§ 26-736. Interstate merger transactions by a District state bank.

Current through October 23, 2012

(a) With the permission of the Superintendent, a District state bank may maintain and operate a branch in a state other than the District pursuant to an interstate merger transaction with an out-of-state bank in which the District state bank is the resulting bank.

(b) A District state bank ("applicant") desiring to establish and maintain a branch in another state under this section shall file an application on a form provided by the Superintendent and pay a merger fee to be determined by the Superintendent. If, within 30 days of receipt of the application, the Superintendent determines that the applicant possesses sufficient financial resources, sufficient managerial and professional experience, and that the proposed merger is in the public interest, the Superintendent shall approve the application for an interstate merger transaction and for the operation of branches in a state other than the District by the District state bank.

(c) In reviewing the application, the Superintendent shall consider the views of the state bank supervisor of the host state where the interstate merger transaction is to be consummated.

(d) If the Superintendent fails to approve or disapprove an application within 30 days of receipt, the application shall be deemed approved. The Superintendent may extend this 30-day review period for an additional 30 days upon a showing of good cause.

(e) A District state bank that establishes and maintains a branch in a state other than the District pursuant to an interstate merger transaction may exercise, at such branch, all rights and powers permitted to banks chartered by that state unless the Superintendent determines that the exercise of such rights or powers would threaten the safety and soundness of the District state bank.

                
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(June 13, 1996, D.C. Law 11-142, § 7, 43 DCR 2159.)

HISTORICAL AND STATUTORY NOTES

Prior Codifications

1981 Ed., § 26-856.

Legislative History of Laws

For legislative history of D.C. Law 11-142, see Historical and Statutory Notes following § 26-731.

Miscellaneous Notes

Fees credited to the Office of Banking and Financial Institutions Enterprise Fund: Section 1804(3) of D.C. Law 12-60 provided that all fees received pursuant to § 26-856(b) [1981 Ed.] shall be credited to the Office of Banking and Financial Institutions Enterprise Fund.