§ 383-B:10-1004 — Interstate Establishment or Acquisition of Branch Offices by Depository Banks

New Hampshire § 383-B:10-1004

• Jurisdiction: New Hampshire
• Title XXXV: BANKS AND BANKING; LOAN ASSOCIATIONS; CREDIT UNIONS
• Ch. 383-B: DEPOSITORY BANK ACT
• Subdivision: ARTICLE 10Interstate Banking

Text

(a) A depository bank may establish a branch in any state or may acquire one or more branch offices of a foreign bank in any state under federal law and the laws of the other state. The depository bank shall submit an application to establish or acquire a branch office to the commissioner under RSA 383-A:6-602. The depository bank may proceed to establish or acquire the branch office if it is permitted to do so by the commissioner under RSA 383-A:6-604. The depository bank shall have all the powers under the laws of the state in which each branch office is located, subject to the duties and restrictions thereof. In addition to any regulation by regulatory authorities in the state where a branch office is located, each branch of the depository bank located outside of New Hampshire shall be subject to regulation by the commissioner as if such branch office were located in New Hampshire and shall comply with New Hampshire law in the conduct of its banking business in such other state unless otherwise required or permitted under the laws of such other state.
(b) A foreign bank may establish one or more new branch offices in New Hampshire or may acquire one or more branch offices from a depository bank or a national bank or federal savings bank having its principal place of business in New Hampshire. The foreign bank shall submit an application to establish or acquire the branch office to the commissioner under RSA 383-A:6-602. The foreign bank may proceed to establish or acquire the branch office if it is permitted to do so by the commissioner under RSA 383-A:6-604. No branch office may be established or acquired if it will result in a violation of the deposit limitation contained in RSA 383-B:7-702(a). The foreign bank shall file with the commissioner a copy of each application or notice filed with federal or other state regulatory authorities relating to the establishment or acquisition of a branch office or branch offices at the same time such application or notice is filed with such federal or other state regulatory authorities. The foreign bank shall have all the powers held by a depository bank with respect to the operation of the branch office or branch offices located in New Hampshire under New Hampshire law, subject to the duties and restrictions thereof. Each branch office located in New Hampshire of a foreign bank, other than a national bank or federal savings association, shall be regulated by the commissioner as if the branch office were a branch office of a depository bank. Any foreign bank having a branch office located in New Hampshire shall comply with New Hampshire law in the conduct of its banking business in New Hampshire. No branch office of a foreign bank shall be permitted to engage in any activity not permissible for a depository bank. Notwithstanding the foregoing, if the foreign bank is a national bank or a federal savings association, it shall comply with New Hampshire law to the maximum extent allowed under federal law.

Legislative History

2015, 272:16, eff. Oct. 1, 2015. 2017, 209:10, eff. Sept. 8, 2017.