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Can you summarize NERS 8-910?
BANKS AND BANKING > Unlawful acts; authorized ownership or control of banks; limitation.
Short Summary
This legal document, part of the Nebraska Revised Statutes governing banks and banking, prohibits certain actions related to the ownership or control of banks. It is unlawful for any action to be taken that causes a company to become a bank holding company, a bank to become a subsidiary of a bank holding company, a bank holding company to acquire more than twenty-five percent ownership or control of a bank, a bank holding company or subsidiary to acquire all or substantially all of a bank’s assets, or a bank holding company to merge or consolidate with another bank holding company. However, there are exemptions for registered bank holding companies, bank holding companies with non-deceptive names, adequately capitalized and managed bank holding companies, compliant bank holding companies for banks chartered in Nebraska, and compliant out-of-state bank holding companies. The document also specifies that if a person or entity owns or controls twenty-five percent or more of the voting stock of a bank holding company acquiring a bank and also owns or controls twenty-five percent or more of the voting stock of another bank or bank holding company in Nebraska, the total deposits of the other bank(s) and all banks owned or controlled by the acquiring bank holding company in Nebraska must be included in the computation of total deposits. There are additional exceptions for certain acquisitions or formations of banks or bank holding companies and for banks accepting deposits from nonresidents of Nebraska and segregating the reporting of such deposits. The document references other sections of the Nebraska Banking Act and various laws passed in different years.
Whom does it apply to?
Bank holding companies, banks, and subsidiaries
What does it govern?
Unlawful acts related to ownership or control of banks
What are exemptions?
Registered bank holding companies, bank holding companies with non-deceptive names, adequately capitalized and managed bank holding companies, compliant bank holding companies for banks chartered in Nebraska, compliant out-of-state bank holding companies
What are the Penalties?
Not specified
Jurisdiction
Nebraska