2016 Mississippi Code
Title 81 - Banks and Financial Institutions
Chapter 23 - Interstate Bank Branching
§ 81-23-5. Definitions

As used in this chapter, unless a different meaning is required by the context, the following words and phrases shall have the following meanings:

(a) "Bank" means any bank the deposits of which are insured by the Federal Deposit Insurance Corporation or any successor thereto; however, the term "bank" shall not include any "foreign bank" as defined in 12 USCS 3101(7), except that such term includes any bank organized under the laws of a territory of the United States, Puerto Rico, Guam, American Samoa or the Virgin Islands, the deposits of which are insured by the Federal Deposit Insurance Corporation or any successor thereto.

(b) "Bank holding company" has the meaning set forth in 12 USCS 1841(a)(1).

(c) "Bank supervisory agency" means:

(i) Any agency of another state with primary responsibility for chartering and supervising banks; and

(ii) The Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve System, and any successor to these agencies.

(d) "Branch" means an office of a bank at which such bank accepts deposits. The term "branch" does not include the following:

(i) Automatic teller machines or other unmanned banking facilities at which deposits may be accepted;

(ii) Offices located outside the Untied States; or

(iii) Loan production offices, representative offices or other offices at which deposits are not accepted.

(e) "Commissioner" means the Mississippi Commissioner of Banking and Consumer Finance then in office and, where appropriate, all of his or her successors and predecessors in office.

(f) "Control" shall be construed consistently with the provisions of 12 USCS 1841(a)(2).

(g) "Home state" means:

(i) With respect to a state bank, the state by which the bank is chartered;

(ii) With respect to a national bank, the state in which the main office of the bank is located.

(h) "Home state regulator" means, with respect to an out-of-state state bank, the bank supervisory agency of the state in which such bank is chartered.

(i) "Host state" means a state, other than the home state of a bank, in which the bank maintains, or seeks to establish and maintain a branch.

(j) "Interstate branch" means a branch located in a state other than the home state of its parent.

(k) "Interstate branching transaction" means:

(i) The merger or consolidation of banks with different home states, and the conversion of branches of any bank involved in the merger or consolidation into branches of the resulting bank;

(ii) The purchase of all or substantially all of the assets (including all or substantially all of the branches) of a bank whose home state is different from the home state of the acquiring bank, and converting the acquired assets into branches of the acquiring bank; or

(iii) The purchase of all or substantially all of the assets (including all or substantially all of the branches), of a bank in a state by a bank whose home state is different than the state in which such assets exist, and converting the acquired assets into branches of the acquiring bank, even though:

A. Two (2) or more banks are not merged or consolidated; or

B. All or substantially all of the assets of the bank are not purchased.

(l) "Out-of-state bank" means a bank whose home state is a state other than the State of Mississippi.

(m) "Out-of-state state bank" means a bank chartered under the laws of any state other than the State of Mississippi.

(n) "Resulting bank" means a bank that has resulted from an interstate branching transaction under this chapter.

(o) "State" means any state of the United States, the District of Columbia, any territory of the United States, Puerto Rico, Guam, American Samoa, the Trust Territory of the Pacific Islands, the Virgin Islands, and the Northern Mariana Islands.

(p) "Mississippi bank" means a bank whose home state is the State of Mississippi.

(q) "Mississippi state bank" means a bank chartered under the laws of the State of Mississippi.