223-A - Limitations on acquisition of a newly chartered New York bank. - New York Statutes

§ 223-a. Limitations on acquisition of a newly chartered New York bank. An acquisition transaction in which the resulting or consolidated corporation is an out-of-state bank is hereby prohibited if the effect thereof is to terminate the separate existence of a banking institution that has been chartered less than five years, unless the superintendent finds that the banking institution to be acquired was not chartered directly or indirectly by the out-of-state bank, its officers, directors or principal stockholders, or any other person in a position to exercise control over such out-of-state bank; provided, however, that the prohibitions contained in this section shall not apply if the superintendent finds that the banking institution does not have the capacity to continue to conduct its business independently in a manner consistent with the public interest and the interests of depositors, creditors, and stockholders; and provided further that the prohibitions contained in this section shall not apply to an out-of-state bank which, prior to the acquisition transaction otherwise prohibited by this section, lawfully maintained one or more branches in this state.