Tennessee Code 45-2-1404 – Acquisition by holding company prohibited
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Terms Used In Tennessee Code 45-2-1404
- Bank: has the meaning stated in §. See Tennessee Code 45-2-1402
- Bank holding company: has the meaning set forth in §. See Tennessee Code 45-2-1402
- Company: has the meaning set forth in §. See Tennessee Code 45-2-1402
- Control: has the meaning set forth in §. See Tennessee Code 45-2-1402
- Deposit: means a deposit of money, bonds or other things of value, creating a debtor-creditor relationship. See Tennessee Code 45-1-103
A bank or bank holding company shall be prohibited from acquiring any bank in Tennessee if the bank or bank holding company, including all insured depository institutions that are affiliates of the bank or bank holding company, upon consummation of the acquisition, would control thirty percent (30%) or more of the total amount of the deposits of the insured depository institutions in Tennessee. For purposes of this part, “deposit” has the meaning set forth in § 3(l) of the Federal Deposit Insurance Act ( 12 U.S.C. § 1813 (l)).