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District of Columbia Code Division V. Local Business Affairs § 26-734. Interstate branching by de novo entry or acquisition into the District.

Current as of January 01, 2024 | Updated by Findlaw Staff

(a) An out-of-state bank (“applicant”) that does not maintain a branch within the District may establish and maintain a de novo branch or may acquire a branch within the District provided the applicant meets the following requirements:

(1) Submits to the Superintendent [Commissioner] a copy of the application it files with its home state supervisor or with the appropriate federal agency in order to establish such branch within the District;

(2) Pays a branching fee to be determined by the Superintendent [Commissioner]; and

(3)(A) In the case of a de novo branch to be established prior to June 1, 1997, the laws of the home state of the applicant permit District banks to establish and maintain de novo branches in that state under terms similar to those set forth in this subchapter; or

(B) In the case of a branch to be established through acquisition of a branch prior to June 1, 1997, the laws of the home state of the applicant permit District banks to establish and maintain branches in that state through the acquisition of branches under terms similar to those set forth in this subchapter.

(b) An out-of-state state bank that establishes and maintains a branch in the District may exercise, at such branch, all rights and powers permitted to be exercised by District state banks unless the out-of-state state bank's home state determines that the exercise of such rights or powers would threaten the safety and soundness of the out-of-state state bank.

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Cite this article: FindLaw.com - District of Columbia Code Division V. Local Business Affairs § 26-734. Interstate branching by de novo entry or acquisition into the District. - last updated January 01, 2024 | https://codes.findlaw.com/dc/division-v-local-business-affairs/dc-code-sect-26-734/

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