§551.3. Subsidiary bank; authorization
A. A foreign bank may establish a subsidiary bank in this state subject to the provisions of this Chapter and applicable federal law.
B. A foreign bank may acquire a subsidiary bank in this state in accordance with the federal Bank Holding Company Act and other applicable federal and state law.
C.(1) A foreign bank may operate a subsidiary bank in this state by organizing a new bank in this state either under a charter issued by the office of the comptroller of the currency under the National Bank Act or a state charter issued by the commissioner of financial institutions.
(2) An application for a state-chartered subsidiary bank shall be submitted to the commissioner of financial institutions and shall comply with all applicable provisions of state law.
D. All deposits in the subsidiary bank shall be insured by the Federal Deposit Insurance Corporation.
E. A subsidiary bank of a foreign bank shall have the same banking powers, subject to the same restrictions, limitations, reporting, and other requirements as domestic banks and may engage in the same banking activities as other domestic banks.
Acts 2004, No. 420, §1.
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