If an international banking corporation proposes to acquire, merge, or consolidate with an international banking corporation that presently operates an international branch, international bank agency, international administrative office, or international representative office licensed in this state, the office may authorize the currently licensed international branch, international bank agency, international administrative office, or international representative office to remain open and in operation after consummation of the proposed acquisition, merger, or consolidation, if the acquiring international banking corporation files an after-the-fact application and all of the following conditions are met:
(1)The international banking corporation or corporations resulting from the acquisitio
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If an international banking corporation proposes to acquire, merge, or consolidate with an international banking corporation that presently operates an international branch, international bank agency, international administrative office, or international representative office licensed in this state, the office may authorize the currently licensed international branch, international bank agency, international administrative office, or international representative office to remain open and in operation after consummation of the proposed acquisition, merger, or consolidation, if the acquiring international banking corporation files an after-the-fact application and all of the following conditions are met:
(1) The international banking corporation or corporations resulting from the acquisition, merger, or consolidation will not directly or indirectly own or control more than 5 percent of any class of the voting securities of, or control, a United States bank.
(2) Before consummation of the acquisition, merger, or consolidation, the international banking corporation currently licensed to operate an international branch, international bank agency, international administrative office, or international representative office in this state must provide the office at least 30 days’ advance written notice, as prescribed by rules adopted by the commission, of the proposed acquisition, merger, or consolidation.
(3) Before consummation of the acquisition, merger, or consolidation, each international banking corporation commits in writing that it will either: (a) Comply with the conditions in subsections (1) and (2) and file an after-the-fact application for a license under s. 663.05(1) within 60 days after consummation of the proposed acquisition, merger, or consolidation; and refrain from engaging in new lines of business and from otherwise expanding the activities of such establishment in this state until the disposition of the after-the-fact license application, in accordance with chapter 120; or (b) Promptly wind down and close any international branch, international bank agency, international administrative office, or international representative office in this state if the international banking corporations that are party to the acquisition, merger, or consolidation elect not to file an application for a license in accordance with paragraph (a); and, before such wind-down and closure, refrain from engaging in new lines of business or otherwise expanding the activities of such establishment in this state.