Ohio § 1115.23

§ 1115.23.

(A) Any person, singly or jointly with others, may, with the approval of the superintendent

of financial institutions, incorporate an interim bank for the purpose of facilitating

the creation of a bank holding company, the acquisition of or transaction with an

existing bank, savings association, or savings bank, or any other transaction the

superintendent may approve.  Prior to commencing business, an interim bank shall be a party to a reorganization

with an existing bank, savings association, or savings bank pursuant to this chapter. (B) The person or persons proposing to incorporate an interim bank under this section

shall make application for approval of the proposed interim bank in the manner and

form prescribed by the superintendent, which shall include delivering to the division

of financial institutions the items required in divisions (B)(1) and (2) of section

1113.02 of the Revised Code. (C) Approval of the interim bank pursuant to this section does not authorize the interim

bank to commence business.  Approval of the interim bank shall be specifically conditioned on approval of the

subsequent reorganization.  The approval of the interim bank becomes void, and the interim bank shall be dissolved,

if the reorganization is not approved and consummated within one year after the approval

of the interim bank, unless the superintendent grants one or more extensions in writing.  If no extension is granted or upon the expiration of the last extension granted,

the interim bank shall provide the superintendent with the necessary dissolution certificates

and affidavits for the superintendent to file the dissolution with the secretary of

state. (D) The superintendent shall not disapprove an interim bank charter solely because the

interim bank's paid-in capital and surplus do not aggregate more than five hundred

dollars.