362.077. Certain bank holding companies may not charter de novo bank or national bank, exceptions--purpose of law--severability clause.

MISSOURI STATUTES AND CODES

362.077. Certain bank holding companies may not charter de novo bank or national bank, exceptions--purpose of law--severability clause.

Certain bank holding companies may not charter de novo bank ornational bank, exceptions--purpose of law--severability clause.

362.077. 1. Notwithstanding any provisions of law to the contrary, abank holding company all of whose bank subsidiaries' operations wereconducted in a state or states other than the state of Missouri as ofJanuary 1, 1995, may not charter de novo a bank or trust company underMissouri law or a national bank located in Missouri, and such bank holdingcompany may not acquire any such bank or trust company or a national banklocated in Missouri that has been in continuous existence for less thanfive years. Such limitation in the preceding sentence on such acquisitionof a bank or trust company shall not apply to the creation and acquisitionof an interim bank charter created to facilitate the acquisition of anexisting bank or trust company through a merger, provided such existingbank or trust company meets the requirements of the preceding sentence, andprovided such acquisition by merger is completed in two years. Suchlimitation shall also not apply to the relocation to Missouri of the mainoffice of a bank chartered under the law of another state, or a nationalbank located in another state by the creation and acquisition of an interimbank charter, provided that either category of bank, prior to January 1,1997, had its main office in Missouri and moved such office to a contiguousstate, with a branch remaining in Missouri.

2. Any state bank, trust company or national bank, already inexistence in another state, which is relocated to Missouri de novo shallcalculate the age of its bank charter for Missouri purposes as of the datesuch charter is moved to Missouri, and may not engage in an interstateacquisition or merger with the result that such charter is merged orrelocated to another state with Missouri branches of such charter remainingin Missouri, until such bank or trust company's charter is at least fiveyears old.

3. The provisions of this section are enacted to implement a stateoption permitting bank charter age requirements under the Riegle-NealInterstate Banking and Branching Efficiency Act of 1994, Public Law 103-328and to clarify such age requirements.

4. The provisions of this section are severable. In the event that acourt of competent jurisdiction shall enter a decision finding anyprovision of this section unconstitutional or otherwise invalid and if suchdecision remains in force after all appeals therefrom have been exhausted,all remaining provisions of this section shall remain in full force andeffect notwithstanding such decision and such decision shall not be givenretroactive effect by any court.