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Can you summarize IC 28-2-14?
BANKS > Indiana Bank Holding Companies
Short Summary
This legal document, governed by the Indiana Code, specifically under the section on Indiana Bank Holding Companies, outlines the process and requirements for companies or bank holding companies seeking to acquire a bank or bank holding company. The document states that the acquiring company must file an application for approval with the department, which may accept the application, request additional information, or return the application if it is incomplete. Upon acceptance, the department conducts an investigation into the condition of the applicant and the bank or bank holding company proposed to be acquired. The department may also hold public hearings and consider various factors, such as the safe and sound operation of existing banks controlled by the applicant, financial stability, capital adequacy, and provision of services to communities. The department must approve or disapprove the proposed acquisition within a specified timeframe. The document does not mention specific penalties or exemptions. Overall, this document sets forth the regulatory framework for the acquisition of banks or bank holding companies in Indiana.
Whom does it apply to?
Companies or bank holding companies seeking to acquire a bank or bank holding company in Indiana
What does it govern?
Acquisition of banks or bank holding companies in Indiana
What are exemptions?
Shares held in a fiduciary capacity, shares acquired in connection with underwriting of securities, shares acquired in the course of a proxy solicitation, shares acquired in securing or collecting a debt previously contracted in good faith
What are the Penalties?
No specific penalties mentioned
Jurisdiction
Indiana