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Can you summarize Chapter 208-548 WAAC?
Financial Institutions, Department of (See also Titles 50, 419, and 460) > Acquisition of banks, trust companies, national banking associations of bank holding companies by out-of-state bank holding companies.
Short Summary
These legal documents govern the acquisition of banks, trust companies, national banking associations, or bank holding companies by out-of-state bank holding companies. They apply specifically to out-of-state bank holding companies seeking to acquire such institutions in Washington state. The documents require the applicant out-of-state bank holding company to submit various items of information with the application, including audited financial statements, statements of assets and liabilities, income and expense reports, and a business plan for the operation of the acquired institution. The applicant must also provide a list of any other pending notices filed under the Change in Bank Control Act on its behalf. Additionally, the applicant must disclose any borrowed funds used for the acquisition, including the amount and source of borrowed funds, collateral pledged, terms of the loan, and proposed source of funds for debt service. The documents also require the application to include a statement regarding the interlocking management or ownership, disclosing whether any management official of the acquiring out-of-state bank holding company or its affiliated corporations is also a management official of any other depository institution or holding company, and whether any person, partnership, or corporation owning ten percent or more of the acquiring applicant’s outstanding voting shares also owns ten percent or more of any other depository institution or holding company. The documents reference specific sections of the United States Code for definitions and requirements. No exemptions or penalties are mentioned in these documents.
Whom does it apply to?
Out-of-state bank holding companies seeking to acquire banks, trust companies, national banking associations, or bank holding companies in Washington state.
What does it govern?
The acquisition of banks, trust companies, national banking associations, or bank holding companies by out-of-state bank holding companies.
What are exemptions?
No specific exemptions are mentioned in this document.
What are the Penalties?
No specific penalties are mentioned in this document.
Jurisdiction
Washington