Indiana § 28-2-16-20 Qualification to acquire Indiana bank or bank holding company;
divestiture upon ceasing to qualify

Indiana Statutes

§ 28-2-16-20 — Qualification to acquire Indiana bank or bank holding company; divestiture upon ceasing to qualify

Indiana·Art. 2 BANKS·Ch. 16 Foreign Bank Holding Companies

(a)Except as expressly permitted by federal law, a bank holding company that is not:

(1)an Indiana bank holding company; or

(2)a foreign bank holding company; may not acquire an Indiana bank or Indiana bank holding company.

(b)An Indiana bank holding company that ceases to be an Indiana bank holding company, as defined in section 12 of this chapter, or a foreign bank holding company that ceases to be a foreign bank holding company, as defined in section 9 of this chapter, shall within three (3) years divest itself of all Indiana banks and Indiana bank holding companies. However, a foreign bank holding company or Indiana bank holding company may not be required to divest itself of its Indiana banks or bank holding companies because of:

(1)its acquisition of institutions in another stat

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(a) Except as expressly permitted by federal
law, a bank holding company that is not:
(1) an Indiana bank holding company; or
(2) a foreign bank holding company;
may not acquire an Indiana bank or Indiana bank holding company.
(b) An Indiana bank holding company that ceases to be an Indiana
bank holding company, as defined in section 12 of this chapter, or a
foreign bank holding company that ceases to be a foreign bank holding
company, as defined in section 9 of this chapter, shall within three (3)
years divest itself of all Indiana banks and Indiana bank holding
companies. However, a foreign bank holding company or Indiana bank
holding company may not be required to divest itself of its Indiana
banks or bank holding companies because of:
(1) its acquisition of institutions in another state, if the acquisition
has been consummated under Section 116 or 123 of the Garn-St.
Germain Depository Institutions Act of 1982 (12 U.S.C. 1730a(m)
or 12 U.S.C. 1823(f));
(2) its acquisition of securities or assets of a bank having banking
offices in another state, if the acquisition has been consummated
in the regular course of securing or collecting a debt previously
contracted in good faith, and if the bank or bank holding company
divests itself of the securities or assets acquired within three (3)
years of the date of acquisition; or
(3) its acquisition of:
(A) a bank or company organized under the laws of the United
States or of any state and operating under Section 25 or Section
25(a) of the Federal Reserve Act, as amended (12 U.S.C. 601
through 604a or 12 U.S.C. 611 through 631); or
(B) a bank or bank holding company that was organized under
the laws of a foreign country, that is principally engaged in business outside the United States, and that either has no banking
office in the United States or has banking offices in the United
States that are engaged only in business activities permissible
for a bank or corporation operating under Section 25 or 25(a)
of the Federal Reserve Act, as amended.

Indiana § 28-2-16-20 (Qualification to acquire Indiana bank or bank holding company; divestiture upon ceasing to qualify) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.