81-23-11 - Filing of application; criteria for approval. - Mississippi Statutes

§ 81-23-11. Filing of application; criteria for approval.
 

Not later than the date on which the required application is filed with the responsible federal bank supervisory agency, a Mississippi state bank seeking to establish one or more branches in a state other than the State of Mississippi pursuant to an interstate branching transaction, or other exercise, shall file an application on a form prescribed by the commissioner and pay the fee prescribed by the commissioner. The applicant Mississippi state bank shall also comply with any other applicable Mississippi statutes. If the commissioner finds that: 
 

(a) The proposed transaction will not be detrimental to the safety and soundness of the applicant, 

(b) Any new officers and directors of the applicant or the resulting bank are qualified by character, experience, and financial responsibility to direct and manage the bank, and 

(c) The proposed transaction is consistent with the convenience and needs of the communities to be served by the applicant or the resulting bank in the State of Mississippi and is otherwise in the public interest, the commissioner shall approve the transaction and the operation of branches outside of the State of Mississippi by the applicant or the resulting bank. Such a transaction may be consummated only after the applicant or the resulting bank has received the commissioner's written approval. 
 

Sources: Laws,  1996, ch. 441, § 7, eff from and after May 1, 1997.