§ 804 — Application; approval by Commissioner

Delaware § 804

• Jurisdiction: Delaware
• Title: 5
• Part: Banks and Trust Companies
• Ch. 8: ACQUISITION OF INTERESTS IN BANKING INSTITUTIONS; BANK HOLDING COMPANIES
• Subch.: Acquisition of Stock in New Banks in Delaware before September 29, 1995

Text

(a) Any out-of-state bank holding company or subsidiary thereof proposing an acquisition pursuant to § 803 of this title before September 29, 1995 shall file an application with the Commissioner for approval to make such acquisition. Such application shall contain such information as the Commissioner may by regulation require, and shall specifically acknowledge applicant’s agreement to be bound by the conditions set forth in § 803 of this title. In addition, such application shall designate a resident of this State as applicant’s agent for the service of any paper, notice or legal process upon applicant in connection with matters arising out of this subchapter and shall be accompanied by a filing fee in the amount of $5,750 for the use of the State.

(b) In determining whether to approve an acquisition by an out-of-state bank holding company or any subsidiary thereof of any voting stock of a bank located in this State, the Commissioner shall consider:

(1) The financial and managerial resources of the out-of-state bank holding company or its subsidiary;

(2) The future prospects of the out-of-state bank holding company and the bank whose assets or shares it will acquire or its subsidiary;

(3) The financial history of the out-of-state bank holding company or its subsidiary;

(4) Whether such acquisition or holding may result in undue concentration of resources or substantial lessening of competition in this State; and

(5) The convenience and needs of the public of this State.

(c) No application shall be filed pursuant to this section on or after September 29, 1995.

Legislative History

63 Del. Laws, c. 2, § 2 ; 63 Del. Laws, c. 186, §§ 3, 4 ; 68 Del. Laws, c. 303, § 16 ; 70 Del. Laws, c. 112, §§ 23, 24