Page:United States Statutes at Large Volume 108 Part 3.djvu/593

 PUBLIC LAW 103-328—SEPT. 29, 1994 108 STAT. 2345 least 5 years without regard to any longer minimum period of time specified in a statutory law of the host State. "(6) SHELL BANKS. —For purposes of this subsection, a bank that has been chartered solely for the purpose of, and does not open for business prior to, acquiring control of, or acquiring all or substantisdly all of the assets of, an existing bank or branch shall be deemed to have been in existence for the same period of time as the bank or branch to be acquired. " (b) PROVISIONS RELATING TO APPLICATION AND APPROVAL PROCESS. — "(1) COMPLIANCE WITH STATE FILING REQUIREMENTS.— "(A) IN GENERAL.— Any bank which files an application for an interstate merger transaction shall— "(i) comply with the filing requirements of any host State of the bank which will result from such transaction to the extent that the requirement— "(I) does not have the effect of discriminating against out-of-State banks or out-of-State bank holding companies or subsidiaries of such banks or bank holding companies; and "(II) is similar in effect to £my requirement imposed by the host State on a nonbanking corporation incorporated in another State that engages in business in the host State; and "(ii) submit a copy of the application to the State bank supervisor of the host State. "(B) PENALTY FOR FAILURE TO COMPLY.— The responsible agency may not approve an application for an interstate merger transaction if the applicfint materially fails to comply with subparagraph (A). "(2) CONCENTRATION LIMITS.— "(A) NATIONWIDE CONCENTRATION LIMITS.— The responsible agency may not approve an application for an interstate merger transaction if the resulting bank (including all insured depository institutions which are affiliates of the resulting bank), upon consummation of the transaction, would control more than 10 percent of the total amount of deposits of insured depository institutions in the United States. "(B) STATEWIDE CONCENTRATION LIMITS OTHER THAN WITH RESPECT TO INITIAL ENTRIES.— The responsible agency may not approve an application for an interstate merger transaction if— "(i) any bank involved in the transaction (including all insured depository institutions which are Eiffiliates of any such bank) has a branch in any State in which any other bank involved in the transaction has a branch; and "(ii) the resulting bank (including all insured depository institutions which would be gmfiliates of the resulting bank), upon consummation of the transaction, would control 30 percent or more of the total amount of deposits of insured depository institutions in any such State. "(C) EFFECTIVENESS OF STATE DEPOSIT CAPS.—No provision of this subsection shall be construed as affecting the authority of any State to limit, by statute, regulation, or

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