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§ 506. Out-of-state bank holding companies--Acquisitions

Oklahoma Statutes AnnotatedTitle 6. Banks and Trust Companies

Oklahoma Statutes Annotated
Title 6. Banks and Trust Companies (Refs & Annos)
Chapter 1. Oklahoma Banking Code
Article V. Branch Banking--Bank Holding Companies
6 Okl.St.Ann. § 506
§ 506. Out-of-state bank holding companies--Acquisitions
Currentness
A. An out-of-state bank holding company, upon approval by the Federal Reserve Board, may acquire an unlimited number of banks, bank holding companies and multibank holding companies. Any acquisition made pursuant to the provisions of this section may include assets and liabilities of the bank, bank holding company or multibank holding company and all branches and facilities thereof.
B. No out-of-state bank holding company shall be permitted to acquire direct or indirect ownership or control of any bank, bank holding company, or multibank holding company, except in compliance with this section.
C. No acquisition provided for in this section shall be permitted unless the approval of the Federal Reserve Board required pursuant to subsection A of this section:
1. Includes, for all acquisitions, a finding that:
a. notice of intent to acquire has been published in a newspaper of general paid circulation in the county or counties where the bank or banks to be acquired are located and that a notice of intent to acquire has been mailed by certified mail with return receipt requested to each person owning stock in the bank, bank holding company or multibank holding company to be acquired,
b. the reports required by the Federal Reserve Board in order to assess the out-of-state bank holding company's record of meeting the credit needs of its entire community as required under the provisions of Section 2903 of Title 12 of the United States Code have been placed on file as a matter of public record with the Oklahoma State Banking Department, and
c. the bank and, if acquired indirectly, its bank holding company or multibank holding company immediately after the acquisition meets the capital adequacy guidelines of the appropriate federal financial supervisory agency; and
2. Includes, for any acquisition of a majority of the voting shares, a finding that the acquisition has been approved by the board of directors and a majority of the voting shares of the bank or of its parent bank holding company or multibank holding company.
D. All limitations and restrictions of the Oklahoma Banking Code applicable to banks, bank holding companies and multibank holding companies shall apply to a bank, bank holding company or multibank holding company which becomes a subsidiary of an out-of-state bank holding company and to such out-of-state bank holding company. In addition, any bank which becomes a subsidiary of an out-of-state bank holding company shall maintain current reports showing the bank's record of meeting the credit needs of its entire community as required by the bank's federal financial supervisory agency under Section 2903 of Title 12 of the United States Code on file as a matter of public record with the Department.
E. Any out-of-state bank holding company which controls a bank, a bank holding company or multibank holding company shall be subject to laws of this state and rules of its agencies relating to the acquisition, ownership, and operation of banks, bank holding companies and multibank holding companies.
F. The Board shall have the power to enforce the prohibitions provided for in this section by requiring divestiture and through the imposition of fines and penalties, the issuance of cease and desist orders, and such other remedies as are provided by law.
G. Any final order of the Board shall be appealable pursuant to the provisions of Section 207 of this title.

Credits

Laws 1986, c. 155, § 4, operative July 1, 1987; Laws 1986, c. 316, § 14, emerg. eff. June 24, 1986; Laws 1987, c. 135, § 8, eff. July 1, 1987; Laws 1989, c. 293, § 4, emerg. eff. May 24, 1989; Laws 1996, c. 92, § 9, eff. June 1, 1996; Laws 1997, c. 111, § 57, eff. July 1, 1997; Laws 2000, c. 205, § 21, emerg. eff. May 17, 2000.
6 Okl. St. Ann. § 506, OK ST T. 6 § 506
Current with emergency effective legislation through Chapter 182 of the Second Regular Session of the 59th Legislature (2024). Some sections may be more current, see credits for details.
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