Notwithstanding the provisions of Section 58-5-11 NMSA 1978 restricting interstate acquisition:
A. interstate acquisitions of domestic depository institutions that are savings institutions or domestic holding companies whose subsidiary depository institutions are savings institutions are permitted by out-of-state depository institutions and out-of-state holding companies effective January 1, 1989; provided, however, until July 1, 1992, if a domestic depository institution is to be so acquired, the acquired institution shall have been continuously operated for at least five years, or if a domestic holding company is to be so acquired, at least one of its subsidiary depository institutions shall have been continuously operated for at least five years; and
B. an interstate acquisition pursuant to this section may not otherwise be contrary to law and shall not result in undue concentration of deposits totaling forty percent or more of the total deposits in all financial institutions in New Mexico.
History: Laws 1988, ch. 5, § 4; 1989, ch. 16, § 1; 1996, ch. 2, § 13.
ANNOTATIONSCross references. — For the Interstate Bank Acquisition Act, see 58-1B-1 NMSA 1978.
For the Interstate Bank Branching Act, see 58-1C-1 NMSA 1978.
The 1996 amendment, effective June 1, 1996, deleted former Subsection B relating to interstate acquisitions of domestic depository institutions and redesignated former Subsection B as Subsection C.