Tennessee § 45-2-1404 - Acquisition by holding company prohibited.

§ 45-2-1404. Acquisition by holding company prohibited.

A bank or bank holding company shall be prohibited from acquiring any bank in Tennessee if the bank or bank holding company, including all insured depository institutions that are affiliates of the bank or bank holding company, upon consummation of the acquisition, would control thirty percent (30%) or more of the total amount of the deposits of the insured depository institutions in Tennessee. For purposes of this part, “deposit” has the meaning set forth in § 3(l ) of the Federal Deposit Insurance Act ( 12 U.S.C. § 1813 (l )). Acts 1974, ch. 469, § 4; T.C.A., § 45-622; Acts 1995, ch. 165, § 2. Compiler's Notes. Acts 1995, ch. 165, § 6 does not: (i) authorize or permit, prior to June 1, 1997, merger or consolidation of any bank having its home state, as defined hereinabove 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.