(a) Except as provided in § 45-2-1310, a national bank located in this state that follows the procedure prescribed by the laws of the United States to convert into a state bank may be granted a state charter by the commissioner if the commissioner finds that each office of the national bank is legally in operation, that the resulting state bank will have an adequate capital structure, including surplus, in relation to its deposit liabilities and its other activities, not less than the capital structure required for a new state bank, and that the officers and directors of the resulting bank are persons of sound judgment and discretion.

Terms Used In Tennessee Code 45-2-1307

  • Bank: means a state or a national bank. See Tennessee Code 45-2-1301
  • Commissioner: means the commissioner of financial institutions. See Tennessee Code 45-1-103
  • Deposit: means a deposit of money, bonds or other things of value, creating a debtor-creditor relationship. See Tennessee Code 45-1-103
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • National bank: means a national banking association located in this state. See Tennessee Code 45-2-1301
  • National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. Source: OCC
  • Resulting bank: means the bank resulting from a merger or conversion. See Tennessee Code 45-2-1301
  • signed: includes a mark, the name being written near the mark and witnessed, or any other symbol or methodology executed or adopted by a party with intention to authenticate a writing or record, regardless of being witnessed. See Tennessee Code 1-3-105
  • State: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
  • State bank: means a bank chartered by this state. See Tennessee Code 45-2-1301
  • United States: includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
(b) The national bank may apply for the charter by filing with the commissioner:

(1) A certificate signed by its president and cashier and by a majority of the entire board of directors, setting forth the corporate action taken in compliance with the laws of the United States governing the conversion of a national to a state bank; and
(2) The plan of conversion and the proposed articles of incorporation approved by the stockholders, for the operation of the bank as a state bank.
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