§ 6:536 — Interstate bank acquisitions; filings with commissioner

§536. Interstate bank acquisitions; filings with commissioner
A. An out-of-state bank shall not acquire, directly or indirectly, a Louisiana bank
holding company or a Louisiana bank or an out-of-state bank holding company having one
or more Louisiana banks as subsidiaries or the Louisiana branches of an out-of-state bank
unless it has filed with the commissioner all applications and other information filed with any
federal agency in connection with such acquisition, and paid a fee as prescribed by regulation
of the commissioner.
B. If any out-of-state bank makes an acquisition or engages in an activity or causes
any of its subsidiaries to engage in an activity that is prohibited by this Part, the
commissioner shall require such out-of-state bank holding company to terminate such
activity or divest itself of its direct or indirect ownership or control of any Louisiana banks
or branches acquired in violation of this Part. In addition, the commissioner shall have the
power to enforce any other prohibitions in this Part by requiring divestiture of
nonconforming bank branches, bank holding companies, or assets, through the imposition
of fines and penalties or through the exercise of such other remedies as shall be appropriate,
including but not limited to judicial actions.
C. It shall be unlawful for any out-of-state bank to enter this state, either directly or
indirectly, by the acquisition of a Louisiana bank that is not an established Louisiana bank
or a bank holding company which owns, as a subsidiary, a Louisiana bank that is not an
established Louisiana bank. However, if an out-of-state bank is operating in this state
through branches, then another out-of-state bank company may enter Louisiana by
acquisition of those branches.

Legislative History

Acts 1986, No. 577, §1, eff. July 2, 1986; Acts 1989, No. 686, §2, eff. July 7, 1989; Acts 1995, No. 1249, §1; Acts 1999, No. 122, §1, eff. Sept. 1, 1999; Acts 2021, No. 17, §1.