§ 13-3-201 — Acquisition of real estate

Wyoming § 13-3-201

• Jurisdiction: Wyoming
• Title 13: Banks, Banking and Finance
• Ch. 3: BANKING OPERATIONS
• Art. 2: RESTRICTED OPERATIONS

Text

(a) No bank shall purchase, hold, convey or lease real
estate except for the following purposes:
(i) Real estate and buildings necessary to transact
the business of a bank including its banking offices and other
premises in the same buildings to rent as a source of income.
The property shall not be carried on the books of the bank as an
asset in an amount in excess of one hundred percent (100%) of
the bank's capital and surplus and, with the prior approval of
the state banking commissioner, undivided profits and reserve
accounts. When any bank ceases to use the real estate and
improvements for banking purposes, it shall, within five (5)
years from the date of vacation of the premises, sell the
property;
(ii) Real estate which is purchased by or conveyed to
the bank in satisfaction of or on account of debts previously
contracted in the course of its business;
(iii) Real estate which is purchased at execution
sale or acquired by decree under securities held by it.
(b) Any real estate acquired as provided in subsections
(a)(ii) and (iii) of this section shall be entered on the books
as other real estate at not more than acquisition cost, or
appraised fair market value, whichever is less, shall be
appraised at least every twenty-four (24) months, and shall be
sold within ten (10) years after title to the property is
acquired. Any real estate acquired prior to July 1, 1992 shall
be carried on the bank's books at the lower of the bank's book
value for that property as of July 1, 1992 or appraised value.
(i) Repealed by Laws 1992, ch. 46, § 2.
(ii) Repealed by Laws 1992, ch. 46, § 2.
(c) If any real estate is not sold within the time
required in this section, it shall not thereafter be carried as
an asset of the bank. This section shall not apply to real
estate purchased with funds other than the capital and resources
of the banking business nor to real estate held in trust.
(d) Any bank acquiring any real estate in any manner other
than as provided by this section shall immediately charge it to
a reserve for losses or to undivided profits.
(e) Any appraisal required under subsection (b) of this
section for property which is carried on the bank's books at a
value equal to or exceeding two hundred fifty thousand dollars
($250,000.00) shall be conducted by a real estate appraiser
certified or licensed by the state in which the property is
located, who is not an officer or director of the bank and whose
reports are acceptable to the state banking commissioner.
(f) Any appraisal required under subsection (b) of this
section may be waived by the state banking commissioner upon
written application from the bank.