Code of Alabama - Title 5: Banks and Financial Institutions - Chapter 13B - Interstate and International Bank Acquisitions, Mergers and Branching

• Article 1 Acquisitions of Banks by Bank Holding Companies.
• Section 5-13B-1 Short title
  This chapter shall be known and may be cited as the "Alabama Interstate and International Banking Act of 1995."
• Section 5-13B-2 Definitions
  For purposes of this article: (a) "Acquire" means: (1) For a company to merge or consolidate with a bank holding company; (2) For a company...
• Section 5-13B-3 Scope of article and statement of legislative intent
  This article sets forth the conditions under which a company may acquire an Alabama bank or an Alabama bank holding company or an Alabama bank...
• Section 5-13B-4 Permitted acquisitions
  (a) No company may acquire an Alabama bank holding company or an Alabama state bank without the prior approval of the superintendent. (b) The approval...
• Section 5-13B-5 Required application
  (a) A company that proposes to make an acquisition under this article shall: (1) File with the superintendent a copy of the application that such...
• Section 5-13B-6 Standards for approval
  (a) In deciding whether to approve an application for a proposed acquisition under this article, the superintendent shall consider whether the acquisition may: (1) Be...
• Section 5-13B-7 Procedures relating to applications
  (a) The superintendent shall decide whether to approve an acquisition under this article within 60 days after receipt of a completed application; provided, that if...
• Section 5-13B-8 Reports; examinations
  (a) To the extent specified by the superintendent by regulation, order, or written request, each bank holding company that directly or indirectly controls an Alabama...
• Section 5-13B-9 Agency activities
  (a) Any Alabama state bank may, upon compliance with the requirements of this section, agree to receive deposits, renew time deposits, close loans, service loans,...
• Section 5-13B-10 Penalties
  The superintendent may enforce the provisions of this article by any appropriate action in the circuit courts of this state, including an action for civil...
• Section 5-13B-11 Authority to issue regulations; cooperative agreements; fees
  In order to carry out the purposes of this title, in addition to and cumulative with the authority and powers of the superintendent set forth...
• Article 2 Interstate Bank Mergers and Branching.
• Section 5-13B-20 Purpose
  It is the express intent of this article to permit interstate branching by merger under Section 102 of the Riegle-Neal Interstate Banking and Branching Efficiency...
• Section 5-13B-21 Definitions
  As used in this article, unless a different meaning is required by the context, the following words and phrases shall have the following meanings: (a)...
• Section 5-13B-22 Establishment of interstate branches by acquisition or merger; branching
  With the prior approval of the superintendent, an Alabama state bank may establish, maintain, and operate one or more branches in a state other than...
• Section 5-13B-23 Interstate merger transactions and branching; operation of branches
  (a) One or more Alabama state banks may enter into an interstate merger transaction with one or more out-of-state banks under this article, and an...
• Section 5-13B-24 Notice and filing requirements
  Any out-of-state bank that will be the resulting bank pursuant to an interstate merger transaction involving an Alabama state bank shall notify the superintendent of...
• Section 5-13B-25 Powers
  (a) An out-of-state state bank which establishes and maintains one or more branches in Alabama under this article may conduct any activities at such branch...
• Section 5-13B-26 Examinations; periodic reports; cooperative agreements; assessment of fees
  (a) To the extent consistent with subsection (c), the superintendent may make such examinations of any branch established and maintained in this state pursuant to...
• Section 5-13B-27 Enforcement
  If the superintendent determines that a branch maintained by an out-of-state state bank in this state is being operated in violation of any provision of...
• Section 5-13B-28 Regulations
  The superintendent may promulgate such regulations as he or she determines to be necessary or appropriate in order to implement the provisions of this article.
• Section 5-13B-29 Notice of subsequent merger, etc
  Each out-of-state state bank that has established and maintains a branch in this state pursuant to this article, or the home state regulator of such...
• Article 3 Regulation of Foreign Banks.
• Division 1 General.
• Section 5-13B-40 Purpose
  (a) This article is intended generally to provide for state regulation of the participation by foreign banks in the financial markets of this state. (b)...
• Section 5-13B-41 Definitions
  For purposes of this article: (a) The term "bank" means any bank as defined in: Section 2(c) of the Bank Holding Company Act (12 U.S.C....
• Section 5-13B-42 General regulation authority
  The superintendent, with the concurrence of a majority of the members of the State Banking Board, is authorized and empowered to issue such rules, regulations,...
• Division 2 Domestic Banks Owned or Controlled by Foreign Banks and Other Foreign Persons.
• Section 5-13B-60 Purpose
  This division is generally intended to ensure that the laws and regulations of this state applicable to the ownership and operations of Alabama banks, and...
• Section 5-13B-61 Operations in this state of banks owned or controlled by foreign banks and other foreign persons
  (a) Except as provided in subsection (b): (1) The laws and regulations of this state governing the acquisition or ownership of controlling or other interests...
• Section 5-13B-62 Citizenship and residency requirements for directors of state banks
  Notwithstanding any other provision of the laws and regulations of this state, the citizenship and residency requirements otherwise applicable to members of the board of...
• Division 3 Direct Branch, Agency, and Representative Offices of Foreign Banks.
• Section 5-13B-80 Purpose
  Consistent with the federal International Banking Act, the Bank Holding Company Act, the Federal Deposit Insurance Act, and the Interstate Banking and Branching Efficiency Act,...
• Section 5-13B-81 Branches and agencies of foreign banks - Necessity of licensure
  (a) No foreign bank shall transact business in this state except at an Alabama state branch or Alabama state agency which it is licensed to...
• Section 5-13B-82 Application to establish and maintain a branch or agency - Contents
  (a) A foreign bank, in order to procure a license under this article to establish and maintain an Alabama state branch or Alabama state agency...
• Section 5-13B-83 Application to establish and maintain a branch or agency - Manner of filing and determination
  (a) A foreign bank making an application under this article for a license to establish and maintain an Alabama state branch or Alabama state agency...
• Section 5-13B-84 Application fee
  Upon applying to the superintendent under this article for a license to establish and maintain an Alabama state branch or Alabama state agency, a foreign...
• Section 5-13B-85 No concurrent maintenance of federal branches or agencies
  (a) No foreign bank which is licensed under this article to establish and maintain an Alabama state branch or Alabama state agency shall concurrently maintain...
• Section 5-13B-86 Powers of branch and agency
  (a) Except as otherwise specifically provided in this division or in regulations or orders adopted by the superintendent, and notwithstanding any other law or regulation...
• Section 5-13B-87 Fiduciary activities
  (a) No foreign bank which is licensed to establish and maintain an Alabama state branch or Alabama state agency shall engage in fiduciary activities at...
• Section 5-13B-88 Authority to act as agent
  (a) An Alabama state branch or Alabama state agency of a foreign bank licensed under this article may receive deposits, renew time deposits, close loans,...
• Section 5-13B-89 Representative office of foreign banks - Necessity of licensure
  (a) No foreign bank shall establish or maintain an Alabama representative office unless such foreign bank is licensed by the superintendent to maintain such an...
• Section 5-13B-90 Representative office - Application
  (a) The application for a license to establish and maintain an Alabama representative office shall be in writing under oath and shall be in such...
• Section 5-13B-91 Representative office - Factors for approval of application
  (a) A foreign bank making an application for a license to establish and maintain an Alabama representative office shall deliver to the superintendent two, or...
• Section 5-13B-92 Representative office - Permissible activities
  (a) A foreign bank which is licensed to establish and maintain an Alabama representative office may, subject to such regulations as the superintendent may prescribe,...
• Section 5-13B-93 Representative office - Revocation of license
  The superintendent, after notice and opportunity for a hearing, may revoke a license to establish and maintain an Alabama representative office if he or she...
• Section 5-13B-94 Posting of license
  Each foreign bank which is licensed to establish and maintain an Alabama state branch, Alabama state agency, or Alabama representative office shall post its license...
• Section 5-13B-95 Licenses not transferable
  No license issued by the superintendent in accordance with this article shall be transferable or assignable.
• Section 5-13B-96 Appointment of superintendent as agent for service of process
  (a) A foreign bank which is licensed to establish and maintain an Alabama state branch, Alabama state agency, or Alabama representative office shall file with...
• Section 5-13B-97 Service of process
  (a) Service of any lawful process in any judicial or administrative proceeding against the foreign bank or any of its successors which arises out of...
• Section 5-13B-98 Filing of amendments to articles of incorporation
  A foreign bank which is licensed to maintain an Alabama state branch or Alabama state agency, whenever its articles of incorporation are amended, shall forthwith...
• Section 5-13B-99 Amended license to establish and maintain a branch or agency
  (a) A foreign bank which is licensed to establish and maintain an Alabama state branch or Alabama state agency must secure an amended license if...
• Section 5-13B-100 Change of control of foreign bank
  A foreign bank which is licensed to establish and maintain an Alabama state branch, Alabama state agency, or Alabama representative office shall file with the...
• Section 5-13B-101 Relocation of office; written notice necessary
  (a) No foreign bank which is licensed to establish and maintain an Alabama state branch, Alabama state agency, or Alabama representative office shall relocate any...
• Section 5-13B-102 Examination; payment of fees
  (a) An Alabama state branch, Alabama state agency, or Alabama representative office shall be subject to examination by the superintendent at such intervals and in...
• Section 5-13B-103 Supervision and enforcement
  (a) The superintendent shall have all of the powers granted to him or her by the laws of this state to the extent appropriate to...
• Section 5-13B-104 Reports
  (a) Each foreign bank which is licensed to establish and maintain an Alabama state branch, Alabama state agency, or Alabama representative office shall file with...
• Section 5-13B-105 Confidentiality of examination reports
  (a) All reports of examinations and investigations, correspondence, and memoranda concerning or arising out of such examinations and investigations, including any duly authenticated copy or...
• Section 5-13B-106 Books, accounts, and records
  Each foreign bank which is licensed to establish and maintain an Alabama state branch, Alabama state agency, or Alabama representative office shall maintain or make...
• Section 5-13B-107 Separate assets
  (a) Each foreign bank which is licensed to establish and maintain an Alabama state branch or Alabama state agency in this state shall keep the...
• Section 5-13B-108 Disclosure of lack of deposit insurance
  Each foreign bank which is licensed to establish and maintain an Alabama state branch or Alabama state agency shall, in a manner established by the...
• Section 5-13B-109 Limitations on payment of interest on deposits
  A foreign bank which is licensed to establish and maintain an Alabama state branch or Alabama state agency shall be subject to the same limitations...
• Section 5-13B-110 Pledge of assets
  (a) Each foreign bank which is licensed to establish and maintain an Alabama state branch or Alabama state agency shall keep on deposit, in accordance...
• Section 5-13B-111 Asset maintenance
  (a) Each foreign bank which is licensed to establish and maintain an Alabama state branch or Alabama state agency shall hold in this state currency,...
• Section 5-13B-112 Voluntary closure of branch, agency, or representative office - Application
  (a) No foreign bank which is licensed to establish and maintain an Alabama state branch, Alabama state agency, or Alabama representative office shall close such...
• Section 5-13B-113 Suspension or revocation of license; factors
  If, after notice and a hearing, the superintendent finds any of the following with respect to a foreign bank which is licensed to establish and...
• Section 5-13B-114 Immediate suspension or revocation
  If the superintendent finds that any of the factors set forth in Section 5-13B-113 are true with respect to any foreign bank which is licensed...
• Section 5-13B-115 Seizure of foreign bank's property and business; liquidation
  (a) If the superintendent finds that any of the factors set forth in Section 5-13B-113 are true with respect to any foreign bank which is...
• Division 4 Alabama Branches of Out-of-State Foreign Banks.
• Section 5-13B-130 Purpose
  This division is intended generally to ensure that interstate state branches of out-of-state foreign banks may be established and operated in this state (1) to...
• Section 5-13B-131 Establishment of interstate branches in this state by out-of-state foreign banks
  (a) Except as provided in subsection (b), an out-of-state foreign bank may establish an interstate Alabama state branch in the same manner, including by merger...

Last modified: May 3, 2021