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23-48-511. Commissioner's granting of new charter or branch facility in connection with failed institutions.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-48-511. Commissioner's granting of new charter or branch facility in connection with failed institutions.
(a) Upon application of either individual incorporators or a bank holding company, the Bank Commissioner is authorized to grant a state bank charter to the applicant immediately and without the approval of the State Banking Board if the commissioner finds that the immediate formation of a new state bank will protect the depositors of a failed depository institution when the receiver of the failed depository institution has solicited bids for the sale of its deposits.
(b) The commissioner is further authorized to grant more than one (1) state bank charter pursuant to solicitation of bids by the receiver of a failed depository institution should the receiver determine to solicit bids for deposits at separate offices or branches of a failed depository institution.
(c) Any state bank charter granted by the commissioner pursuant to this section shall not be considered a de novo charter as that term is defined in § 23-45-102.
(d)(1) The commissioner may grant a branch bank application for a state bank to acquire the deposits and operate a branch of a failed depository institution regardless of state law limiting branch locations should the application be submitted pursuant to the solicitation of bids by the receiver of a failed depository institution and should the commissioner find the action would protect depositors of the failed depository institution.
(2) The commissioner may grant an application for a state bank to acquire deposit liabilities without continued operation of a bank facility if the applicant has submitted an application therefor pursuant to this section.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-48-511
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.
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Record provenance
Stable record: arkansas_code:legal_authorities:23-48-511
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 52ecd5128c06b8d9130a3968f3f1ea1135d076e8a178eb83a47f25cc913aeda2
Source location: content.xml paragraph 24088
Stored source content
23-48-511. Commissioner's granting of new charter or branch facility in connection with failed institutions.
(a) Upon application of either individual incorporators or a bank holding company, the Bank Commissioner is authorized to grant a state bank charter to the applicant immediately and without the approval of the State Banking Board if the commissioner finds that the immediate formation of a new state bank will protect the depositors of a failed depository institution when the receiver of the failed depository institution has solicited bids for the sale of its deposits.
(b) The commissioner is further authorized to grant more than one (1) state bank charter pursuant to solicitation of bids by the receiver of a failed depository institution should the receiver determine to solicit bids for deposits at separate offices or branches of a failed depository institution.
(c) Any state bank charter granted by the commissioner pursuant to this section shall not be considered a de novo charter as that term is defined in § 23-45-102.
(d)(1) The commissioner may grant a branch bank application for a state bank to acquire the deposits and operate a branch of a failed depository institution regardless of state law limiting branch locations should the application be submitted pursuant to the solicitation of bids by the receiver of a failed depository institution and should the commissioner find the action would protect depositors of the failed depository institution.
(2) The commissioner may grant an application for a state bank to acquire deposit liabilities without continued operation of a bank facility if the applicant has submitted an application therefor pursuant to this section.
Cross-references
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Arkansas Code — all titles (historical 2020) · legal_authorities
23-45-102. Definitions.
(a) Subject to other definitions contained in subsequent sections of the Arkansas Banking Code of 1997, and unless the context otherwise requires, in the Arkansas Banking Code of 1997:
(1) “Affiliate” means, with respect to a specified person, a person that controls, is controlled by, or is under common control with another person;
(2) “Arkansas bank” means a bank whose home state is Arkansas;
(3) “Arkansas bank holding company” means a bank holding company that controls one (1) or more state banks. As used in this subdivision (a)(3), “control” has the meaning set forth in 12 U.S.C. § 1841(a)(2);
(4) “Arkansas Banking Code of 1997” means the Arkansas Banking Code of 1997, chapters 45-50 of this title;
(5)(A) “Bank” means a state bank or a national bank or an out-of-state state-chartered bank that has received a certificate of authority under § 23-48-1001.
(B) “Bank” shall also include any foreign bank organized under the laws of a territory of the United States, the Commonwealth of Puerto Rico, Guam, American Samoa, or the United States Virgin Islands, the deposits of which are insured by the Federal Deposit Insurance Corporation;
(6)(A) “Bank holding company” means any company, foreign or domestic, including a bank:
(i) That directly or indirectly owns, controls, or holds with power to vote twenty-five percent (25%) or more of the voting shares of any bank;
(ii) That controls in any manner the election of a majority of the directors of any bank; or
(iii) For the benefit of whose shareholders or members twenty-five percent (25%) or more of the voting shares of any bank or a bank holding company is held by trustees.
(B) Notwithstanding the foregoing:
(i) No company shall be a bank holding company by virtue of its ownershi
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-45-102
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 23-45-102. This identifies an authority to review, not proof of applicability.