12 U.S.C. § 215c: Mergers, consolidations, and…

Summary

National banks may buy or be bought by any insured depository institution, as long as sections 1815(d)(3) and 1828(c) and other laws allow it. If a national bank files an application with the Comptroller of the Currency to make such a deal, the Comptroller must approve or deny it in writing within 60 days of the filing. The Comptroller can add one 30-day extension if the applicant left out required information or if the information given is seriously inaccurate or incomplete. This rule does not let a national bank do things it is not already allowed to do by law. For this rule, “acquire” means getting ownership or control through a merger, consolidation, buying assets, or taking on liabilities; after the deal, the acquiring bank may not keep the acquired institution’s shares.

Title 12, §215c

Banks and Banking, Source: USLM XML via OLRC

(a)In general

Subject to section 1815(d)(3) and 1828(c) of this title and all other applicable laws, any national bank may acquire or be acquired by any insured depository institution.

(b)Expedited approval of acquisitions

(1)In general

Any application by a national bank to acquire or be acquired by another insured depository institution which is required to be filed with the Comptroller of the Currency under any applicable law or regulation shall be approved or disapproved in writing by the agency before the end of the 60-day period beginning on the date such application is filed with the agency.

(2)Extensions of period

The period for approval or disapproval referred to in paragraph (1) may be extended for an additional 30-day period if the Comptroller of the Currency determines that—

(A)an applicant has not furnished all of the information required to be submitted; or

(B)in the Comptroller’s judgment, any material information submitted is substantially inaccurate or incomplete.

(c)Rule of construction

No provision of this section shall be construed as authorizing a national bank or a subsidiary of a national bank to engage in any activity not otherwise authorized under this Act 1 or any other law governing the powers of national banks.

(d)“Acquire” defined

For purposes of this section, the term “acquire” means to acquire, directly or indirectly, ownership or control through a merger or consolidation or an acquisition of assets or assumption of liabilities, provided that following such merger, consolidation, or acquisition, an acquiring insured depository institution may not own the shares of the acquired insured depository institution.

Notes & Related Subsidiaries

Editorial Notes

References in Text

section 1815(d)(3) of this title, referred to in subsec. (a), which related to optional conversions by insured depository institutions subject to special rules on deposit insurance payments, was struck out and former section 1815(d)(1)(C) redesignated section 1815(d)(3) by Pub. L. 109–173, § 8(a)(4), (5)(D), Feb. 15, 2006, 119 Stat. 3610, 3611. This Act, referred to in subsec. (c), probably means the National Bank Act, act June 3, 1864, ch. 106, 13 Stat. 99, which is classified principally to chapter 2 (§ 21 et seq.) of this title. For complete classification of this Act to the Code, see

References in Text

note set out under section 38 of this title. Codification Section was not enacted as part of act Nov. 7, 1918, ch. 209, as added Sept. 8, 1959, Pub. L. 86–230, § 20, 73 Stat. 460, which comprises this subchapter.

Amendments

1996—Subsec. (b)(1). Pub. L. 104–208 substituted “under any applicable law” for “by section 1815(d)(3) of this title or any other applicable law”.

§215c Mergers, Consolidations, and Other Acquisitions Authorized

Summary

Title 12, §215c

Notes & Related Subsidiaries

Editorial Notes

References in Text

References in Text

Amendments

Citations & Metadata