§214 — Title 12 Banks and Banking | U.S. Code

Summary

Says who counts as a "State bank" and how the words are used for mergers. A "State bank" means a bank, banking association, trust company, savings bank (not a mutual savings bank), or other deposit-taking banking institution that is incorporated in any State, any U.S. Territory, Puerto Rico, the Virgin Islands, or under the District of Columbia Code. For mergers or consolidations, "national banking association" and "State bank" can each mean one or more of those institutions.

Title 12, §214

Banks and Banking — Source: USLM XML via OLRC

(a)As used in this subchapter and section 321 of this title the term “State bank” means any bank, banking association, trust company, savings bank (other than a mutual savings bank), or other banking institution which is engaged in the business of receiving deposits and which is incorporated under the laws of any State, any Territory of the United States, Puerto Rico, or the Virgin Islands, or which is operating under the Code of Law for the District of Columbia.

(b)For purposes of merger or consolidation under this subchapter and section 321 of this title the term “national banking association” means one or more national banking associations, and the term “State bank” means one or more State banks.

Notes & Related Subsidiaries

Editorial Notes

Amendments

2006—Subsec. (a). Pub. L. 109–351 and 109–356 amended subsec. (a) identically, striking out “(except a national banking association)” before period at end. 1954—Act Sept. 3, 1954, substituted “this subchapter and section 321 of this title” for “sections 214 to 214c, 264(e)(2), (i)(2), (v)(4), and 321 of this title” wherever appearing.

Statutory Notes and Related Subsidiaries

SeparabilityAct Aug. 17, 1950, ch. 729, § 9, 64 Stat. 458, provided that: “If any provision of this Act [enacting this subchapter and amending of section 264 and 321 of this title], or the application thereof to any person or circumstance, is held invalid, the remainder of the Act and the application of such provision to other persons or circumstances shall not be affected thereby.”

§214 Definitions