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Can you summarize MORS 362.915?
Banks and Trust Companies > Limitation on bank holding company total deposits, how computed.
Short Summary
This provision, found in the Revised Statutes of Missouri under the section for Banks and Trust Companies, sets a limitation on bank holding companies in relation to total deposits. It prohibits a bank holding company from obtaining control of any bank or depository financial institution if the total deposits in such bank or institution, along with the total deposits in all banks and depository financial institutions in Missouri controlled by the bank holding company, exceed thirteen percent of the total deposits in all depository financial institutions in the state. The determination of total deposits is based on the figures available as of December thirty-first of the most recent year. The provision also clarifies that ‘depository financial institution’ refers to any financial institution that accepts deposits and can protect its customers’ funds through federal government insurance. When calculating the total bank deposits, certain types of deposits are deducted, including certificates of deposit of one hundred thousand dollars or more, deposits from sources outside the United States, and deposits of banks not controlled by the bank holding company.
Whom does it apply to?
Bank holding companies and depository financial institutions in Missouri
What does it govern?
Limitation on bank holding company total deposits, how computed
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Missouri