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PAG LIN
1 1 Section 1. Section 524.1213, Code 1997, is amended by
1 2 adding the following new subsection:
1 3 NEW SUBSECTION. 4A. For purposes of subsection 3, a bank
1 4 that has been chartered solely for the purpose of, and does
1 5 not open for business prior to, acquiring control of, or
1 6 acquiring all or substantially all of the assets of, one or
1 7 more branches that were in existence and operation on January
1 8 1, 1997, and that are owned by a state savings association or
1 9 federal savings association, as defined in 12 U.S.C. } 1813,
1 10 which association has its main office outside this state, is
1 11 deemed to have been in continuous existence and operation as a
1 12 bank for the combined periods of continuous existence and
1 13 operation of the bank and the state or federal savings
1 14 association from which the branch or branches were acquired.
1 15 Sec. 2. Section 524.1805, Code 1997, is amended by adding
1 16 the following new subsection:
1 17 NEW SUBSECTION. 3A. For purposes of subsection 1, a bank
1 18 that has been chartered solely for the purpose of, and does
1 19 not open for business prior to, acquiring control of, or
1 20 acquiring all or substantially all of the assets of, one or
1 21 more branches that were in existence and operation on January
1 22 1, 1997, and that are owned by a state savings association or
1 23 federal savings association, as defined in 12 U.S.C. } 1813,
1 24 which association has its main office outside this state, is
1 25 deemed to have been in continuous existence and operation as a
1 26 bank for the combined periods of continuous existence and
1 27 operation of the bank and the state or federal savings
1 28 association from which the branch or branches were acquired.
1 29 Sec. 3. EFFECTIVE DATE. This Act takes effect on May 31,
1 30 1997.
1 31 EXPLANATION
1 32 This bill amends provisions in chapter 524 relating to the
1 33 regulation and operation of state banks and to the acquisition
1 34 of certain state and federal savings associations.
1 35 Code section 524.1213, relating to united community bank
2 1 offices, is amended to provide that a bank which is chartered
2 2 solely for the purpose of acquiring the assets of one or more
2 3 branches that are located in this state and owned by an out-
2 4 of-state state or federal savings association, is deemed to
2 5 have been in existence and operation as a bank for the
2 6 combined periods of existence and operation of the bank and
2 7 the association from which the branch or branches were
2 8 acquired.
2 9 Code section 524.1805, which provides that an out-of-state
2 10 bank or out-of-state bank holding company may not acquire a
2 11 bank located in this state unless the bank has been in
2 12 continuous existence and operation for at least five years, is
2 13 amended to provide that a bank which is chartered solely for
2 14 the purpose of acquiring the assets of one or more branches
2 15 that are located in this state and owned by an out-of-state
2 16 state or federal savings association, is deemed to have been
2 17 in existence and operation as a bank for the combined periods
2 18 of existence and operation of the bank and the association
2 19 from which the branch or branches were acquired.
2 20 The bill takes effect May 31, 1997.
2 21 LSB 1649SC 77
2 22 mj/jj/8
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