Ga. Comp. R. & Regs. R. 80-6-1-.01 - Holding Companies, Generally
(1) Georgia's holding company statutes govern
all holding companies which have or wish to acquire, by purchase or formation,
banks chartered by the Department. Once a holding company acquires a Georgia
bank, it shall be registered annually with the Department. Subsequent
acquisitions by that holding company may require approval, a letter form
notification, or after the fact notification, depending upon the relationship
of the acquisition to Georgia banks. The Department requires the submission of
certain reports from Georgia bank holding companies and from holding companies
that own Georgia banks.
(2)
Interstate acquisitions by holding companies are dealt with in Part 19 of
Article 2 of Title 7; related mergers of the banks in Part 20 of Article 2 of
Title 7. Definitions in those Parts should be applied to interstate
transactions.
(3) Expedited
processing is available to holding companies which qualify under the criteria
in Department of Banking and Finance Rule
80-6-1-.03 or
80-6-1-.04, depending on the
transaction. A holding company lawfully owning a bank chartered by the
Department that meets the criteria in Rule
80-6-1-.04 may qualify for expedited
processing for formation of a de novo bank, provided the de novo bank is to be
wholly owned by the holding company.
(4) A bank holding company which acquires a
bank chartered by the Department must apply and seek approval from the
Department pursuant to O.C.G.A. §
7-1-622. Approval to become a bank
holding company of a Georgia bank as defined in O.C.G.A. §
7-1-605 is similarly required. A
bank holding company lawfully owning a bank in Georgia, or lawfully owning a
branch of a bank in Georgia which was formed by the acquisition and subsequent
merger of a Georgia bank, may form a de novo bank with Department approval
pursuant to O.C.G.A. §
7-1-608(b)(3).
(5) A letter form application with a copy of
the federal application may be used and public notice may be coordinated so
long as the Department is referenced in the notice as a regulator to whom
comments should be submitted.
(6) A
Georgia bank holding company for the purposes of Chapter 80-6 shall be defined
as in O.C.G.A. §
7-1-621.
Notes
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