Colorado § 11-105-603 Financial institutions - common powers and limitations

Colorado Statutes

§ 11-105-603 — Financial institutions - common powers and limitations

Colorado·Title 11 Financial·Art. Banking Practices

(1)Any acquisition of a branch from another financial institution is subject to the percentage limitation set forth in subsection (5) of this section. Such an acquisition by a financial institution is expressly authorized, and the location of such branch may be changed pursuant to law.

(2)Nothing in this part 6 applies to a branch facility operating under an emergency grant pursuant to section 11-103-809; however, such a branch facility may continue to operate in perpetuity as a branch without being subject to any percentage limitation on branches set forth in this part 6.

(3)Nothing in this part 6 or part 2 of article 104 of this title prevents the acquisition of any financial institution in this state by any other financial institution; however, any conversion of all or any

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(1) Any
acquisition of a branch from another financial institution is subject to the
percentage limitation set forth in subsection (5) of this section. Such an acquisition
by a financial institution is expressly authorized, and the location of such branch
may be changed pursuant to law.

(2) Nothing in this part 6 applies to a branch facility operating under an
emergency grant pursuant to section 11-103-809; however, such a branch facility
may continue to operate in perpetuity as a branch without being subject to any
percentage limitation on branches set forth in this part 6.

(3) Nothing in this part 6 or part 2 of article 104 of this title prevents the
acquisition of any financial institution in this state by any other financial institution;
however, any conversion of all or any part thereof to a branch must be in
accordance with this part 6.

(4) If any financial institution converts any affiliate financial institution to a
branch pursuant to the provisions of this part 6, such financial institution at the time
of such conversion or immediately thereafter shall meet the capital standards for
banks in Colorado as required by the Colorado Banking Code, by any rules of the
banking board, or by the commissioner.

(5) Notwithstanding any other provision of this part 6, no financial institution
that acquires any other financial institution on or after August 1, 1991, may convert
the acquired financial institution to a branch or branches if such conversion or
conversions will result in the acquiring financial institution controlling more than
twenty-five percent of the aggregate of all deposits in all banks, savings and loan
associations, federal savings banks, and other financial institutions located in
Colorado that are federally insured. For the purpose of this subsection (5), deposits
shall be determined based upon the public reports most recently filed with the
appropriate federal regulatory agency.

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Legislative History

Source: L. 2003: Entire article added with relocations, p. 1132, � 3, effective July 1. L. 2013: (1), (2), and (3) amended, (SB 13-154), ch. 282, pp. 1467, 1485, �� 16, 57, effective July 1.