TITLE 7 BANKING AND FINANCE

Section 1. Financial Institutions, 7-1-1 through 7-1-1021.

ARTICLE 2 BANKS AND TRUST COMPANIES

7-1-628.5. Requirement for out-of-state bank that is resulting bank of interstate merger transaction.

1. An out-of-state bank that will be the resulting bank pursuant to an interstate merger transaction involving a Georgia state bank shall notify the commissioner of the proposed merger not later than the date on which it files an application for an interstate merger transaction with the responsible federal bank supervisory agency, provide such information as required by rule or regulation or as the commissioner may otherwise specify, and pay any filing fee required by regulation.
2. Prior to consummation of an interstate merger between an out-of-state bank and a Georgia state bank, the resulting bank shall provide the commissioner with satisfactory evidence of all required approvals from all relevant bank supervisory agencies.
3. Prior to consummation of an interstate merger between an out-of-state bank and a Georgia state bank, and continuously thereafter, the out-of-state bank shall maintain deposit insurance issued by a federal public body while it has a branch or any other location in this state.
4. Any holding company of the resulting bank from an interstate merger transaction between an out-of-state bank and a Georgia state bank shall comply with Part 19 of this article and Code Sections 7-1-605 through 7-1-612.

(Code 1981, §7-1-628.5, enacted by Ga. L. 1996, p. 279, § 2; Ga. L. 1998, p. 128, § 7; Ga. L. 1999, p. 674, § 24; Ga. L. 2016, p. 390, § 2-23/HB 811; Ga. L. 2017, p. 193, § 15/HB 143.)

The 2016 amendment, effective July 1, 2016, deleted the subsection (a) designation; in paragraph (2), inserted "required by rule or regulation or as", and inserted "otherwise" near the end; added "and" at the end of paragraph (3); substituted the present provisions of paragraph (4) for the former provisions, which read: "An out-of-state bank holding company that may be the owner of the resulting bank shall provide satisfactory evidence to the commissioner of compliance with applicable requirements of Article 15 of Chapter 2 of Title 14 of the Georgia Business Corporation Code, 'Foreign Corporations,' and shall notify the department of its location, any changes in its initial registered office within this state, and the name of its registered agent at such location. An out-of-state resulting bank shall notify the department of the location of its initial office, any subsequent registered office, and the name of its current registered agent;"; deleted former paragraphs (5) and (6), relating to bank holding company attempting to establish interstate branches and certifying compliance, respectively; and deleted former subsection (b), relating to facilitation between state regulatory authorities resulting from interstate merger.

The 2017 amendment, effective June 1, 2017, rewrote this Code section.