Delaware Code Title 5 Sec. 824 – Application for approval of acquisition
(a) An out-of-state bank holding company or subsidiary thereof proposing an acquisition pursuant to § 823 of this title shall file an application with the Commissioner for approval to make such acquisition either pursuant to § 751 or § 781 et seq. of this title, as the case may be, if applicable.
Terms Used In Delaware Code Title 5 Sec. 824
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Bank: means a bank or trust company existing under the laws of the State, or a national banking association existing under the National Bank Act, as amended (12 U. See Delaware Code Title 5 Sec. 821
- Out-of-state bank holding company: means an out-of-state bank holding company as defined in § 801(2) of this title. See Delaware Code Title 5 Sec. 821
- 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
- State assisted bank: means a bank which the State has, in order to relieve financial distress determined to exist by the State Bank Commissioner, assisted by means of a grant, loan, asset purchase or deposit made pursuant to a plan or agreement if:
- Subsidiary: means a subsidiary as defined in § 801(6) of this title. See Delaware Code Title 5 Sec. 821
(b) If no application under § 751 or § 781 et seq. of this title is required for such acquisition, then an application under this subsection shall be filed with the Commissioner for his or her consent to the acquisition. Such application shall contain such information as the Commissioner may require by regulation. Such application shall designate a resident of this State as applicant’s agent for the service of any paper, notice or legal process upon the applicant in connection with matters arising out of this subchapter. The Commissioner may shorten or modify the normal application procedures required for any acquisition authorized by this subchapter where the circumstances involving the state assisted bank indicate that delay in approving the acquisition may be detrimental to such bank.
(c) In determining whether to approve an acquisition by an out-of-state bank holding company or any subsidiary thereof pursuant to this subchapter, the Commissioner shall consider:
(1) The financial and managerial resources of the out-of-state bank holding company or its subsidiary;
(2) The future prospects of the out-of-state bank holding company and the state assisted bank or its subsidiary whose assets, interest in or shares it will acquire;
(3) The financial history of the out-of-state bank holding company or its subsidiary;
(4) Whether such acquisition or holding may result in undue concentration of resources or substantial lessening of competition in this State;
(5) The convenience and needs of the public of this State; and
(6) Whether such acquisition or holding will strengthen the financial condition of the state assisted bank.