Section 58-26-3 - Definitions.
58-26-3. Definitions.
As used in the Interstate Depository Institutions Act [58-26-1 NMSA 1978]:
A. "bank" means:
(1) an insured bank as defined in Section 3(h) of the Federal Deposit Insurance Act; or
(2) any institution that is eligible to make application to become an insured bank pursuant to Section 5 of the Federal Deposit Insurance Act excepting and excluding an institution created or incorporated under the federal Edge Act (Federal Reserve Banks);
B. "control" means the power, directly or indirectly, to either direct or exercise a controlling influence over the management or policies of a depository institution or a holding company, elect a majority of the directors of a depository institution or a holding company, or vote twenty-five percent or more of any class of voting securities of a depository institution or a holding company;
C. "depository institution" means any bank or savings institution;
D. "director" means the director of the financial institutions division of the regulation and licensing department;
E. "domestic depository institution" means a depository institution whose home office is located in New Mexico and whose operations are principally conducted in New Mexico;
F. "domestic holding company" means a holding company whose subsidiary depository institutions' operations are principally conducted in New Mexico;
G. "financial institution" means any depository institution or credit union;
H. "holding company" means any person, other than an individual, that has the power, to control a depository institution;
I. "interstate acquisition" means any transaction pursuant to which an out-of-state depository institution or an out-of-state holding company acquires control of, merges with or acquires all or substantially all of the assets of a domestic depository institution or domestic holding company;
J. "out-of-state depository institution" means any depository institution whose home office is located in a state other than New Mexico or whose operations are principally conducted in a state other than New Mexico;
K. "out-of-state holding company" means a holding company whose subsidiary depository institutions' operations are principally conducted in a state other than New Mexico;
L. "operations are principally conducted" means the state where the largest percentage of the aggregate deposits of a depository institution or of all depository institution subsidiaries of a holding company are held; and
M. "savings institution" means a state or federal savings and loan association, state or federal savings bank, building and loan, savings and loan or homestead association or cooperative bank, the accounts of which are insured by the federal savings and loan insurance corporation.