O.C.G.A. § 7-1-628.8 (2019)
Restrictions on de novo branches
(a) As used in this Code section, the term “de novo branch” means a branch of a bank which:
(1) Is originally established by the bank as a branch; and
(2) Does not become a branch of the bank as a result of the acquisition of another bank or of a branch of another bank or as the result of the merger, consolidation, or conversion of any such bank or branch.
(b) An out-of-state bank that does not have a branch in Georgia and whose deposits are federally insured may, upon obtaining the necessary approvals from its home state regulator, establish and maintain a de novo branch in this state to the extent that any Georgia bank could establish such a de novo branch.
(c) A Georgia state bank may establish and maintain a de novo branch in another state. Such Georgia state bank shall comply with the provisions of this article, including, but not limited to, obtaining approval from the department prior to establishing the branch.
History
Code 1981, § 7-1-628.8, enacted by Ga. L. 1996, p. 279, § 2; Ga. L. 1997, p. 485, § 24; Ga. L. 2002, p. 670, § 4; Ga. L. 2016, p. 390, § 2-25/HB 811; Ga. L. 2021, p. 323, § 25/HB 111; Ga. L. 2024, p. 1052, § 1(a)(18)/SB 448, effective July 1, 2024.
Amendments. The 2024 amendment, effective July 1, 2024, part of an Act to revise, modernize, and correct the Code, substituted “As used in this Code section, the term ‘de novo branch’” for “A ‘de novo branch’” in the beginning of subsection (a).
Annotations
The 2016 amendment, effective July 1, 2016, substituted the present provisions of subsection (b) for the former provisions, which read: "No out-of-state bank shall establish or maintain a de novo branch in this state unless such bank has lawfully established a branch in Georgia, and then only to the extent that any Georgia bank could establish such a de novo branch."; and substituted the present provisions of subsection (c) for the former provisions, which read: "By enacting this Code section and Code Section 7-1-628.9, the General Assembly intends to permit entry into Georgia only by acquisition of or merger with an entire bank, subject to the three-year rule contained in Code Sections 7-1-608, 7-1-622, and 7-1-628.3".