State Codes and Statutes

State Codes and Statutes

Statutes > North-carolina > Chapter_53 > GS_53-227_1

§53‑227.1.  Criteria for certain bank holding company acquisitions.

(a)        In addition to thecriteria set forth in G.S. 53‑211(a) and (b) to be used by theCommissioner in reviewing applications for acquisitions of North Carolina banksand bank holding companies, the Commissioner shall:

(1)        Apply the criteriawhich would be applied to a North Carolina bank holding company making anacquisition in another state by the regulatory authorities of the State inwhich the applicant has its principal place of business, as defined by G.S. 53‑210(10);and

(2)        Shall approve thatapplication only if the Commissioner finds it meets those additional criteria.

(b)        In the event thatthe state in which the applicant has its principal place of business has nocriteria other than the criteria similar to those set forth in G.S. 53‑211(a)and (b), the Commissioner shall approve that application only if he determinesthat:

(1)        The proposedacquisition would be not detrimental to the safety and soundness of theapplicant or of the North Carolina bank or bank holding company which applicantseeks to control or whose stock is to be acquired; and

(2)        The applicant, itsdirectors and officers, if applicable, and any proposed new directors andofficers of the North Carolina bank or bank holding company which applicantseeks to control or whose stock is to be acquired, are qualified by character,experience and financial responsibility to control and operate a North Carolinabank. (1985, c. 683, s. 2.)