17:9A-413 - Approval of application for proposed acquisition
17:9A-413. Approval of application for proposed acquisition
32. a. In deciding whether to approve an application for a proposed acquisition under sections 28 through 36 of P.L.1996, c.17 (C.17:9A-409 through C.17:9A-417), the commissioner shall consider whether the acquisition may:
(1)be detrimental to the safety and soundness of the New Jersey bank or New Jersey bank holding company to be acquired;
(2)result in an undue concentration of resources or a substantial reduction of competition in this State; or
(3)have a significantly adverse impact on the convenience and needs of the community or communities in this State that are served by the New Jersey bank or New Jersey bank holding company.
b.Except as otherwise provided in this section, the commissioner shall not approve an acquisition under sections 28 through 36 of P.L.1996, c.17 (C.17:9A-409 through C.17:9A-417) if upon consummation of the transaction, the applicant, including any depository institution affiliated with the applicant, would control 30 percent or more of the total amount of deposits held by depository institutions in this State.
c.The commissioner may by regulation adopt a procedure whereby the limitation on control of deposits set forth in subsection b. of this section may be waived for good cause shown.
L.1996,c.17,s.32.