Regulatory Alerts2019-02-01
Added · Updated
Final: 102 Procedures Governing the Creation and Existence of an Interim Bank
The State Bank Commissioner adopts amended Regulation 102, effective February 11, 2019, establishing procedures for creating an Interim Bank exclusively to facilitate mergers, consolidations, or the establishment of a Bank Holding Company. The regulation requires an Interim Bank Agreement, mandates a $1,150 non-refundable investigation fee, and prohibits the Interim Bank from conducting banking business or issuing a Certificate Authorizing the Transaction of Business until it merges with an Insured Bank. Parties must effect the merger within six months of authorization, subject to extensions for good cause, or face revocation of the certificate of public convenience and advantage.
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