SB385 Alabama 2016 Session

Summary

Primary Sponsor

Mark Slade Blackwell

Republican

Session

Regular Session 2016

Title

Banks and Banking, ownership and acquisition of control, stock, approval of superintendent if certain voting securities acquired, Sec. 5-5A-44 am'd.

Description

Under existing law, the acquisition of ownership of, or the right to vote, a majority of the voting securities of a state bank constitutes the acquisition of control of a state bank. Under existing law, the acquisition of control of a state bank requires the person who seeks to acquire control to file an application with and obtain the prior approval of the Superintendent of the State Banking Department.

Under existing federal law, an application must be filed with and approval obtained from the applicable federal agency upon the acquisition of 25 percent of the voting securities of a bank and, under certain conditions, upon the acquisition of 10 percent of the voting securities.

This bill would require a person to also file an application with, and obtain the prior approval of, the Superintendent of the State Banking Department, when the person seeks to acquire 25 percent of the voting securities of a state bank and in certain conditions, upon the proposed acquisition of 10 percent of the voting securities of a state bank.

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Subjects

Banks and Banking