North Carolina General Statutes 53-224.9. Definitions
The following definitions apply in this Article:
(1) “Acquisition of a branch” means the acquisition of a branch located in a host state without engaging in an “interstate merger transaction” as defined in Part 2 of this Article.
Terms Used In North Carolina General Statutes 53-224.9
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Federal Deposit Insurance Corporation: A government corporation that insures the deposits of all national and state banks that are members of the Federal Reserve System. Source: OCC
- Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. Source: OCC
- following: when used by way of reference to any section of a statute, shall be construed to mean the section next preceding or next following that in which such reference is made; unless when some other section is expressly designated in such reference. See North Carolina General Statutes 12-3
- 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
- state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories, so called; and the words "United States" shall be construed to include the said district and territories and all dependencies. See North Carolina General Statutes 12-3
- United States: shall be construed to include the said district and territories and all dependencies. See North Carolina General Statutes 12-3
(2) “Bank” has the meaning set forth in 12 U.S.C. § 1813(h); provided that the term “bank” shall not include any “foreign bank” as defined in 12 U.S.C. § 3101(7), except that such term shall include any foreign bank organized under the laws of a territory of the United States, Puerto Rico, Guam, American Samoa, or the Virgin Islands, the deposits of which are insured by the Federal Deposit Insurance Corporation.
(3) “Bank holding company” has the meaning set forth in 12 U.S.C. § 1841(a)(1).
(4) “Bank supervisory agency” means:
a. 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; and
b. Any agency of another state with primary responsibility for chartering and supervising banks.
(5) “Branch” means a full service office of a bank through which it receives deposits, checks are paid, or loans are made, other than its principal office. Any of the functions or services authorized to be engaged in by a bank may be carried out in an authorized branch office.
(6) “Commissioner” means the Commissioner of Banks for the State of North Carolina.
(7) “Control” has the meaning set forth in 12 U.S.C. § 1841(a)(2).
(8) “De novo branch” means a branch of a bank located in a host state which (i) is originally established by the bank as a branch and (ii) does not become a branch of the bank as a result of (A) the acquisition of another bank or a branch of another bank, or (B) the merger, consolidation, or conversion involving any such bank or branch.
(9) “Home state” means:
a. With respect to a national bank, the state in which the main office of the bank is located;
b. With respect to a state bank, the state by which the bank is chartered;
c. With respect to a foreign bank, the state determined to be the home state of such foreign bank under 12 U.S.C. § 103(c).
(10) “Host state” means a state, other than the home state of a bank, in which the bank maintains, or seeks to establish and maintain a branch.
(11) “Interstate merger transaction” means:
a. 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
b. 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.
(12) “North Carolina bank” means a bank whose home state is North Carolina.
(13) “North Carolina State bank” means a bank chartered under the laws of North Carolina.
(14) “Out-of-state bank” means a bank whose home state is a state other than North Carolina.
(15) “Out-of-state state bank” means a bank chartered under the laws of any state other than North Carolina.
(16) “Resulting bank” means a bank that has resulted from an interstate merger transaction under this Article.
(17) “State” means any state of the United States, the District of Columbia, any territory of the United States, Puerto Rico, Guam, American Samoa, the Trust Territory of the Pacific Islands, the Virgin Islands, and the Northern Mariana Islands. (1995, c. 322, s. 2.)