MCA Chapter 8

in effect

Miss. Code Ann. § 81-8-1 Definitions.

For the purposes of this chapter, the following words shall have the following meanings: The term “acquire” means: The merger or consolidation of one bank holding company with another; The acquisition by a bank holding company of the direct or indirect ownership or control of voting shares of a bank or of another bank holding company if, after such acquisition, such bank holding company will directly or indirectly own or control more than five percent (5%) of any class of voting shares of such bank holding company or bank; The direct or indirect acquisition by a bank holding company of all or substantially all of the assets of a bank or of another bank holding company; or Any other action that would result in the direct or indirect control by a bank holding company of a bank or of another bank holding company. “Bank” means any “insured bank” as such term is defined in Section 3(h) of the Federal Deposit Insurance Act, 12 USCS Section 1813(h), or any institution eligible to become an insured bank as such term is defined therein, which, in either event: Accepts deposits that the depositor has a legal right to withdraw on demand; and Engages in the business of making commercial loans. “Banker’s bank” has the same meaning as the term is defined in 12 USCS Section 24. “Banking office” means any bank, branch of a bank, or any other office at which a bank accepts deposits; however, the term “banking office” shall not include: Unmanned automatic teller machines, point of sale terminals, or other similar unmanned electronic banking facilities at which deposits may be accepted; Offices located outside the United States; or Loan production offices, representative offices or other offices at which deposits are not accepted. “Bank holding company” means any company which is a bank holding company under the federal Bank Holding Company Act of 1956, as amended, 12 USCS Section 1841(a)(1). “Commissioner” means the Commissioner of Banking and Consumer Finance as provided for in Section 81-1-61. “Control” has the meaning set forth in Section 2(a)(2) of the federal Bank Holding Company Act of 1956, as amended, 12 USCS Section 1841(a)(2). “Department” means the Mississippi Department of Banking and Consumer Finance established in Section 81-1-59. “Deposits” means all demand, time and savings deposits, without regard to the location of the depositor; provided, however, that “deposits” shall not include any deposits by banks. For purposes of this chapter, determinations of deposits shall be made by reference to regulatory reports of condition or similar reports made by or to state and federal regulatory agencies. “Mississippi bank” means a bank organized under the laws of this state, or a bank organized under the laws of the United States which has its main office in Mississippi. “Mississippi bank holding company” means a bank holding company in which the total Mississippi deposits of all bank subsidiaries of such company exceed the total deposits of such bank subsidiaries in any other state. The “principal place of business” of a bank holding company is the state in which the total deposits of the bank subsidiaries of the bank holding company are the largest, or the state designated by the bank holding company. “Out-of-state bank holding company” means a bank holding company other than a Mississippi bank holding company. “Subsidiary” means that which is set forth in Section 2(d) of the federal Bank Holding Company Act of 1956, as amended, 12 USCS Section 1841(d).

Miss. Code Ann. § 81-8-3 Acquisition of Mississippi bank or bank holding company by out-of-state bank holding company; approval by commissioner.

An out-of-state bank holding company may establish a bank in Mississippi only by acquiring a Mississippi bank or Mississippi bank holding company upon approval by the commissioner, which approval: Determines that the Mississippi bank sought to be acquired has been in existence and continuously operating for more than five (5) years or that the Mississippi bank subsidiary of the Mississippi bank holding company sought to be acquired has been in existence and continuously operating for more than five (5) years; Determines that the acquisition will not result in a violation of Sections 81-5-28, 81-7-7, 81-7-8 and 81-7-19. Determines that a copy of the completed application or applications which are filed with the appropriate federal bank regulatory authority seeking approval of the acquisition, and a consent to service of process (all on such form or forms as the commissioner by regulation may require) shall have been filed with the commissioner for at least sixty (60) days, and notice of such acquisition, specifying the name of the out-of-state bank holding company, the name of the Mississippi bank or Mississippi bank holding company sought to be acquired and a brief description of the transaction shall have been published once in a newspaper of general circulation in each county in which the Mississippi bank or the subsidiary of the Mississippi bank holding company has banking offices. Nothing in this section shall prohibit the acquisition by an out-of-state bank holding company of all or substantially all of the shares of (a) a bank organized solely for the purpose of facilitating the acquisition of a bank which has been in existence and continuously operated as a bank for more than five (5) years, or (b) a banker’s bank that has been in existence less than five (5) years, if the acquisition has otherwise been approved pursuant to this section. However, any state or federally chartered banker’s bank that is acquired by an out-of-state bank holding company as provided in this subsection shall remain a banker’s bank for a period of not less than five (5) years after the date of acquisition. Notwithstanding the foregoing or any other provision of this chapter to the contrary, a Mississippi bank may enter into an interstate branching transaction as defined by and pursuant to Chapter 23, Title 81, Mississippi Code of 1972, known as the Interstate Bank Branching Act.

Miss. Code Ann. § 81-8-5 Repealed.

Repealed by Laws, 1995, ch. 304, § 8, eff from and after the effective date of Section 101 of the Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994, Public Law 103-328 (effective at the end of the 1 year period beginning on the date of enactment, September 29, 1994). [Laws, 1986, ch. 469, § 10]

Miss. Code Ann. § 81-8-7 Applicability of state laws and rules and regulations of state agencies.

Any bank holding company which controls a Mississippi bank or a Mississippi bank holding company shall be subject to such laws of this state and such rules of its agencies relating to the acquisition, ownership and operation of banks and bank holding companies as are applicable to Mississippi bank holding companies. Any Mississippi bank which is controlled by a bank holding company that is not a Mississippi bank holding company shall be subject to all laws of this state and rules and regulations of its agencies relating to the acquisition, ownership, operation and regulation of banks and their branches as are applicable to Mississippi banks which are not controlled by such non-Mississippi bank holding companies and may establish branches pursuant to Chapter 7 of this title.

Miss. Code Ann. § 81-8-9 Cooperative agreements between department and other bank regulatory agencies.

The department is authorized to enter into cooperative agreements with other bank regulatory agencies to facilitate the regulation of banks and bank holding companies doing business in this state. The department may accept reports of examinations and other records from such other agencies in lieu of conducting its own examinations of banks controlled by bank holding companies with their principal places of business in other states. The department may take any action jointly with other regulatory agencies having concurrent jurisdiction over banks and bank holding companies doing business in this state or may take such actions independently in order to carry out its responsibilities.

Miss. Code Ann. § 81-8-11 Construction of chapter.

It is the purpose of this chapter to permit orderly development of banking institutions on a national basis in accordance with the Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994, Public Law 103-328. It is not the purpose of this chapter to authorize interstate banking on any basis other than as expressly provided in this chapter and by federal law. To that end, if any provision of this chapter pertaining to the terms, conditions and limitations of interstate acquisitions of Mississippi banks and bank holding companies is determined to be inconsistent with or contrary to any provision of federal law, such provision of this chapter shall be null and void with respect to such federal law; however, any transaction which has been lawfully consummated pursuant to this chapter prior to a determination of invalidity shall be unaffected by such determination.