O.C.G.A.
O.C.G.A.

O.C.G.A. § 7-1-628.9 (2019)

Establishment of out-of-state bank branches through acquisition

✓ O.C.G.A.: 2019 edition (Public.Resource.Org Release 73)
Code text and O.C.G.A. statutory annotations on this page reflect the 2019 Official Code of Georgia Annotated (Public.Resource.Org Release 73, 2019-08-21; public domain per Georgia v. Public.Resource.Org, 2020). The Syfert case-law annotations in Notes of Decisions, below, are current.
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(a) 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 branch in this state through the acquisition of a branch.

(b) A Georgia state bank may establish and maintain a branch in another state through the acquisition of a branch in compliance with the provisions of this article, including, but not limited to, obtaining approval from the department prior to acquiring the branch.

History

Code 1981, § 7-1-628.9, enacted by Ga. L. 1996, p. 279, § 2; Ga. L. 2016, p. 390,

§ 2-26/HB 811; Ga. L. 2021, p. 323, § 26/HB 111.

Annotations

The 2016 amendment, effective July 1, 2016, designated the existing provisions of this Code section as subsection (a) and substituted the present provisions of subsection (a) for the former provisions, which read: "Unless otherwise expressly permitted by Georgia law or regulation, no bank may acquire a branch of any other bank in Georgia without the acquisition of the entire bank, unless the acquiring bank could lawfully establish a branch in the geographic area where the branch to be acquired is located"; and added subsection (b).