Ohio Code 1119.10 – Complying with asset maintenance requirement
(A) Subject to conditions and requirements the superintendent of financial institutions may prescribe, to be licensed to operate an agency or branch in this state, a foreign bank shall maintain assets in this state of the kinds and in the amount prescribed by the superintendent as necessary or desirable for the maintenance of a sound financial condition and for the protection of depositors, creditors, and the public interest.
Terms Used In Ohio Code 1119.10
- 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.
- Foreign bank: includes , without limitation, a foreign commercial bank, foreign merchant bank, or other foreign institution that engages in banking activities usually conducted in connection with the business of banking in the country that granted its charter or countries where the foreign institution is operating. See Ohio Code 1119.01
- state: means the state of Ohio. See Ohio Code 1.59
(B) In determining compliance with the asset maintenance requirement of division (A) of this section, the superintendent shall include all of the following:
(1) Assets the foreign bank has pledged as required by section 1119.09 of the Revised Code;
(2) Reserves the foreign bank is required to maintain with the federal reserve with respect to the foreign bank’s agencies and branches in this state;
(3) Assets pledged and surety bonds payable to the federal deposit insurance corporation with respect to the foreign bank’s agencies and branches in this state.