Delaware Code Title 5 Sec. 795B – Authority for interstate branch offices
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(a) The place of business or main office and all branch offices of a merging bank may continue as branch offices, or one of them may be designated as the place of business or main office, of the resulting bank.
Terms Used In Delaware Code Title 5 Sec. 795B
- Bank: means a Delaware state bank, out-of-state state bank, Delaware national bank or out-of-state national bank. See Delaware Code Title 5 Sec. 795
- Branch office: has the meaning specified in § 770 of this title. See Delaware Code Title 5 Sec. 795
- Delaware bank: means a Delaware national bank or a Delaware state bank. See Delaware Code Title 5 Sec. 795
- Merger: includes merger, consolidation and the purchase or sale of all or substantially all assets. See Delaware Code Title 5 Sec. 795
- Out-of-state bank: means an out-of-state state bank or an out-of-state national bank. See Delaware Code Title 5 Sec. 795
- Out-of-state state bank: means a state bank, as defined in the Federal Deposit Insurance Act, as amended, at 12 U. See Delaware Code Title 5 Sec. 795
- State: means the State of Delaware; and when applied to different parts of the United States, it includes the District of Columbia and the several territories and possessions of the United States. See Delaware Code Title 1 Sec. 302
(b) A resulting bank that is an out-of-state state bank may open additional branch offices in this State in such manner as the Commissioner shall prescribe by regulation.
(c) Nothing in this subchapter shall be deemed to permit interstate branching either through the original establishment of a branch office in this State by an out-of-state bank or through acquisition of a branch office in this State by an out-of-state bank, without merger with a Delaware bank as provided in this subchapter.