(1) Any acquisition of a branch from another financial institution is subject to the percentage limitation set forth in subsection (5) of this section. Such an acquisition by a financial institution is expressly authorized, and the location of such branch may be changed pursuant to law.
Nothing in this part 6 applies to a branch facility operating under an emergency grantpursuant to section 11-103-809; however, such a branch facility may continue to operate in perpetuity as a branch without being subject to any percentage limitation on branches set forth in this part 6.
Nothing in this part 6 or part 2 of article 104 of this title prevents the acquisition ofany financial institution in this state by any other financial institution; however, any conversion of all or any part thereof to a branch must be in accordance with this part 6.
If any financial institution converts any affiliate financial institution to a branch pursuant to the provisions of this part 6, such financial institution at the time of such conversion or immediately thereafter shall meet the capital standards for banks in Colorado as required by the "Colorado Banking Code", by any rules of the banking board, or by the commissioner.
Notwithstanding any other provision of this part 6, no financial institution that acquires any other financial institution on or after August 1, 1991, may convert the acquired financial institution to a branch or branches if such conversion or conversions will result in the acquiring financial institution controlling more than twenty-five percent of the aggregate of all deposits in all banks, savings and loan associations, federal savings banks, and other financial institutions located in Colorado that are federally insured. For the purpose of this subsection (5), deposits shall be determined based upon the public reports most recently filed with the appropriate federal regulatory agency.
Source: L. 2003: Entire article added with relocations, p. 1132, § 3, effective July 1. L. 2013: (1), (2), and (3) amended, (SB 13-154), ch. 282, pp. 1467, 1485, §§ 16, 57, effective July 1.
Editor's note: This section is similar to former § 11-25-104 as it existed prior to 2003.