Idaho Code 26-503 – Approval to Acquire a Bank — Requirements — Approval to Commence Action or Acquire a Company
Current as of: 2023 | Check for updates
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(1) A bank holding company shall apply to the department of finance and receive the approval of the department of finance prior to acquiring a bank. The application shall include such information with respect to the financial condition and operations, management and intercompany relationships of the bank to be acquired and the holding company as the director may deem necessary or appropriate. In considering an application to acquire a bank, the director shall consider at least:
(a) The financial condition of the bank holding company and any banks already owned by the holding company;
(b) The probable effect of the acquisition on the holding company, any banks already owned by the holding company and the bank which is to be acquired; and
(c) The effect of the acquisition on competition in the providing of banking services.
(2) A financial holding company shall apply to the department of finance and receive the approval of the department of finance prior to commencing any activity or acquiring any company as described in section 26-501(6), Idaho Code.
Terms Used In Idaho Code 26-503
- Bank: shall mean any bank chartered under this act. See Idaho Code 26-501
- Bank holding company: shall mean any company:
Idaho Code 26-501Company: shall mean any corporation, business trust, association, or similar organization but shall not include:
Idaho Code 26-501Financial holding company: shall mean a bank holding company that, notwithstanding subsection (4) of this section, may engage in any activity, and may acquire and retain the shares of any company engaged in any activity, that the director determines, by rule or order:
Idaho Code 26-501