Mississippi § 81-8-1 - Definitions.

§ 81-8-1. Definitions.

For the purposes of this chapter, the following words shall have the following meanings: The term “acquire” means: The merger or consolidation of one bank holding company with another; The acquisition by a bank holding company of the direct or indirect ownership or control of voting shares of a bank or of another bank holding company if, after such acquisition, such bank holding company will directly or indirectly own or control more than five percent (5%) of any class of voting shares of such bank holding company or bank; The direct or indirect acquisition by a bank holding company of all or substantially all of the assets of a bank or of another bank holding company; or Any other action that would result in the direct or indirect control by a bank holding company of a bank or of another bank holding company. “Bank” means any “insured bank” as such term is defined in Section 3(h) of the Federal Deposit Insurance Act, 12 USCS Section 1813(h), or any institution eligible to become an insured bank as such term is defined therein, which, in either event: Accepts deposits that the depositor has a legal right to withdraw on demand; and Engages in the business of making commercial loans. “Banker’s bank” has the same meaning as the term is defined in 12 USCS Section 24. “Banking office” means any bank, branch of a bank, or any other office at which a bank accepts deposits; however, the term “banking office” shall not include: Unmanned automatic teller machines, point of sale terminals, or other similar unmanned electronic banking facilities at which deposits may be accepted; Offices located outside the United States; or Loan production offices, representative offices or other offices at which deposits are not accepted. “Bank holding company” means any company which is a bank holding company under the federal Bank Holding Company Act of 1956, as amended, 12 USCS Section 1841(a)(1). “Commissioner” means the Commissioner of Banking and Consumer Finance as provided for in Section 81-1-61. “Control” has the meaning set forth in Section 2(a)(2) of the federal Bank Holding Company Act of 1956, as amended, 12 USCS Section 1841(a)(2). “Department” means the Mississippi Department of Banking and Consumer Finance established in Section 81-1-59. “Deposits” means all demand, time and savings deposits, without regard to the location of the depositor; provided, however, that “deposits” shall not include any deposits by banks. For purposes of this chapter, determinations of deposits shall be made by reference to regulatory reports of condition or similar reports made by or to state and federal regulatory agencies. “Mississippi bank” means a bank organized under the laws of this state, or a bank organized under the laws of the United States which has its main office in Mississippi. “Mississippi bank holding company” means a bank holding company in which the total Mississippi deposits of all bank subsidiaries of such company exceed the total deposits of such bank subsidiaries in any other state. The “principal place of business” of a bank holding company is the state in which the total deposits of the bank subsidiaries of the bank holding company are the largest, or the state designated by the bank holding company. “Out-of-state bank holding company” means a bank holding company other than a Mississippi bank holding company. “Subsidiary” means that which is set forth in Section 2(d) of the federal Bank Holding Company Act of 1956, as amended, 12 USCS Section 1841(d).