20 CSR 1140-10.030 - Acquisition of Missouri-Based Banks by Holding Companies

PURPOSE: The purpose of this rule is to state the obligations under section 362.920, RSMo of a holding company wishing to acquire a Missouri-based bank.

Section 362. 915, RSMo sets a maximum size to which a holding company may grow through acquisition. Section 362.920, RSMo charges the director of finance with the responsibility of determining that the proposed acquisition is permitted under section 362.915, RSMo and to state the findings in the form of an order within thirty (30) days of receipt of the necessary information. All holding companies seeking to acquire a Missouri-based bank shall provide the director with the information necessary to make such a finding in a timely fashion whether or not an application is required by the Board of Governors of the Federal Reserve System. The director, in accordance with section 362.920.2, RSMo will also consider the impact of the proposed acquisition on the soundness of the banking system and the soundness of the holding company involved. The director will file objections, if any, with the Board of Governors of the Federal Reserve System within thirty (30) days of receipt of the information.

Notes

20 CSR 1140-10.030

AUTHORITY: sections 361.105, 362.915 and 362.920, RSMo 2000 and 362.105.1, RSMo Supp. 2001.* This rule originally filed as 4 CSR 140-10.030. Original rule filed Feb. 15, 2002, effective Aug. 30, 2002. Moved to 20 CSR 1140-10.030, effective Aug. 28, 2006.

AUTHORITY: sections 361.105, 362.915 and 362.920, RSMo 2000 and 362.105.1, RSMo Supp. 2001.* This rule originally filed as 4 CSR 140-10.030. Original rule filed Feb. 15, 2002, effective Aug. 30, 2002. Moved to 20 CSR 1140-10.030, effective Aug. 28, 2006.