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Can you summarize MSCO 81-8-3?
Regional Banking Institutions > Acquisition of Mississippi bank or bank holding company by out-of-state bank holding company; approval by commissioner.
Short Summary
This legal document governs the acquisition of a Mississippi bank or bank holding company by an out-of-state bank holding company. The approval of the commissioner is required for such acquisitions. The commissioner’s approval is contingent upon several factors, including the continuous operation of the Mississippi bank or its subsidiary for more than five years, compliance with specified sections of the law, and the filing of necessary application documents with the commissioner. Additionally, the acquisition must be publicly notified and published in newspapers. There are exemptions for the acquisition of certain banks or banker’s banks, subject to approval. This document does not mention any specific penalties for non-compliance or violation.
Whom does it apply to?
Out-of-state bank holding companies seeking to establish a bank in Mississippi by acquiring a Mississippi bank or Mississippi bank holding company
What does it govern?
Acquisition of Mississippi bank or bank holding company by out-of-state bank holding company; approval by commissioner
What are exemptions?
The acquisition of all or substantially all of the shares of a bank organized solely for the purpose of facilitating the acquisition of a bank that has been in existence for more than five years, or a banker's bank that has been in existence for less than five years, if the acquisition has otherwise been approved
What are the Penalties?
No penalties mentioned
Jurisdiction
Mississippi