524.1205  Establishment of branch or office in other state--superintendent's authority to regulate.

Notwithstanding section 524.1201, subsection 1, and section 524.1202, subsection 2, paragraph "b", upon application to and approval by the superintendent, a state bank may acquire in any manner, establish, maintain, operate, retain, or relocate a branch or office in a state other than this state. Subject to the approval of the superintendent, such branch or office may engage in any activity authorized for a branch or office of a bank organized under the laws of that other state. The superintendent shall supervise and regulate all out-of-state branches and offices of a state bank. Sections 524.1201 and 524.1203 apply to an out-of-state branch or office of a state bank except as otherwise provided by the laws of the state in which a branch or office is located or by the superintendent pursuant to this section. This section does not authorize or permit a state-chartered bank located outside of this state or a national bank located outside of this state to establish a de novo branch or office in this state. This section does not authorize or permit, before June 1, 1997, an interstate merger transaction within the meaning of 12 U.S.C. § 1831u(a).

Section History: Recent form

  96 Acts, ch 1056, §15

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