North Dakota Code 6-08.3-03.1 – Deposit limitation
1. A depository institution or depository institution holding company may not consolidate or merge with, or acquire a North Dakota depository institution or a depository institution holding company that controls a North Dakota depository institution if the federal reserve, comptroller of the currency, federal deposit insurance corporation, or office of thrift supervision, as the case may be, determines that the depository institution or a depository institution holding company will control more than twenty-five percent of North Dakota deposits.
Terms Used In North Dakota Code 6-08.3-03.1
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Federal Deposit Insurance Corporation: A government corporation that insures the deposits of all national and state banks that are members of the Federal Reserve System. Source: OCC
- merge: means the merging or consolidation of two or more banks including the purchase of all or substantially all of the assets and assumption of liabilities of a bank, facility, or branch. See North Dakota Code 6-01-02
2. The federal reserve, comptroller of the currency, or federal deposit insurance corporation, as the case may be, may approve an acquisition or merger under this title without regard to the limitations of this section, if the transaction involves an acquisition or merger:
a. Of one or more depository institutions in default or in danger of default; or
b. With respect to which assistance is provided under section 13(c) of the Federal Deposit Insurance Act [12 U.S.C. § 1823(c)].