(a) An out-of-state bank that does not already maintain a branch in Tennessee and that meets the requirements of this title may establish and maintain a branch in Tennessee through the acquisition of a branch or establishment of a de novo branch.

Terms Used In Tennessee Code 45-2-1412

  • Acquisition of a branch: means the acquisition of all or substantially all of the assets other than loans, cash or securities and the assumption of all or substantially all of the liabilities of or related to a branch that has been open and engaged in the business of banking for at least three (3) continuous years without the acquisition of the entire bank. See Tennessee Code 45-2-1402
  • Affiliate: means any company that controls, is controlled by, or is under common control with another company. See Tennessee Code 45-2-1402
  • Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
  • Bank: has the meaning stated in §. See Tennessee Code 45-2-1402
  • Branch: means a branch as defined in §. See Tennessee Code 45-2-1402
  • Commercial activities: means any activities in which a bank holding company, financial holding company, a national bank, or a national bank subsidiary, may not engage under federal law. See Tennessee Code 45-2-1402
  • De novo branch: means a branch of a bank that:
    (A) Is originally established by the bank as a branch. See Tennessee Code 45-2-1402
  • Property: includes both personal and real property. See Tennessee Code 1-3-105
  • State: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
(b) [Deleted by 2020 amendment.]
(c) No bank or out-of-state bank may establish or maintain a branch in this state on the premises or property of an affiliate if the affiliate engages in commercial activities.