2013 Kentucky Revised Statutes CHAPTER 286 - KENTUCKY FINANCIAL SERVICES CODE Subtitle 3 - Banks and Trust Companies 3.3-905 Filing of application to acquire bank with commissioner -- Examination of applicant -- Cooperative agreements by commissioner to examine out-of-state bank or exchange confidential information.
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286.3-905 Filing of application to acquire bank with commissioner -Examination of applicant -- Cooperative agreements by commissioner to
examine out-of-state bank or exchange confidential information.
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Any bank holding company which proposes to acquire control of a bank
chartered in this state or a bank holding company which includes a bank
chartered in this state, shall concurrently file with the commissioner copies of
the application filed with the federal reserve board under applicable federal law.
The commissioner shall approve such acquisition within ninety (90) days of
acceptance of a complete application if the commissioner finds that:
(a) The terms of the acquisition are in accordance with the laws of this state;
(b) The financial condition, or the competence, experience, and integrity of
the acquiring company or its principals are such as will not jeopardize the
financial stability of the acquired bank or bank holding company;
(c) The public convenience and advantage will be served by the acquisition;
and
(d) No federal regulatory authority whose approval is required has
disapproved the transaction because it would result in a monopoly or
substantially lessen competition.
A nonrefundable fee shall accompany each application and shall be set by the
commissioner in accordance with KRS 286.3-480.
The commissioner may examine or elect to participate in a joint examination,
with the applicable federal or state regulatory agency, of any holding company
or nonbank subsidiary of the holding company that controls or is affiliated with
a state-chartered bank. The provisions of KRS 286.3-690 apply to the holding
company or nonbank subsidiary of the holding company that controls or is
affiliated with a state-chartered bank.
The commissioner may enter into cooperative agreements with federal or state
regulatory authorities to examine an out-of-state bank that is controlled by a
Kentucky bank holding company or is controlled by a bank holding company
which includes a state-chartered bank, or accept reports of examinations of
such out-of-state banks from federal or state regulatory authorities in lieu of
conducting examinations.
The commissioner may enter into cooperative agreements with federal or state
regulatory authorities to exchange confidential information and reports of
examination relating to interstate acquisitions of banks and bank holding
companies.
The cost of an examination shall be assessed against and paid by the
company examined. The assessment for the examination shall be calculated in
the same manner as that used for bank examinations.
Effective:July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 652, effective July 15, 2010. -Amended 1998 Ky. Acts ch. 196, sec. 20, effective July 15, 1998. -- Amended
1986 Ky. Acts ch. 444, sec. 13, effective July 15, 1986. -- Created 1984 Ky. Acts
ch. 130, sec. 3, effective July 13, 1984.
Formerly codified as KRS 287.905.
Legislative Research Commission Note (7/12/2006). In accordance with 2006
Ky. Acts ch. 247, secs. 38 and 39, this statute has been renumbered as a
section of the Kentucky Financial Services Code, KRS Chapter 286, and KRS
references within this statute have been adjusted to conform with the 2006
renumbering of that code.
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