§ 19-7-2 Acquisitions authorized. –(a) An out-of-state bank or bank holding company may acquire direct or indirectownership or control of more than five percent (5%) of the voting stock of oneor more financial institutions or Rhode Island bank holding companies if thefollowing conditions are met:
(1) The laws of the state in which the out-of-state bank islocated, or in which operations of the bank subsidiaries of an out-of-statebank holding company are principally conducted, expressly authorize, underconditions no more restrictive than those imposed by the laws of Rhode Island,as determined by the director or the director's designee, the acquisition by aRhode Island bank holding company or a financial institution of direct orindirect ownership or control of more than five percent (5%) of the votingstock of banks located in that state or bank holding companies, the operationsof the bank subsidiaries of which are principally conducted in that state;
(2) The acquisition, including all of the terms andconditions of the acquisition, has been approved in advance by the director orthe director's designee as being in the public interest, pursuant to a writtenorder evidencing such approval. In determining whether the approval of aproposed acquisition by an out-of-state bank or bank holding company is in thepublic interest, the director or the director's designee shall consider, inaddition to any other factors he or she may in his or her discretion determine,whether the acquisition shall promote the safety and soundness of the financialinstitution whose voting stock is to be acquired and the convenience andadvantage of communities served by that financial institution, and whether theacquisition is likely to have a significant impact upon the state's economy,employment levels, and tax base. Any financial institution or Rhode Island bankholding company that is the subject of an acquisition under this section shallbe a party to the proceedings of the director or the director's designee andshall be entitled to seek judicial review of any final decision of the directoror the director's designee. The procedures for notice and the conducting ofhearings by the director or the director designee and the rights of appeal fromdecisions of the director or the director's designee shall be governed by thistitle.
(b) The provisions of subsection (a) shall apply to mergers,acquisitions, consolidations, or purchases of assets and assumptions ofliabilities irrespective of whether the transactions under those sectionsinvolve an out-of-state bank or out-of-state bank holding company.
(c) The provisions of this section shall only apply afterSeptember 29, 1995 to the extent consistent with and not preempted by federallaw.
§ 19-7-2 Acquisitions authorized. –(a) An out-of-state bank or bank holding company may acquire direct or indirectownership or control of more than five percent (5%) of the voting stock of oneor more financial institutions or Rhode Island bank holding companies if thefollowing conditions are met:
(1) The laws of the state in which the out-of-state bank islocated, or in which operations of the bank subsidiaries of an out-of-statebank holding company are principally conducted, expressly authorize, underconditions no more restrictive than those imposed by the laws of Rhode Island,as determined by the director or the director's designee, the acquisition by aRhode Island bank holding company or a financial institution of direct orindirect ownership or control of more than five percent (5%) of the votingstock of banks located in that state or bank holding companies, the operationsof the bank subsidiaries of which are principally conducted in that state;
(2) The acquisition, including all of the terms andconditions of the acquisition, has been approved in advance by the director orthe director's designee as being in the public interest, pursuant to a writtenorder evidencing such approval. In determining whether the approval of aproposed acquisition by an out-of-state bank or bank holding company is in thepublic interest, the director or the director's designee shall consider, inaddition to any other factors he or she may in his or her discretion determine,whether the acquisition shall promote the safety and soundness of the financialinstitution whose voting stock is to be acquired and the convenience andadvantage of communities served by that financial institution, and whether theacquisition is likely to have a significant impact upon the state's economy,employment levels, and tax base. Any financial institution or Rhode Island bankholding company that is the subject of an acquisition under this section shallbe a party to the proceedings of the director or the director's designee andshall be entitled to seek judicial review of any final decision of the directoror the director's designee. The procedures for notice and the conducting ofhearings by the director or the director designee and the rights of appeal fromdecisions of the director or the director's designee shall be governed by thistitle.
(b) The provisions of subsection (a) shall apply to mergers,acquisitions, consolidations, or purchases of assets and assumptions ofliabilities irrespective of whether the transactions under those sectionsinvolve an out-of-state bank or out-of-state bank holding company.
(c) The provisions of this section shall only apply afterSeptember 29, 1995 to the extent consistent with and not preempted by federallaw.
§ 19-7-2 Acquisitions authorized. –(a) An out-of-state bank or bank holding company may acquire direct or indirectownership or control of more than five percent (5%) of the voting stock of oneor more financial institutions or Rhode Island bank holding companies if thefollowing conditions are met:
(1) The laws of the state in which the out-of-state bank islocated, or in which operations of the bank subsidiaries of an out-of-statebank holding company are principally conducted, expressly authorize, underconditions no more restrictive than those imposed by the laws of Rhode Island,as determined by the director or the director's designee, the acquisition by aRhode Island bank holding company or a financial institution of direct orindirect ownership or control of more than five percent (5%) of the votingstock of banks located in that state or bank holding companies, the operationsof the bank subsidiaries of which are principally conducted in that state;
(2) The acquisition, including all of the terms andconditions of the acquisition, has been approved in advance by the director orthe director's designee as being in the public interest, pursuant to a writtenorder evidencing such approval. In determining whether the approval of aproposed acquisition by an out-of-state bank or bank holding company is in thepublic interest, the director or the director's designee shall consider, inaddition to any other factors he or she may in his or her discretion determine,whether the acquisition shall promote the safety and soundness of the financialinstitution whose voting stock is to be acquired and the convenience andadvantage of communities served by that financial institution, and whether theacquisition is likely to have a significant impact upon the state's economy,employment levels, and tax base. Any financial institution or Rhode Island bankholding company that is the subject of an acquisition under this section shallbe a party to the proceedings of the director or the director's designee andshall be entitled to seek judicial review of any final decision of the directoror the director's designee. The procedures for notice and the conducting ofhearings by the director or the director designee and the rights of appeal fromdecisions of the director or the director's designee shall be governed by thistitle.
(b) The provisions of subsection (a) shall apply to mergers,acquisitions, consolidations, or purchases of assets and assumptions ofliabilities irrespective of whether the transactions under those sectionsinvolve an out-of-state bank or out-of-state bank holding company.
(c) The provisions of this section shall only apply afterSeptember 29, 1995 to the extent consistent with and not preempted by federallaw.
