Regulatory Alerts2018-12-01
Added · Updated
Proposed: 102 Procedures Governing the Creation and Existence of an Interim Bank
The State Bank Commissioner proposes to amend Regulation 102 by adding an additional permissible purpose for the formation of an interim bank and removing a reference to a former regulation number. The regulation establishes procedures for creating interim banks exclusively to facilitate specific transactions, such as establishing a bank holding company, acquiring an insured Delaware bank, or merging out-of-state banks with Delaware banks. An interim bank must operate under an agreement to merge with an insured bank within six months, is prohibited from conducting banking business prior to that merger, and requires a $1,150 non-refundable investigation fee with the application.
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