District of Columbia § 26-736 Interstate merger transactions by a District state bank.

District of Columbia Statutes

§ 26-736 — Interstate merger transactions by a District state bank.

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

(a)With the permission of the Superintendent [Commissioner], a District state bank may maintain and operate a branch in a state other than the District pursuant to an interstate merger transaction with an out-of-state bank in which the District state bank is the resulting bank.

(b)A District state bank (“applicant”) desiring to establish and maintain a branch in another state under this section shall file an application on a form provided by the Superintendent [Commissioner] and pay a merger fee to be determined by the Superintendent [Commissioner]. If, within 30 days of receipt of the application, the Superintendent [Commissioner] determines that the applicant possesses sufficient financial resources, sufficient managerial and professional experience, and that the proposed merger is in

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(a) With the permission of the Superintendent [Commissioner], a District state bank may maintain and operate a branch in a state other than the District pursuant to an interstate merger transaction with an out-of-state bank in which the District state bank is the resulting bank.

(b) A District state bank (“applicant”) desiring to establish and maintain a branch in another state under this section shall file an application on a form provided by the Superintendent [Commissioner] and pay a merger fee to be determined by the Superintendent [Commissioner]. If, within 30 days of receipt of the application, the Superintendent [Commissioner] determines that the applicant possesses sufficient financial resources, sufficient managerial and professional experience, and that the proposed merger is in the public interest, the Superintendent [Commissioner] shall approve the application for an interstate merger transaction and for the operation of branches in a state other than the District by the District state bank.

(c) In reviewing the application, the Superintendent [Commissioner] shall consider the views of the state bank supervisor of the host state where the interstate merger transaction is to be consummated.

(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 establishes and maintains a branch in a state other than the District pursuant to an interstate merger transaction may exercise, at such 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 state bank.

District of Columbia § 26-736 (Interstate merger transactions by a District state bank.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.