Ga. Comp. R. & Regs. R. 80-6-1-.04 - Qualifying Criteria for Expedited Processing: Establishment of a De Novo Wholly Owned Bank Subsidiary By a Holding Company Lawfully Operating in Georgia
(1)
Only a holding company which has lawfully purchased or acquired a bank in
Georgia may qualify under this Rule to form a de novo bank, pursuant to
provisions of O.C.G.A. §
7-1-608(b)(3). The
holding company must wholly own the proposed bank to qualify for expedited
processing.
(2) An eligible holding
company must have:
(a) An assigned composite
rating of 2 or better at its most recent state or federal examination;
and
(b) Be well capitalized as
defined by 12 CFR
225.2.
(3) The existing bank controlled by the
holding company, for the purposes of this Rule, shall be one that:
(a) Received a composite rating of 1 or 2
under the Uniform Financial Institutions Rating System (UFIRS) as a result of
its most recent federal or state examination;
(b) Received a satisfactory or better
Community Reinvestment Act (CRA) rating from its primary federal regulator at
its most recent examination, if the depository institution is subject to such
examination;
(c) Received a
compliance rating of 1 or 2 from its primary federal regulator at its most
recent examination;
(d) Is
well-capitalized as defined in the appropriate capital regulation and guidance
of the institution's primary federal regulator; and
(e) Is not subject to a cease and desist
order, consent order, prompt corrective action directive, written agreement,
memorandum of understanding, or other administrative agreement with its primary
federal regulator or chartering authority.
(4) An application may be removed from
expedited processing for reasons including the following:
(a) Safety and soundness concerns of the
Department dictate a more comprehensive review;
(b) Any material adverse comment is received
by the Department;
(a) Other
supervisory concerns, legal issues, or policy issues come to the attention of
the Department; or
(d) Any other
good cause exists for denial or removal.
In this event, the institution will be notified that expedited processing is not available, the reason, and instructions as to how to proceed.
(5) In
the event an applicant qualifies for expedited processing and is not removed
from expedited consideration by the Department, the expedited application will
be processed within 30 days of the Department receiving a completed
application.
Notes
State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be added as we have more versions to compare.
No prior version found.