Louisiana Revised Statutes 6:532 – Definitions
Terms Used In Louisiana Revised Statutes 6:532
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Bank: means any "insured bank" as such term is defined in Section 3(h) of the Federal Deposit Insurance Act, Louisiana Revised Statutes 6:532
- Bank holding company: means any company that directly or indirectly controls a bank, and, unless the context requires otherwise, includes a Louisiana bank holding company, an out-of-state bank holding company, or a foreign bank holding company. See Louisiana Revised Statutes 6:532
- Commissioner: means the commissioner of financial institutions for the state of Louisiana. See Louisiana Revised Statutes 6:532
- Company: means any corporation, business trust, partnership, association, or similar organization, including a bank, but shall not include any corporation the majority of the shares of which are owned by the United States or by any state. See Louisiana Revised Statutes 6:532
- Control: means any of the following:
(i) The power or ability, directly or indirectly, to vote or cause to be voted twenty-five percent or more of any class of voting securities of a company. See Louisiana Revised Statutes 6:532
- 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.
- Deposits: means average daily deposits for a continuous period of six months ending on the date the determination of deposits is made. See Louisiana Revised Statutes 6:532
- Electronic funds transfer: The transfer of money between accounts by consumer electronic systems-such as automated teller machines (ATMs) and electronic payment of bills-rather than by check or cash. (Wire transfers, checks, drafts, and paper instruments do not fall into this category.) Source: OCC
- Home state: means :
(a) With respect to a national bank, the state in which the main office of the bank is located. See Louisiana Revised Statutes 6:532
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Louisiana bank: means a bank that has Louisiana as its home state. See Louisiana Revised Statutes 6:532
- Louisiana bank holding company: means a bank holding company that has Louisiana as its home state. See Louisiana Revised Statutes 6:532
- National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. Source: OCC
- Out-of-state bank: means a bank other than a Louisiana bank. See Louisiana Revised Statutes 6:532
- Out-of-state bank holding company: means a bank holding company other than a Louisiana bank holding company. See Louisiana Revised Statutes 6:532
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
As used in this Part, unless the context otherwise requires, the term:
(1) “Acquire”, as applied to a bank holding company, means any of the following actions or transactions by a company:
(a) The merger or consolidation with one or more bank holding companies.
(b) The assumption of direct or indirect ownership or control of any of the following:
(i) More than twenty-five percent of any class of voting shares of a bank holding company or a bank, if the acquiring company was not a bank holding company prior to such acquisition.
(ii) More than five percent of any class of voting shares of a bank holding company or a bank, if the acquiring company was a bank holding company prior to such acquisition.
(iii) All or substantially all of the assets of a bank holding company or a bank.
(c) To take any other action that results in the direct or indirect acquisition or control by such company of a bank holding company or a bank.
(2) “Affiliate” means any company that controls, is controlled by, or is under common control with another company.
(3) “Bank” means any “insured bank”, as such term is defined in Section 3(h) of the Federal Deposit Insurance Act, 12 U.S.C. § 1813(h), or any institution eligible to become an insured bank as such term is defined therein, which, in either event:
(a) Accepts demand deposits, and
(b) Makes commercial loans.
(4) “Banking office” means any branch of an out-of-state bank.
(5) “Bank holding company” means any company that directly or indirectly controls a bank, and, unless the context requires otherwise, includes a Louisiana bank holding company, an out-of-state bank holding company, or a foreign bank holding company.
(6) “Branch” and “branch office” means any manned office of a bank but shall not include a trust production office, an automated teller machine, electronic funds transfer terminal, point of sale terminal, or similar electronic device or terminal. The term “branch” or “branch office” shall not include a loan production office or deposit production office or any combination thereof.
(7) “Commissioner” means the commissioner of financial institutions for the state of Louisiana.
(8) “Company” means any corporation, business trust, partnership, association, or similar organization, including a bank, but shall not include any corporation the majority of the shares of which are owned by the United States or by any state.
(9)(a) “Control” means any of the following:
(i) The power or ability, directly or indirectly, to vote or cause to be voted twenty-five percent or more of any class of voting securities of a company.
(ii) The power or ability in any manner to elect a majority of the directors or trustees of a company.
(b) This definition shall be construed consistently with the provisions of Section 2(a) of the Bank Holding Company Act, 12 U.S.C. § 1841.
(10) “Deposits” means average daily deposits for a continuous period of six months ending on the date the determination of deposits is made.
(10.1) “Enter Louisiana” means to acquire control of the voting stock of a Louisiana bank or bank holding company owning one or more Louisiana banks. Additionally, it shall also include the acquisition of voting stock whereby the out-of-state bank or holding company does not obtain control of the voting stock but acquires a majority interest in any nonvoting stock or subordinated debt.
(11) “Established Louisiana bank” means a Louisiana bank which either:
(a) Has been in existence and actively engaged in business as a Louisiana bank for at least five years; or
(b) Is the successor by merger, consolidation, or purchase of the assets and assumption of the liabilities of a Louisiana bank which meets the test of Subparagraph (a) of this Paragraph.
(12) “Home state” means:
(a) With respect to a national bank, the state in which the main office of the bank is located.
(b) With respect to a state-chartered bank, the state which charters the institution.
(c) With respect to a bank holding company, the state in which the total deposits of all bank subsidiaries are the largest on the later of:
(i) July 1, 1966, or
(ii) The date upon which the company becomes a bank holding company pursuant to this Part.
(13) “Host state” means:
(a) With respect to a bank, a state, other than the home state of the bank in which the bank maintains, or seeks to establish and maintain, a branch or a loan or trust production office, and
(b) With respect to a bank holding company, a state, other than the home state of the company in which the company controls, or seeks to control, a bank subsidiary.
(14) “Louisiana bank” means a bank that has Louisiana as its home state.
(15) “Louisiana bank holding company” means a bank holding company that has Louisiana as its home state.
(16) “Out-of-state bank” means a bank other than a Louisiana bank.
(17) “Out-of-state bank holding company” means a bank holding company other than a Louisiana bank holding company.
(18) “Principal place of business” of a bank holding company means the state in which the aggregate deposits of the bank subsidiaries of such holding company are the largest.
(19) “Subsidiary” with respect to any bank holding company means any of the following:
(a) Any company twenty-five percent or more of the voting shares of which, excluding shares owned by the United States or by any company wholly owned by the United States, is directly or indirectly owned or controlled by such bank holding company or is held by it with power to vote.
(b) Any company the election of a majority of the directors of which is controlled in any manner by such bank holding company.
(c) Any company twenty-five percent or more of the voting shares of which is held by trustees for the benefit of the shareholders of such bank holding company.
Acts 1986, No. 577, §1, eff. July 2, 1986; Acts 1995, No. 1249, §1; Acts 1999, No. 263, §1; Acts 2001, No. 540, §1, eff. June 21, 2001; Acts 2020, No. 183, §1.