(a) One or more Hawaii banks may enter into an interstate merger transaction with one or more out-of-state banks under this article, and an out-of-state bank resulting from the transaction may maintain and operate the branches in Hawaii of a Hawaii bank that participated in the transaction, if the conditions and filing requirements of this article are met.

Terms Used In Hawaii Revised Statutes 412:12-104

  • Bank: has the meaning set forth in 12 U. See Hawaii Revised Statutes 412:12-101
  • Bank supervisory agency: means :

    (1) Any agency of another state with primary responsibility for chartering and supervising banks; and

    (2) The Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve System, and any successor to these agencies. See Hawaii Revised Statutes 412:12-101

  • Branch: means a place of business of a bank, other than its main office, which is open to the public and at which deposits are received and paid. See Hawaii Revised Statutes 412:12-101
  • Commissioner: means the commissioner of financial institutions of this State. See Hawaii Revised Statutes 412:1-109
  • Director: means any member of the board of directors of a financial institution, whether or not receiving compensation. See Hawaii Revised Statutes 412:1-109
  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • Federal: means belonging to, part of, or related to the government of the United States of America. See Hawaii Revised Statutes 412:1-109
  • Hawaii bank: means a bank whose home state is Hawaii. See Hawaii Revised Statutes 412:12-101
  • Hawaii state bank: means a bank chartered under the laws of Hawaii. See Hawaii Revised Statutes 412:12-101
  • Interstate merger transaction: means :

    (1) 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

    (2) The purchase of all or substantially all of the assets (including all or substantially all of the branches) of a bank whose home state is different from the home state of the acquiring bank. See Hawaii Revised Statutes 412:12-101

  • Out-of-state bank: means a bank whose home state is a state other than Hawaii. See Hawaii Revised Statutes 412:12-101
  • Out-of-state state bank: means a bank chartered under the laws of any state other than Hawaii. See Hawaii Revised Statutes 412:12-101
  • Resulting bank: means a bank that has resulted from an interstate merger transaction under this article. See Hawaii Revised Statutes 412:12-101
  • this State: means the State of Hawaii, its political subdivisions, agencies, and departments. See Hawaii Revised Statutes 412:1-109
(b) Any out-of-state bank that will be the resulting bank pursuant to an interstate merger transaction involving a Hawaii state bank shall notify the commissioner of the proposed merger not later than the date on which it files an application for an interstate merger transaction with the responsible federal bank supervisory agency, and shall submit a copy of that application to the commissioner and pay a filing fee of $9,000, or a greater amount as the commissioner may establish by rule pursuant to chapter 91. The filing fee shall be nonrefundable. Any Hawaii state bank which is a party to an interstate merger transaction shall comply with part VI, article 3, of this chapter to the extent applicable, and with other applicable state and federal laws. If the resulting bank in the interstate merger transaction is an out-of-state state bank, the director of commerce and consumer affairs shall not file the articles of merger until the out-of-state state bank has filed a confirmation in writing by the commissioner of compliance with this section. If the resulting bank in the interstate merger transaction is an out-of-state bank which is a national banking association, the resulting bank shall file with the director of commerce and consumer affairs a confirmation in writing by the commissioner of compliance with this section.
(c) Any out-of-state state bank which shall be the resulting bank in an interstate merger transaction involving a Hawaii bank shall confirm in writing to the commissioner that as long as it maintains a branch in this State, it shall comply with all applicable laws of this State and provide satisfactory evidence to the commissioner of compliance with applicable requirements of chapter 414 relating to foreign corporations.

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