Ask Reggi Your Question Now
Can you summarize MORS 362.920?
Banks and Trust Companies > Procedure to obtain order allowing acquisition duty of director.
Short Summary
This legal document governs the procedure for obtaining an order allowing the acquisition of control of a bank or a bank holding company. It applies to bank holding companies seeking to acquire control of a bank or a bank holding company. The document requires the bank holding company to file an application with the division of finance, including supplemental data, to determine the lawfulness of the acquisition. The director of finance will issue an order within thirty days, declaring the acquisition to be lawful or unlawful. The director also evaluates if the proposed acquisition is consistent with promoting and maintaining a sound banking system, trust companies, and the security of deposits. If the director determines that the proposed acquisition is not consistent with these objectives, objections will be communicated to the Board of Governors of the Federal Reserve System. The document provides an exemption for acquisitions made to prevent the imminent failure of a bank at the request of the director of finance, the Federal Deposit Insurance Corporation, or the Board of Governors of the Federal Reserve System. No specific penalties are mentioned in this document.
Whom does it apply to?
Bank holding companies seeking to acquire control of a bank or a bank holding company
What does it govern?
Acquisition of control of a bank or a bank holding company
What are exemptions?
The provisions do not apply in the case of the acquisition of a bank or bank holding company acquired at the request of the director of finance, the Federal Deposit Insurance Corporation, or the Board of Governors of the Federal Reserve System in order to prevent the imminent failure of a bank.
What are the Penalties?
No specific penalties mentioned.
Jurisdiction
Missouri