§ 53-211. Acquisitions by out-of-state bank holding companies.
§53‑211. Acquisitions by out‑of‑state bank holding companies.
(a) An out‑of‑statebank holding company that does not have a North Carolina bank subsidiary, otherthan a North Carolina bank subsidiary that was acquired in a transactioninvolving assistance by the Federal Deposit Insurance Corporation or in theregular course of securing or collecting a debt previously contracted in goodfaith, as provided in Section 3(a) of the Bank Holding Company Act of 1956 asamended (12 U.S.C. 1842(a)), may acquire a North Carolina bank holding companyor a North Carolina bank with the approval of the Commissioner. The out‑of‑statebank holding company shall submit to the Commissioner an application forapproval of such acquisition, which application shall be approved only if theCommissioner determines that the laws of the state in which the out‑of‑statebank holding company making the acquisition has its principal place of businesspermit North Carolina bank holding companies to acquire banks and bank holdingcompanies in that state. Additionally, the Commissioner shall make theacquisition subject to any conditions, restrictions, requirements, or otherlimitations that would apply to the acquisition by a North Carolina bankholding company of a bank or bank holding company in the state where the out‑of‑statebank holding company making the acquisition has its principal place of businessbut that would not apply to the acquisition of a bank or bank holding companyin such state by a bank holding company all of the subsidiaries of which arelocated in that state. The applicant shall submit an application fee of fivethousand dollars ($5,000) plus two thousand dollars ($2,000) for each NorthCarolina bank or bank holding company being acquired.
(b) An out‑of‑statebank holding company that has a North Carolina bank subsidiary (other than aNorth Carolina bank subsidiary that was acquired in a transaction involvingassistance by the Federal Deposit Insurance Corporation or in the regularcourse of securing or collecting a debt previously contracted in good faith, asprovided in Section 3(a) of the Bank Holding Company Act of 1956 as amended (12U.S.C. 1842(a)), may acquire any North Carolina bank or North Carolina bankholding company with the approval of the Commissioner. The out‑of‑statebank holding company shall submit to the Commissioner an application forapproval of such acquisition, which application shall be approved only if theCommissioner makes the acquisition subject to any conditions, restrictions,requirements or other limitations that would apply to the acquisition by aNorth Carolina bank holding company of a bank or bank holding company in thestate where the out‑of‑state bank holding company making theacquisition has its principal place of business but that would not apply to theacquisition of a bank or bank holding company in such state by a bank holdingcompany all the bank subsidiaries of which are located in that state.
(c) The Commissionershall rule on any application submitted under this section not later than 90days following the date of submission of a complete application. If theCommissioner fails to rule on the application within the requisite 90‑dayperiod, the failure to rule shall be deemed a final decision of theCommissioner approving the application.
(d) The Commissioner,within 30 days of receiving the complete application for acquisition, shallpublish notice of the intent of an out‑of‑state bank holdingcompany to acquire a North Carolina bank or North Carolina bank holding companyunder subsection (a) or (b) of this section. The notice shall be published innewspapers in the communities in which the principal offices of the NorthCarolina bank or North Carolina bank holding company and of the out‑of‑statebank holding company are located and, if there are no newspapers published insuch communities, then in newspapers having a general circulation in suchcommunities. Notwithstanding any other provision of this section, theapplication for acquisition shall not be approved until the requirement forpublication has been met. (1983 (Reg. Sess., 1984), c. 1113, s. 1; 1987 (Reg.Sess., 1988), c. 898, ss. 1, 2; 1989, c. 9, s. 2, c. 471; 1993, c. 175, ss. 2,9; 1993 (Reg. Sess., 1994), c. 599, ss. 1, 3.)