not already maintain a California branch office may:
(1)
Merge as the surviving bank with a California bank pursuant to paragraph (1) of subdivision (a) of Section 1684, unless the California bank has been in existence for at least five years.
(2)
Purchase the whole business unit of a California
bank pursuant to paragraph (2) of subdivision (a) of Section 1684 unless the California bank has been in existence for at least five years.
(b)
For purposes of this section, a California bank that is established solely for the purpose of, and does not open for business prior to, acquiring the whole business unit of a second California bank through a merger or purchase is deemed to have been in existence for the same period of time as the second California bank.

Legislative History

Added by Stats. 2011, Ch. 243, Sec. 3. (SB 664) Effective January 1, 2012.