Oklahoma § 6-506 - Out-of-state bank holding companies - Acquisitions

§ 6-506. Out-of-state bank holding companies - Acquisitions

A. An out-of-state bank holding company, upon approval by the

Federal Reserve Board, may acquire an unlimited number of banks,

bank holding companies and multibank holding companies. Any

acquisition made pursuant to the provisions of this section may

include assets and liabilities of the bank, bank holding company or

multibank holding company and all branches and facilities thereof.

B. No out-of-state bank holding company shall be permitted to

acquire direct or indirect ownership or control of any bank, bank

holding company, or multibank holding company, except in compliance

with this section.

C. No acquisition provided for in this section shall be

permitted unless the approval of the Federal Reserve Board required

pursuant to subsection A of this section:

1. Includes, for all acquisitions, a finding that:

a.

notice of intent to acquire has been published in a

newspaper of general paid circulation in the county or

counties where the bank or banks to be acquired are

located and that a notice of intent to acquire has

been mailed by certified mail with return receipt

requested to each person owning stock in the bank,

bank holding company or multibank holding company to

be acquired,

b.

the reports required by the Federal Reserve Board in

order to assess the out-of-state bank holding

company's record of meeting the credit needs of its

entire community as required under the provisions of

Section 2903 of Title 12 of the United States Code

have been placed on file as a matter of public record

with the Oklahoma State Banking Department, and

c.

the bank and, if acquired indirectly, its bank holding

company or multibank holding company immediately after

the acquisition meets the capital adequacy guidelines

of the appropriate federal financial supervisory

agency; and

Oklahoma Statutes - Title 6. Banks and Trust Companies

2. Includes, for any acquisition of a majority of the voting

shares, a finding that the acquisition has been approved by the

board of directors and a majority of the voting shares of the bank

or of its parent bank holding company or multibank holding company.

D. All limitations and restrictions of the Oklahoma Banking

Code applicable to banks, bank holding companies and multibank

holding companies shall apply to a bank, bank holding company or

multibank holding company which becomes a subsidiary of an out-ofstate bank holding company and to such out-of-state bank holding

company. In addition, any bank which becomes a subsidiary of an

out-of-state bank holding company shall maintain current reports

showing the bank's record of meeting the credit needs of its entire

community as required by the bank's federal financial supervisory

agency under Section 2903 of Title 12 of the United States Code on

file as a matter of public record with the Department.

E. Any out-of-state bank holding company which controls a bank,

a bank holding company or multibank holding company shall be subject

to laws of this state and rules of its agencies relating to the

acquisition, ownership, and operation of banks, bank holding

companies and multibank holding companies.

F. The Board shall have the power to enforce the prohibitions

provided for in this section by requiring divestiture and through

the imposition of fines and penalties, the issuance of cease and

desist orders, and such other remedies as are provided by law.

G. Any final order of the Board shall be appealable pursuant to

the provisions of Section 207 of this title.

Added by Laws 1986, c. 155, § 4, operative July 1, 1987. Amended by

Laws 1986, c. 316, § 14, emerg. eff. June 24, 1986; Laws 1987, c.

135, § 8, eff. July 1, 1987; Laws 1989, c. 293, § 4, emerg. eff. May

24, 1989; Laws 1996, c. 92, § 9, eff. June 1, 1996; Laws 1997, c.

111, § 57, eff. July 1, 1997; Laws 2000, c. 205, § 21, emerg. eff.

May 17, 2000.