GENERAL ASSEMBLY OF NORTH CAROLINA

SESSION 1993

H	1 

HOUSE BILL 1917

Short Title:  Banking App. Fees and Effective Date.	(Public)
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Sponsors: Representatives G. Miller, Ramsey (Co-Sponsors); Cromer and Justus.
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Referred to:  Financial Institutions.
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May 31, 1994

A BILL TO BE ENTITLED
AN ACT TO AMEND THE EFFECTIVE DATE OF THE NORTH CAROLINA INTERSTATE BANKING ACT AND TO SET AN APPLICATION FEE.
The General Assembly of North Carolina enacts:
Section 1.  Section 16 of Chapter 175 of the 1993 Session Laws reads as rewritten:
"Sec. 16.  Sections 1 through 5 of this act are effective upon ratification.  Sections 6 through 15 of this act become effective July 1, 1994."
Sec. 2.  G.S. 53-214(b) reads as rewritten:
"(b)	The State Banking Commission may adopt rules to implement and effectuate the provisions of this Article."
Sec. 3.  G.S. 53-211(a) reads as rewritten:
"(a)	A regional bank holding company that does not have a North Carolina bank subsidiary (other than a North Carolina bank subsidiary that was acquired in a transaction involving assistance by the Federal Deposit Insurance Corporation or in the regular course of securing or collecting a debt previously contracted in good faith, as provided in Section 3(a) of the Bank Holding Company Act of 1956 as amended (12 U.S.C. 1842(a)) may acquire a North Carolina bank holding company or a North Carolina bank with the approval of the Commissioner.  The regional bank holding company shall submit to the Commissioner an application for approval of such acquisition, which application shall be approved only if:
(1)	The Commissioner determines that the laws of the state in which the regional bank holding company making the acquisition has its principal place of business permit North Carolina bank holding companies to acquire banks and bank holding companies in that state;
(2)	The Commissioner determines that the laws of the state in which the regional bank holding company making the acquisition has its principal place of business permit such regional bank holding company to be acquired by the North Carolina bank holding company or North Carolina bank sought to be acquired.  For the purposes of this subsection, a North Carolina bank shall be treated as if it were a North Carolina bank holding company;
(3)	The Commissioner determines either that the North Carolina bank sought to be acquired has been in existence and continuously operating for more than five years or that all of the bank subsidiaries of the North Carolina bank holding company sought to be acquired have been in existence and continuously operating for more than five years: Provided, that the Commissioner may approve the acquisition by a regional bank holding company of all or substantially all of the shares of a bank organized solely for the purpose of facilitating the acquisition of a bank that has been in existence and continuously operating as a bank for more than five years: Provided further, where the Commissioner after examination or other investigation has determined that it is necessary to approve an interstate acquisition under this Article in order to protect the public and to prevent the possible failure of a bank or banking subsidiary of a bank holding company, then in that event the period of existence and continuous operation of the bank or banking subsidiary may be waived; and
(4)	The Commissioner makes the acquisition subject to any conditions, restrictions, requirements or other limitations that would apply to the acquisition by a North Carolina bank holding company of a bank or bank holding company in the state where the regional bank holding company making the acquisition has its principal place of business but that would not apply to the acquisition of a bank or bank holding company in such state by a bank holding company all the bank subsidiaries of which are located in that state.
(5)	The applicant submits an application fee of five thousand dollars ($5,000) for the regional bank holding company and two thousand dollars ($2,000) for each North Carolina bank or bank holding company being acquired."
Sec. 4.  This act becomes effective July 1, 1994.