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Can you summarize 5 DEAC 800?
Banking > Acquisition of Interests in Banking Institutions Bank Holding Companies
Short Summary
The provided legal document content covers various aspects related to the acquisition of interests in banking institutions, specifically focusing on out-of-state entities seeking to acquire Delaware savings banks or savings and loan holding companies. The document outlines the application process, including the filing of the application, required exhibits, and fees with the Office of the State Bank Commissioner. It also highlights the requirement for public notice, examination of the application, and submission of comments. A public hearing is conducted to review the application and gather evidence. The Commissioner or the Commissioner’s designee issues preliminary findings of fact and law, allowing parties to submit exceptions, comments, and arguments. The document also includes provisions for requesting confidentiality of specific information in the application. Additionally, the document addresses the waiver of conditions for banks, specifying the conditions for which a waiver can be sought and the accompanying information and fees required. The State Bank Commissioner considers the convenience and needs of the public in the state when making a decision on the waiver application. Furthermore, the document establishes procedures for the creation of Delaware bank holding companies, applicable to bank holding companies with bank subsidiaries in Delaware. The regulation outlines the application process, required information, and considerations such as the financial history of the applicant and the impact on competition in Delaware. The document also mentions the possibility of public notice and a public hearing. No specific exemptions or penalties are mentioned in these documents.
Whom does it apply to?
Out-of-state savings institutions, out-of-state savings and loan holding companies, out-of-state bank holding companies, their subsidiaries, banks seeking a waiver of conditions, bank holding companies with bank subsidiaries in Delaware
What does it govern?
Acquisition of interests in banking institutions, application process for out-of-state entities to acquire Delaware savings banks or savings and loan holding companies, waiver of conditions for banks, creation of Delaware bank holding companies
What are exemptions?
No specific exemptions are mentioned.
What are the Penalties?
No specific penalties are mentioned.
Jurisdiction
Delaware