1. A bank holding company shall not directly or indirectly acquire ownership or control of more than twenty-five percent of the voting shares of a bank, savings and loan association, or savings bank, or the power to control in any manner the election of a majority of the directors of a bank, savings and loan association, or savings bank if upon the acquisition the banks, savings and loan associations, and savings banks so owned or controlled by the bank holding company would have, in the aggregate, more than ten percent of the total time and demand deposits of all banks, savings and loan associations, and savings banks in this state, as determined by the superintendent on the basis of the most recent reports of the banks, savings and loan associations, and savings banks in the state to their supervisory authorities which are available at the time of the acquisition.
2. A bank holding company shall not acquire a bank or bank holding company pursuant to section 524.1805 or 524.1903 if, following that acquisition, those state and national banks located in this state in which out-of-state bank holding companies directly or indirectly control more than twenty-five percent of the voting shares or have the power to control in any manner the election of the majority of directors would have, in the aggregate, more than thirty-five percent of the sum of the total time and demand deposits of all state and national banks located in this state plus the total time and demand deposits of all offices located in this state of savings and loan associations and savings banks, whether chartered under the law of this or another state or under federal law, as determined by the superintendent on the basis of the most recent reports of those financial institutions to their supervisory authorities.
[C73, 75, 77, 79, 81, § 524.1802; 82 Acts, ch 1253, § 3]
84 Acts, ch 1230, § 25; 90 Acts, ch 1002, § 2
Referred to in § 524.1213, 524.1801, 524.1807, 524.1906
Iowa General Assembly
Search: Iowa Code 1995
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