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 § 26-736

Title 26Banks and Other Financial Institutions.

Ch. 7Interstate Banking and Branching.

This text of District of Columbia § 26-736 (Interstate merger transactions by a District state bank.) is published on Counsel Stack Legal Research, covering District of Columbia primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

D.C. Code § 26-736 (2026).

Text

(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.