Texas Finance Code

§ 32.406 — LIMITATION ON CONTROL OF DEPOSITS

FI § 32.406Title 3. FINANCIAL INSTITUTIONS AND BUSINESSES · Part A. BANKS · Ch. 32. POWERS, ORGANIZATION, AND FINANCIAL REQUIREMENTS · Art. E. PURCHASE OR SALE OF ASSETS

Statute text

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(a)A purchase of assets is not permitted under Section 32.401 if, on consummation of the transaction, the acquiring state bank, including all insured depository institution affiliates of the resulting state bank, would control 20 percent or more of the total amount of deposits in this state held by all insured depository institutions in this state.

(b)On request of the banking commissioner the applicant shall provide supplemental information to the banking commissioner to aid in a determination under this section, including information that is more current than or in addition to information in the most recently available summary of deposits, reports of condition, or similar reports filed with or produced by state or federal authorities.

(c)In this section, "deposit" and "insured depository institution" have the meanings assigned by Section 3, Federal Deposit Insurance Act (12 U.S.C. Section 1813), as amended.

Legislative history

Added by Acts 1999, 76th Leg., ch. 344, Sec. 2.009, eff. Sept. 1, 1999.