(a) With the permission of the Superintendent [Commissioner], a District state bank may maintain and operate a branch in a state other than the District pursuant to an interstate merger transaction with an out-of-state bank in which the District state bank is the resulting bank.
(b) A District state bank (“applicant”) desiring to establish and maintain a branch in another state under this section shall file an application on a form provided by the Superintendent [Commissioner] and pay a merger fee to be determined by the Superintendent [Commissioner]. If, within 30 days of receipt of the application, the Superintendent [Commissioner] determines that the applicant possesses sufficient financial resources, sufficient managerial and professional experience, and that the proposed merger is in the public interest, the Superintendent [Commissioner] shall approve the application for an interstate merger transaction and for the operation of branches in a state other than the District by the District state bank.
(c) In reviewing the application, the Superintendent [Commissioner] shall consider the views of the state bank supervisor of the host state where the interstate merger transaction is to be consummated.
(d) If the Superintendent [Commissioner] fails to approve or disapprove an application within 30 days of receipt, the application shall be deemed approved. The Superintendent [Commissioner] may extend this 30-day review period for an additional 30 days upon a showing of good cause.
(e) A District state bank that establishes and maintains a branch in a state other than the District pursuant to an interstate merger transaction may exercise, at such branch, all rights and powers permitted to banks chartered by that state unless the Superintendent [Commissioner] determines that the exercise of such rights or powers would threaten the safety and soundness of the District state bank.
(June 13, 1996, D.C. Law 11-142, § 7, 43 DCR 2159.)
Prior Codifications1981 Ed., § 26-856.
Editor's NotesFees credited to the Office of Banking and Financial Institutions Enterprise Fund: Section 1804(3) of D.C. Law 12-60 provided that all fees received pursuant to § 26-856(b) 1981 Ed. shall be credited to the Office of Banking and Financial Institutions Enterprise Fund.