12 USC 215c – Mergers, consolidations, and other acquisitions authorized
(a) In general
Subject to sections 1815(d)(3) 1 and 1828(c) of this title and all other applicable laws, any national bank may acquire or be acquired by any insured depository institution.
(b) Expedited approval of acquisitions
(1) In general
Any application by a national bank to acquire or be acquired by another insured depository institution which is required to be filed with the Comptroller of the Currency under any applicable law or regulation shall be approved or disapproved in writing by the agency before the end of the 60-day period beginning on the date such application is filed with the agency.
(2) Extensions of period
The period for approval or disapproval referred to in paragraph (1) may be extended for an additional 30-day period if the Comptroller of the Currency determines that—
(A) an applicant has not furnished all of the information required to be submitted; or
(B) in the Comptroller’s judgment, any material information submitted is substantially inaccurate or incomplete.
(c) Rule of construction
Terms Used In 12 USC 215c
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Comptroller: means the Comptroller of the Currency. See 12 USC 215b
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- 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
- writing: includes printing and typewriting and reproductions of visual symbols by photographing, multigraphing, mimeographing, manifolding, or otherwise. See 1 USC 1
No provision of this section shall be construed as authorizing a national bank or a subsidiary of a national bank to engage in any activity not otherwise authorized under this Act 1 or any other law governing the powers of national banks.
(d) “Acquire” defined
For purposes of this section, the term “acquire” means to acquire, directly or indirectly, ownership or control through a merger or consolidation or an acquisition of assets or assumption of liabilities, provided that following such merger, consolidation, or acquisition, an acquiring insured depository institution may not own the shares of the acquired insured depository institution.