Ga. Comp. R. & Regs. R. 80-6-1-.09 - Non-Banking Acquisitions

(1) Whenever a Georgia bank holding company or a holding company owning a Georgia bank plans to engage in, or to acquire shares of stock in a company to be or which is currently engaged in, non-banking activities, the Department shall be notified of such intention contemporaneously with the filing of any application with the Federal Reserve System for approval to engage in such activities or acquire such shares. In the event such approval is not required, the Department shall be notified of such intention within ten (10) days after the Board of Directors of the holding company authorizes such specific activities or acquisition or, alternatively, contemporaneously with any notice of engagement in such activities or acquisitions is filed with the Federal Reserve.

(2) Notice to the Department required pursuant to Section (1) of this Rule shall be in letter form and, insofar as is known at the time, shall state the following:

(a) Name and principal location of the company to be acquired, if any;

(b) Number of shares to be acquired, percentage of shares to be acquired to total shares outstanding, and price to be paid for such shares;

(c) Sources of funds to be used to pay for such shares and, if borrowed funds are to be used, the terms of any borrowings;

(d) Statement of Assets and Liabilities and Statement of Income for the most recent fiscal year and year-to-date on the company to be acquired or to otherwise be engaged in non-banking activities;

(e) Nature of business in which company is engaged or is to be engaged; and

(f) Description of additional markets to be served and additional nonbanking activities to be performed.

(3) In the event an application or notice to the Federal Reserve is required, a bank holding company may provide only a copy of that application or notice to the Department in lieu of the information required in Paragraph 2.

Notes

Ga. Comp. R. & Regs. R. 80-6-1-.09

O.C.G.A. § 7-1-61.

Original Rule entitled "Hearings" was filed on June 8, 1976; effective June 28, 1976. Repealed: New Rule of same title adopted. F. Oct. 12, 1989; eff. Nov. 1, 1989. Amended: F. July 14, 1998; eff. August 3, 1998. Amended: New title, "Non-Banking Acquisitions." F. Dec. 16, 2021; eff. Jan. 5, 2022. Amended: F. July 7, 2022; eff. July 27, 2022.