District of Columbia § 26-733 De novo branching or acquisition of a branch into a state other than the District.

District of Columbia Statutes

§ 26-733 — De novo branching or acquisition of a branch into a state other than the District.

District of Columbia·Title 26 Banks and Other Financial Institutions.·Ch. 7 Interstate Banking and Branching.

(a)With the approval of the Superintendent [Commissioner of the Department of Insurance, Securities, and Banking], a District state bank may establish and maintain a de novo branch or acquire a branch in a state other than the District.

(b)A District state bank (“applicant”) desiring to branch into a state other than the District under this section shall file an application on a form provided by the Superintendent [Commissioner] and pay a branching fee of $500 to the Superintendent [Commissioner]. If, within 30 days after receipt of the application, the Superintendent [Commissioner] determines that the applicant possesses sufficient resources to branch into a state other than the District, the Superintendent [Commissioner] shall approve the application.

(c)In reviewing the application

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(a) With the approval of the Superintendent [Commissioner of the Department of Insurance, Securities, and Banking], a District state bank may establish and maintain a de novo branch or acquire a branch in a state other than the District.

(b) A District state bank (“applicant”) desiring to branch into a state other than the District under this section shall file an application on a form provided by the Superintendent [Commissioner] and pay a branching fee of $500 to the Superintendent [Commissioner]. If, within 30 days after receipt of the application, the Superintendent [Commissioner] determines that the applicant possesses sufficient resources to branch into a state other than the District, the Superintendent [Commissioner] shall approve the application.

(c) In reviewing the application, the Superintendent [Commissioner] shall consider the views of the state bank supervisor of the host state where the branch is proposed to be located.

(d) If the Superintendent [Commissioner] fails to approve or disapprove an application within 30 days of receipt, the application shall be deemed approved. The Superintendent [Commissioner] may extend this 30-day review period for an additional 30 days upon a showing of good cause.

(e) A District state bank that branches into a state other than the District may exercise, at that branch, all rights and powers permitted to banks chartered by that state unless the Superintendent [Commissioner] determines that the exercise of such rights or powers would threaten the safety and soundness of the District bank.

District of Columbia § 26-733 (De novo branching or acquisition of a branch into a state other than the District.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.