Utah Code 7-19-5. Findings prerequisite to requiring or authorizing supervisory acquisitions or mergers by commissioner
Current as of: 2024 | Check for updates
|
Other versions
The commissioner may not authorize or require any transaction pursuant to Section 7-19-2 unless he determines that:
(1) the acquiring or resulting depository institution or depository institution holding company has demonstrated an acceptable record of meeting the credit needs of the communities which it serves; and
Terms Used In Utah Code 7-19-5
- Commissioner: means the Commissioner of Financial Institutions. See Utah Code 7-1-103
- Depository institution: means a bank, savings and loan association, savings bank, industrial bank, credit union, or other institution that:(8)(a) holds or receives deposits, savings, or share accounts;(8)(b) issues certificates of deposit; or(8)(c) provides to its customers other depository accounts that are subject to withdrawal by checks, drafts, or other instruments or by electronic means to effect third party payments. See Utah Code 7-1-103
- Depository institution holding company: means :
(9)(a)(i) a person other than an individual that:(9)(a)(i)(A) has control over a depository institution; or(9)(a)(i)(B) becomes a holding company of a depository institution under Section 7-1-703; or(9)(a)(ii) a person other than an individual that the commissioner finds, after considering the specific circumstances, is exercising or is capable of exercising a controlling influence over a depository institution by means other than those specifically described in this section. See Utah Code 7-1-103- Institution: means :
(19)(a) a corporation;(19)(b) a limited liability company;(19)(c) a partnership;(19)(d) a trust;(19)(e) an association;(19)(f) a joint venture;(19)(g) a pool;(19)(h) a syndicate;(19)(i) an unincorporated organization; or(19)(j) any form of business entity. See Utah Code 7-1-103(2) the acquiring or resulting depository institution or depository institution holding company has a record of sound performance, capital adequacy, financial capacity, and efficient management such that the acquisition or merger will not jeopardize the financial stability of the acquired or merged depository institution and will not be detrimental to the interests of depositors, creditors, other customers of the depository institution, or to the public. - Depository institution holding company: means :