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Can you summarize IC 28-2-16?
BANKS > Foreign Bank Holding Companies
Short Summary
This legal document, governed by the Indiana Code, specifically under the Financial Institutions section related to banks, outlines the process and requirements for a foreign bank holding company to acquire an Indiana bank or Indiana bank holding company. The document states that the foreign bank holding company must file an application for approval with the department, which will then conduct an investigation into the condition of the applicant and the bank or bank holding company proposed to be acquired. The department may request additional information and hold public hearings if necessary. The department will consider various factors in deciding whether to approve the acquisition, including the safe and sound operation of banks controlled by the applicant, the financial stability of the proposed acquisition, and the provision of adequate services to communities. The department must either approve or disapprove the acquisition within a specified timeframe. The document also mentions that the department may impose conditions and restrictions on the acquisition, which would apply to the foreign bank holding company based on the regulations in the state where it has its principal place of business. Overall, this document sets out the application, investigation, and decision-making process for foreign bank holding companies seeking to acquire Indiana banks or bank holding companies.
Whom does it apply to?
Foreign bank holding companies, Indiana banks, Indiana bank holding companies
What does it govern?
Acquisition of Indiana banks or Indiana bank holding companies by foreign bank holding companies
What are exemptions?
No specific exemptions are mentioned.
What are the Penalties?
No specific penalties are mentioned.
Jurisdiction
Indiana