§412:12-102  Authority of Hawaii state banks to establish interstate branches by merger.  (a)  With the prior approval of the commissioner, a Hawaii state bank may establish and operate one or more branches in a state other than Hawaii, pursuant to an interstate merger transaction in which the Hawaii state bank is the resulting bank.

Terms Used In Hawaii Revised Statutes 412:12-102

  • Bank: has the meaning set forth in 12 U. See Hawaii Revised Statutes 412:12-101
  • Bank supervisory agency: means :

         (1)  Any agency of another state with primary responsibility for chartering and supervising banks; and

         (2)  The Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve System, and any successor to these agencies. See Hawaii Revised Statutes 412:12-101

  • Commissioner: means the commissioner of financial institutions of this State. See Hawaii Revised Statutes 412:1-109
  • Federal: means belonging to, part of, or related to the government of the United States of America. See Hawaii Revised Statutes 412:1-109
  • Hawaii state bank: means a bank chartered under the laws of Hawaii. See Hawaii Revised Statutes 412:12-101
  • Interstate merger transaction: means :

         (1)  The merger or consolidation of banks with different home states, and the conversion of branches of any bank involved in the merger or consolidation into branches of the resulting bank; or

         (2)  The purchase of all or substantially all of the assets (including all or substantially all of the branches) of a bank whose home state is different from the home state of the acquiring bank. See Hawaii Revised Statutes 412:12-101

  • Resulting bank: means a bank that has resulted from an interstate merger transaction under this article. See Hawaii Revised Statutes 412:12-101

     (b)  Not later than the date on which the required application for the interstate merger transaction is filed with the responsible federal bank supervisory agency, the applicant Hawaii state bank shall comply with and the application shall be processed in accordance with all applicable provisions of part VI, article 3, of this chapter.  The interstate merger transaction may be consummated and the Hawaii state bank may establish and operate the branches outside of Hawaii only after the applicant has received the commissioner’s written approval.