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Can you summarize TNRR 0180-15?
Financial Institutions > Rules Pertaining to Acquisitions for Financial Institutions and Holding Companies
Short Summary
These documents pertain to the rules and regulations governing acquisitions for financial institutions and holding companies in the state of Tennessee. The rules establish application or notification procedures for direct or indirect acquisitions and aim to monitor compliance with the deposit cap. They prohibit bank holding companies from acquiring a Tennessee bank if it would result in controlling 30% or more of insured deposits in the state. The rules also prohibit the acquisition of a bank that has not been in operation for five years, subject to exemptions. The documents define various terms such as ‘Acquire’, ‘In-State Financial Institution’, ‘Out-of-State Financial Institution’, ‘Out-of-State Holding Company’, and ‘Tennessee Holding Company’. They outline the application requirements for acquiring Tennessee state-chartered financial institutions and specify the procedures for Tennessee bank holding companies or Tennessee-chartered banks seeking to acquire out-of-state financial institutions. The documents also specify the notification requirements for out-of-state holding companies, Tennessee holding companies, and out-of-state or in-state financial institutions seeking to acquire national banks, federal savings associations, federal savings banks, or other banks, savings associations, or savings banks. The authority for these rules is derived from specific sections of the Tennessee Code Annotated. The documents were originally filed on December 28, 1990, with subsequent amendments filed on December 31, 1996, and January 21, 1998.
Whom does it apply to?
Out-of-state holding companies, Tennessee holding companies, out-of-state or in-state financial institutions, Tennessee state-chartered financial institutions, Tennessee bank holding companies, Tennessee-chartered banks, and out-of-state financial institutions
What does it govern?
Acquisitions for financial institutions and holding companies
What are exemptions?
No specific exemptions are mentioned in this document.
What are the Penalties?
No specific penalties are mentioned in this document.
Jurisdiction
Tennessee