An out-of-state financial institution may establish a bank, savings and loan association or holding company in this state through de novo entry subject to the applicable laws of this state. An in-state financial institution may not be acquired for operation as a branch by an out-of-state financial institution until it has been in continuous operation for five or more years on the date of the proposed acquisition.

Terms Used In Arizona Laws 6-324

  • Bank: means a corporation that holds a banking permit issued pursuant to chapter 2 of this title. See Arizona Laws 6-101
  • Branch: means any banking office other than the principal banking office. See Arizona Laws 6-101
  • De novo entry: means a newly established bank or savings and loan association which is not created through the acquisition of or merger with an in-state financial institution and control is through an out-of-state financial institution. See Arizona Laws 6-321
  • Financial institution: means banks, trust companies, savings and loan associations, credit unions, consumer lenders, international banking facilities and financial institution holding companies under the jurisdiction of the department. See Arizona Laws 6-101
  • In-state financial institution: means a state or federal bank, savings bank or savings and loan association with its home office in this state, or holding company with its home office in this state. See Arizona Laws 6-321
  • Out-of-state financial institution: means a state or federal bank, savings bank or savings and loan association with its home office in a state other than this state, or holding company with its home office in a state other than this state. See Arizona Laws 6-321
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