Browse Arkansas Code titles and sections
23-48-902. Authority of state banks to establish interstate branches by merger.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-48-902. Authority of state banks to establish interstate branches by merger.
(a) With the prior approval of the State Banking Board and the Bank Commissioner, a state bank may establish, maintain, and operate one (1) or more branches in one (1) or more states other than Arkansas pursuant to an interstate merger transaction in which the state bank is the resulting bank.
(b) Not later than the date on which the required application for the interstate merger transaction is filed with the responsible federal bank supervisory agency, the applicant state bank shall file an application on a form prescribed by the commissioner and pay the fee prescribed by § 23-46-404. The applicant shall also comply with the applicable provisions of § 23-48-501 et seq.
(c)(1) If the board and commissioner, after a hearing, find that:
(A) The proposed merger provides adequate capital structure;
(B) The terms of the merger agreement are fair;
(C) The merger is not contrary to the public interest;
(D) The proposed merger adequately provides for dissenters' rights; and
(E) The requirements of all applicable state and federal laws have been complied with,
then the board and the commissioner shall approve the interstate merger transaction and the operation of branches outside of Arkansas by the state bank.
(2) An interstate merger transaction may be consummated only after the applicant has received the written approval of the board and the commissioner.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-48-902
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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Stable record: arkansas_code:legal_authorities:23-48-902
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 0e805793147efc90531750141a8221e9a1e8f4114592eb39393abc30fb71bfec
Source location: content.xml paragraph 24458
Stored source content
23-48-902. Authority of state banks to establish interstate branches by merger.
(a) With the prior approval of the State Banking Board and the Bank Commissioner, a state bank may establish, maintain, and operate one (1) or more branches in one (1) or more states other than Arkansas pursuant to an interstate merger transaction in which the state bank is the resulting bank.
(b) Not later than the date on which the required application for the interstate merger transaction is filed with the responsible federal bank supervisory agency, the applicant state bank shall file an application on a form prescribed by the commissioner and pay the fee prescribed by § 23-46-404. The applicant shall also comply with the applicable provisions of § 23-48-501 et seq.
(c)(1) If the board and commissioner, after a hearing, find that:
(A) The proposed merger provides adequate capital structure;
(B) The terms of the merger agreement are fair;
(C) The merger is not contrary to the public interest;
(D) The proposed merger adequately provides for dissenters' rights; and
(E) The requirements of all applicable state and federal laws have been complied with,
then the board and the commissioner shall approve the interstate merger transaction and the operation of branches outside of Arkansas by the state bank.
(2) An interstate merger transaction may be consummated only after the applicant has received the written approval of the board and the commissioner.
Cross-references
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Arkansas Code — all titles (historical 2020) · legal_authorities
23-46-404. Applications fees — Bank Commissioner's rules.
(a) The State Banking Board shall have the power to set and impose fees for any and all applications, regardless of whether the applications are of a type described in § 23-46-403, which are reasonably calculated to defray the costs associated with the consideration, investigation, and processing of those applications.
(b)(1) The Bank Commissioner may issue rules specifying the circumstances under which any application must be filed and the procedural and substantive requirements governing the filing of any and all applications of whatever type.
(2) The commissioner may also issue rules requiring the submission of applications that are not described in the Arkansas Banking Code of 1997.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-46-404
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 23-46-404. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-48-501. Definitions.
As used in this subchapter:
(1) “Converting bank” means a state bank converting to a national bank, a national bank converting to a state bank, or a savings and loan association converting to a state bank;
(2) “Dissenters' rights” means the rights of dissenting stockholders specified in § 23-48-506;
(3) “Interstate merger transaction” means:
(A) The merger or consolidation of banks with different home states and the conversion of branches of any bank involved in the merger or consolidation into branches of the resulting bank; or
(B) The purchase of all or substantially all of the assets, including all or substantially all of the branches and the assumption of all or substantially all of the liabilities of a bank whose home state is different from the home state of the acquiring bank;
(4) “Merger” includes consolidation in all sections of this subchapter except § 23-48-509;
(5) “Purchase or assumption” means the purchase by a state bank of over fifty percent (50%) of the assets of another depository institution, or the assumption by a state bank of over fifty percent (50%) of the liabilities of another depository institution;
(6) “Resulting bank” means:
(A) One (1) or more banks created from a merger or conversion; or
(B) The bank purchasing over fifty percent (50%) of the assets or assuming over fifty percent (50%) of the liabilities of another depository institution in a purchase or assumption transaction or an interstate merger transaction; and
(7) “Wholly owned Arkansas bank holding company” means a “bank holding company”, as that term is defined in § 23-45-102, incorporated under the laws of the State of Arkansas, all of the outstanding shares of each class of the capital stock of which are owned by a single individual
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-48-501
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 23-48-501. This identifies an authority to review, not proof of applicability.