Delaware Code Title 5 Sec. 804 – Application; approval by Commissioner
(a) Any out-of-state bank holding company or subsidiary thereof proposing an acquisition pursuant to § 803 of this title before September 29, 1995 shall file an application with the Commissioner for approval to make such acquisition. Such application shall contain such information as the Commissioner may by regulation require, and shall specifically acknowledge applicant’s agreement to be bound by the conditions set forth in § 803 of this title. In addition, such application shall designate a resident of this State as applicant’s agent for the service of any paper, notice or legal process upon applicant in connection with matters arising out of this subchapter and shall be accompanied by a filing fee in the amount of $5,750 for the use of the State.
Terms Used In Delaware Code Title 5 Sec. 804
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Bank: means a bank or trust company created under this title or a national banking association created under the National Bank Act (12 U. See Delaware Code Title 5 Sec. 801
- Commissioner: means the State Bank Commissioner of the State of Delaware. See Delaware Code Title 5 Sec. 801
- Out-of-state bank holding company: has the meaning specified in the Bank Holding Company Act of 1956, as amended (12 U. See Delaware Code Title 5 Sec. 801
- State: means the State of Delaware; and when applied to different parts of the United States, it includes the District of Columbia and the several territories and possessions of the United States. See Delaware Code Title 1 Sec. 302
- Subsidiary: means , with respect to an out-of-state bank holding company:
(b) In determining whether to approve an acquisition by an out-of-state bank holding company or any subsidiary thereof of any voting stock of a bank located in this State, the Commissioner shall consider:
(1) The financial and managerial resources of the out-of-state bank holding company or its subsidiary;
(2) The future prospects of the out-of-state bank holding company and the bank whose assets or shares it will acquire or its subsidiary;
(3) The financial history of the out-of-state bank holding company or its subsidiary;
(4) Whether such acquisition or holding may result in undue concentration of resources or substantial lessening of competition in this State; and
(5) The convenience and needs of the public of this State.
(c) No application shall be filed pursuant to this section on or after September 29, 1995.
63 Del. Laws, c. 2, § ?2; 63 Del. Laws, c. 186, §§ ?3, 4; 68 Del. Laws, c. 303, § ?16; 70 Del. Laws, c. 112, §§ ?23, 24;