State Codes and Statutes

State Codes and Statutes

Statutes > North-carolina > Chapter_53 > GS_53-224_18

§ 53‑224.18.  Authorityof State banks to establish interstate branches by merger.

With the prior approval of theCommissioner, a North Carolina State bank may establish, maintain, and operateone or more branches in a state other than North Carolina pursuant to aninterstate merger transaction in which the North Carolina State bank is theresulting bank. Not later than the date on which the required application forthe interstate merger transaction is filed with the responsible federal banksupervisory agency, the applicant North Carolina State bank shall file anapplication on a form prescribed by the Commissioner and pay the fee prescribedby regulation pursuant to G.S. 53‑122. The applicant shall also complywith the applicable provisions of G.S. 53‑12. If the Commissioner findsthat (i) the proposed transaction will not be detrimental to the safety andsoundness of the applicant or the resulting bank, (ii) any new officers anddirectors of the resulting bank are qualified by character, experience, and financialresponsibility to direct and manage the resulting bank, and (iii) the proposedmerger is consistent with the convenience and needs of the communities to beserved by the resulting bank in this State and is otherwise in the publicinterest, it shall approve the interstate merger transaction and the operationof branches outside of North Carolina by the North Carolina State bank. Such aninterstate merger transaction may be consummated only after the applicant hasreceived the Commissioner's written approval. (1995, c. 322, s. 2.)