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Can you summarize NERS 8-148.09?
BANKS AND BANKING > Bank; financial institution; merger, acquisition, or asset acquisition; transactions authorized.
Short Summary
This legal document, sourced from the Nebraska Revised Statutes, governs the authority of banks to subscribe to, invest in, buy, and own stock of other financial institutions. The document outlines the conditions under which such transactions are authorized, including mergers, consolidations, and asset acquisitions. The acquiring bank must obtain prior approval from the director, and in certain cases, the transaction must occur on the same day as the acquisition of shares. The document also clarifies that banks acquiring stock of other financial institutions or companies controlling financial institutions are not considered bank holding companies under the Nebraska Bank Holding Company Act of 1995, as long as specific conditions are met. The definition of financial institution includes various entities such as banks, savings banks, credit card banks, savings and loan associations, digital asset depository institutions, building and loan associations, trust companies, and credit unions organized under state or federal laws.
Whom does it apply to?
Banks, financial institutions
What does it govern?
Bank, financial institution, merger, acquisition, or asset acquisition, transactions authorized
What are exemptions?
None mentioned
What are the Penalties?
None mentioned
Jurisdiction
Nebraska