Indiana Code 28-2-13-19. Branch de novo or branch by acquisition; approval of department required; compliance with statutes; exemption from approval requirements
(b) A state bank is entitled to establish a branch de novo under this section with the written approval of the department. The location of any branch established under this section may be changed at any time to a location within Indiana when the change of location is authorized by the board of directors of the state bank and approved by the department. A state bank desiring to establish one (1) or more branches de novo under this section must file a written application in the form prescribed by the director. The department may approve or disapprove the application. Before the department approves the application, the state bank must demonstrate to the satisfaction of the department that the applicant state bank will have adequate capital, sound management, and adequate future earnings prospects after the establishment of the branch.
Terms Used In Indiana Code 28-2-13-19
- bank: has the meaning set forth in IC 28-2-17-3. See Indiana Code 28-2-13-5
- branch: means any office, agency, mobile unit, messenger service, or other place of business at which deposits are received, checks paid, or money lent. See Indiana Code 28-2-13-7
- branch by acquisition: means a branch acquired by a bank as a result of a merger or consolidation of that bank with another bank or a purchase of all or substantially all of the assets of another bank. See Indiana Code 28-2-13-8
- department: refers to the department of financial institutions created under IC 28-11-1-1. See Indiana Code 28-2-13-13
- state bank: means a bank that has been organized or reorganized under Indiana law. See Indiana Code 28-2-13-18
(d) A branch by acquisition may be established under this section only if done in compliance with applicable provisions of IC 28-1-7, IC 28-1-8, or IC 28-3-2.
(e) The department may establish criteria to exempt a state bank from the approval requirements described in this section.
As added by P.L.265-1985, SEC.3. Amended by P.L.279-1987, SEC.3; P.L.36-1987, SEC.9; P.L.33-1991, SEC.25; P.L.42-1993, SEC.61; P.L.122-1994, SEC.87; P.L.171-1996, SEC.34; P.L.192-1997, SEC.6; P.L.69-2018, SEC.50.