§ 852 — Becoming a bank holding company

Delaware § 852

• Jurisdiction: Delaware
• Title: 5
• Part: Banks and Trust Companies
• Ch. 8: ACQUISITION OF INTERESTS IN BANKING INSTITUTIONS; BANK HOLDING COMPANIES
• Subch.: Regulation of Delaware Bank Holding Companies

Text

(a) Except as provided in 12 U.S.C. § 1842, subchapters I, II, III and IV of this chapter, and Chapter 7 of this title, no bank holding company other than a Delaware bank holding company may control a Delaware institution.

(b) Any corporation intending to become a Delaware bank holding company shall file an application with the Commissioner for approval to acquire an institution. The application shall contain such information as the Commissioner may by regulation require, shall, if not a Delaware corporation, designate a resident of the State as the applicant’s agent for the service of any paper, notice of legal process on the 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 and a nonrefundable processing fee in such amount as the Commissioner shall from time to time fix by regulation, payable to and for the use of the Office of the Bank Commissioner.

(c) In determining whether or not to approve such acquisition by a Delaware bank holding company, the Commissioner shall consider:

(1) The financial and the managerial resources of the Delaware bank holding company;

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

(3) The financial history of the bank holding company;

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

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

Legislative History

66 Del. Laws, c. 25, § 1 ; 68 Del. Laws, c. 303, § 19 ; 70 Del. Laws, c. 112, § 43 ; 71 Del. Laws, c. 19, § 37