Rhode Island § 19-7-1 - Interstate Banking, Interstate Branching and Bank Holding Company Mergers and Acquisitions

§ 19-7-1. Definitions.

(a) For the purposes of this chapter, the term or terms:

(1) “Bank”, “bank-holding company”, “company”, “subsidiary”, and “control” have the meanings set forth in the federal Bank Holding Company Act of 1956, 12 U.S.C. § 1841 et seq., except that “bank” shall also include financial institutions, as defined in this title, and other forms of federally-insured-deposit-taking institutions. Bank-holding companies shall include thrift-holding companies as set forth in the Home Owners’ Loan Act, 12 U.S.C. § 1461 et seq., whether organized with or without capital stock.

(2) “Out-of-state bank” means a bank whose principal office is located in any other state.

(3) “Out-of-state bank-holding company” means a holding company for which the operations of its bank subsidiaries are principally conducted in any other state.

(4) “Rhode Island bank-holding company” means a bank-holding company that controls a financial institution, provided that an out-of-state bank or bank-holding company that acquired control of one or more financial institutions shall not be deemed to be a Rhode Island bank-holding company, unless operations of its bank subsidiaries are principally conducted in this state.

(b) For the purposes of this chapter, the state in which operations of a bank-holding company’s bank subsidiaries are principally conducted is the state in which total deposits of all of its bank subsidiaries are the largest.