6-328. Deposit concentration limits
A. Neither an out-of-state financial institution nor an in-state financial institution shall acquire another out-of-state financial institution or in-state financial institution if either of the following conditions exist:
1. The resulting out-of-state financial institution, in-state financial institution or affiliation would control thirty per cent or more of the bank deposits held in this state.
2. One of the out-of-state financial institutions or in-state financial institutions in the acquisition already controls thirty per cent or more of the bank deposits held in this state.
B. Subsection A does not apply to any interstate acquisition involving only already affiliated entities.
C. The superintendent, by order and on findings of fact and conclusions of law, may waive the deposit concentration limit prescribed by subsection A. In determining whether to waive the deposit concentration limit, the superintendent shall not discriminate against out-of-state financial institutions and shall not grant a waiver unless the superintendent finds that the waiver will promote any of the following:
1. The availability of financial services.
2. The marketability of in-state financial institutions.
3. Another public interest.Section: Previous 6-275 6-321 6-322 6-324 6-325 6-326 6-327 6-328 6-329 6-330 6-331 6-351 6-352 6-353 6-354 Next
Last modified: October 13, 2016