Tennessee § 45-2-1402 - Part definitions.

§ 45-2-1402. Part definitions.

As used in this part, unless the context otherwise requires: “Acquisition of a branch” means the acquisition of all or substantially all of the assets other than loans, cash or securities and the assumption of all or substantially all of the liabilities of or related to a branch that has been open and engaged in the business of banking for at least three (3) continuous years without the acquisition of the entire bank; “Affiliate” means any company that controls, is controlled by, or is under common control with another company; “Appropriate regulatory official” means: For any national bank, the comptroller of the currency of the United States; and For any Tennessee-chartered bank, the commissioner of financial institutions, the federal deposit insurance corporation, or the board of governors of the federal reserve system, if the bank is a member bank; “Bank” has the meaning stated in § 3(a)(1) of the Federal Deposit Insurance Act (12 U.S.C. § 1813(a)(1)); “Bank holding company” has the meaning set forth in § 2(a)(1) of the Bank Holding Company Act of 1956 (12 U.S.C. § 1841(a)(1)); “Branch” means a branch as defined in § 45-1-103; “Commercial activities” means any activities in which a bank holding company, financial holding company, a national bank, or a national bank subsidiary, may not engage under federal law; “Company” has the meaning set forth in § 2(b) of the Bank Holding Company Act of 1956 (12 U.S.C. § 1841(b)); “Control” has the meaning set forth in § 2(a)(2) of the Bank Holding Company Act of 1956 (12 U.S.C. § 1841(a)(2)); “De novo acquisition” means acquisition of shares of a bank prior to the time it is authorized to commence operations; “De novo branch” means a branch of a bank that: Is originally established by the bank as a branch; and Does not become a branch of the bank as a result of: The acquisition by the bank of an insured depository institution or a branch of an insured depository institution; or The conversion, merger, or consolidation of the institution or branch; “Home state” means: With respect to a national bank, the state in which the main office of the bank is located; With respect to a state bank, the state by which the bank is chartered; and With respect to a bank holding company, the state in which the total deposits of all banking subsidiaries of the company are the largest on the later of: July 1, 1966; or The date on which the company becomes a bank holding company under the Bank Holding Company Act of 1956; “Host state” means a state, other than the home state of a bank, in which the bank maintains or seeks to establish and maintain a branch; “Interim bank merger” means the technique by which a new bank charter is obtained solely for the purpose of merging an existing bank into the bank for which the charter is sought, or solely for the purpose of merging the bank for which the charter is sought into an existing bank; the technique is a transaction intended to qualify the exchange of stock between the bank holding company and the stockholders of the existing bank as a reorganization within the meaning of § 368(a) of the Internal Revenue Code of 1986 (26 U.S.C. § 368(a)); “Out-of-state bank” or “out-of-state bank holding company” means a bank or bank holding company of which Tennessee is not the home state; and “Tennessee bank” or “Tennessee bank holding company” means a bank or bank holding company for which Tennessee is the home state of the bank or company. Acts 1974, ch. 469, § 2; T.C.A., § 45-620; Acts 1995, ch. 165, § 2; 1996, ch. 562, § 3; 1998, ch. 742, § 1; 2001, ch. 54, § 24; 2001, ch. 140, § 1; 2003, ch. 32, § 3; 2007 ch. 5, §§ 1, 2. Compiler's Notes. Acts 1995, ch. 165, § 6 provided that nothing in that act shall be deemed or construed as to: (i) authorize or permit, prior to June 1, 1997, merger or consolidation of any bank having its home state, as defined in § 45-2-1402 , in Tennessee with or into any bank which does not have its home state in Tennessee; or (ii) authorize or permit, whether before, on, or after June 1, 1997, a bank which does not have its home state in Tennessee to establish or acquire a branch in Tennessee by any means other than merger or consolidation, on or after June 1, 1997, of such bank with or into a bank having its home state in Tennessee. Acts 2001, ch. 140, § 4 provided that should any provision of that act or the application thereof to any person or circumstance be held invalid for any reason by a final nonappealable order of any Tennessee or federal court of competent jurisdiction, then such court shall declare the entire act to be null and void in its entirety and shall give no further force or effect to it; provided, however, that any transaction that has been finally consummated in good faith pursuant to that act prior to a determination of invalidity, and which is not the subject of dispute or litigation, shall be unaffected by such determination. Cross-References. Branch banks, § 45-2-614 . Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994, Pub. L. No. 103-328, 108 Stat. 2338 (1994) (codified in various sections of 12 U.S.C. (1994)).