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12 U.S.C. § 214 (BANKS AND BANKING)
§ 214. Definitions
(a) As used in this subchapter and section 321 of this title the term “State bank” means any bank, banking association, trust company, savings bank (other than a mutual savings bank), or other banking institution which is engaged in the business of receiving deposits and which is incorporated under the laws of any State, any Territory of the United States, Puerto Rico, or the Virgin Islands, or which is operating under the Code of Law for the District of Columbia.
(b) For purposes of merger or consolidation under this subchapter and section 321 of this title the term “national banking association” means one or more national banking associations, and the term “State bank” means one or more State banks.
(Aug. 17, 1950, ch. 729, § 1, 64 Stat. 455; Sept. 3, 1954, ch. 1263, § 24, 68 Stat. 1234; Pub. L. 109–351, title VII, § 725(f), Oct. 13, 2006, 120 Stat. 2002; Pub. L. 109–356, title I, § 123(f), Oct. 16, 2006, 120 Stat. 2029.)
heading: Amendments
text: 2006—Subsec. (a). Pub. L. 109–351 and 109–356 amended subsec. (a) identically, striking out “(except a national banking association)” before period at end.
1954—Act Sept. 3, 1954, substituted “this subchapter and section 321 of this title” for “sections 214 to 214c, 264(e)(2), (i)(2), (v)(4), and 321 of this title” wherever appearing.
heading: Separability
text: Act Aug. 17, 1950, ch. 729, § 9, 64 Stat. 458, provided that: “If any provision of this Act [enacting this subchapter and amending of sections 264 and 321 of this title], or the application thereof to any person or circumstance, is held invalid, the remainder of the Act and the application of such provision to other persons or circumstances shall not be affected thereby.”
12 U.S.C. § 214b (BANKS AND BANKING)
§ 214b. Continuation of business and corporate entity
The franchise of a national banking association as a national banking association shall automatically terminate when its conversion into or its merger or consolidation with a State bank under a State charter is consummated and the resulting State bank shall be considered the same business and corporate entity as the national banking association, although as to rights, powers, and duties the resulting bank is a State bank. Any reference to such national banking association in any contract, will, or document shall be considered a reference to the State bank if not inconsistent with the provisions of the contract, will, or document or applicable law.
(Aug. 17, 1950, ch. 729, § 3, 64 Stat. 456.)
12 U.S.C. § 214c (BANKS AND BANKING)
§ 214c. Conversions in contravention of State law
No conversion of a national banking association into a State bank or its merger or consolidation with a State bank shall take place under this subchapter and section 321 of this title in contravention of the law of the State in which the national banking association is located; and no such conversion, merger, or consolidation shall take place under said sections unless under the law of the State in which such national banking association is located State banks may without approval by any State authority convert into and merge or consolidate with national banking associations under limitations or conditions no more restrictive than those contained in section 214a of this title with respect to the conversion of a national bank into, or merger or consolidation of a national bank with, a State bank under State charter.
(Aug. 17, 1950, ch. 729, § 4, 64 Stat. 456; July 12, 1952, ch. 696, 66 Stat. 590; Sept. 3, 1954, ch. 1263, § 25, 68 Stat. 1235.)
heading: Amendments
text: 1954—Act Sept. 3, 1954, substituted “this subchapter and section 321 of this title” for “sections 214 to 214c, 264(e)(2), (i)(2), (v)(4), and 321 of this title”.
1952—Act July 12, 1952, amended section so that the limitation of this section beyond which State law cannot go will be measured by the standard set out in section 214a of this title for National-to-State conversions.
12 U.S.C. § 214d (BANKS AND BANKING)
§ 214d. Prohibition on conversion
A national banking association may not convert to a State bank or State savings association during any period in which the national banking association is subject to a cease and desist order (or other formal enforcement order) issued by, or a memorandum of understanding entered into with, the Comptroller of the Currency with respect to a significant supervisory matter.
(Aug. 17, 1950, ch. 729, § 10, as added Pub. L. 111–203, title VI, § 612(a), July 21, 2010, 124 Stat. 1612.)
heading: Effective Date
text: Section effective 1 day after July 21, 2010, except as otherwise provided, see section 4 of Pub. L. 111–203, set out as a note under section 5301 of this title.
12 U.S.C. § 215a–1 (BANKS AND BANKING)
§ 215a–1. Interstate consolidations and mergers
(a) In general
A national bank may engage in a consolidation or merger under this subchapter with an out-of-State bank if the consolidation or merger is approved pursuant to section 1831u of this title.
(b) Scope of application
Subsection (a) of this section shall not apply with respect to any consolidation or merger before June 1, 1997, unless the home State of each bank involved in the transaction has in effect a law described in section 1831u(a)(3) of this title.
(c) Definitions
The terms “home State” and “out-of-State bank” have the same meaning as in section 1831u(f) 1 of this title.
(Nov. 7, 1918, ch. 209, § 4, as added Pub. L. 103–328, title I, § 102(b)(4)(D), Sept. 29, 1994, 108 Stat. 2351.)
heading: References in Text
text: Section 1831u of this title, referred to in subsec. (c), was subsequently amended, and subsec. (f) of section 1831u no longer defines the terms “home State” and “out-of-State bank”. However, such terms are defined elsewhere in that section.
12 U.S.C. § 215a–2 (BANKS AND BANKING)
§ 215a–2. Expedited procedures for certain reorganizations
(a) In general
A national bank may, with the approval of the Comptroller, pursuant to rules and regulations promulgated by the Comptroller, and upon the affirmative vote of the shareholders of such bank owning at least two-thirds of its capital stock outstanding, reorganize so as to become a subsidiary of a bank holding company or of a company that will, upon consummation of such reorganization, become a bank holding company.
(b) Reorganization plan
A reorganization authorized under subsection (a) of this section shall be carried out in accordance with a reorganization plan that—
(1) specifies the manner in which the reorganization shall be carried out;
(2) is approved by a majority of the entire board of directors of the national bank;
(3) specifies—
(A) the amount of cash or securities of the bank holding company, or both, or other consideration to be paid to the shareholders of the reorganizing bank in exchange for their shares of stock of the bank;
(B) the date as of which the rights of each shareholder to participate in such exchange will be determined; and
(C) the manner in which the exchange will be carried out; and
(4) is submitted to the shareholders of the reorganizing bank at a meeting to be held on the call of the directors in accordance with the procedures prescribed in connection with a merger of a national bank under section 215a of this title.
(c) Rights of dissenting shareholders
If, pursuant to this section, a reorganization plan has been approved by the shareholders and the Comptroller, any shareholder of the bank who has voted against the reorganization at the meeting referred to in subsection (b)(4) of this section, or has given notice in writing at or prior to that meeting to the presiding officer that the shareholder dissents from the reorganization plan, shall be entitled to receive the value of his or her shares, as provided by section 215a of this title for the merger of a national bank.
(d) Effect of reorganization
The corporate existence of a national bank that reorganizes in accordance with this section shall not be deemed to have been affected in any way by reason of such reorganization.
(e) Approval under the Bank Holding Company Act
This section does not affect in any way the applicability of the Bank Holding Company Act of 1956 [12 U.S.C. 1841 et seq.] to a transaction described in subsection (a) of this section.
(Nov. 7, 1918, ch. 209, § 5, as added Pub. L. 106–569, title XII, § 1204(2), Dec. 27, 2000, 114 Stat. 3033.)
heading: References in Text
text: The Bank Holding Company Act of 1956, referred to in subsec. (e), is act May 9, 1956, ch. 240, 70 Stat. 133, as amended, which is classified principally to chapter 17 (§ 1841 et seq.) of this title. For complete classification of this Act to the Code, see Short Title note set out under section 1841 of this title and Tables.
12 U.S.C. § 215a–3 (BANKS AND BANKING)
§ 215a–3. Mergers and consolidations with subsidiaries and nonbank affiliates
(a) In general
Upon the approval of the Comptroller, a national bank may merge with one or more of its nonbank subsidiaries or affiliates.
(b) Scope
Nothing in this section shall be construed—
(1) to affect the applicability of section 1828(c) of this title; or
(2) to grant a national bank any power or authority that is not permissible for a national bank under other applicable provisions of law.
(c) Regulations
The Comptroller shall promulgate regulations to implement this section.
(Nov. 7, 1918, ch. 209, § 6, as added Pub. L. 106–569, title XII, § 1206, Dec. 27, 2000, 114 Stat. 3034.)
12 U.S.C. § 215b (BANKS AND BANKING)
§ 215b. Definitions
As used in this subchapter, the term—
(1) “State bank” means any bank, banking association, trust company, savings bank (other than a mutual savings bank), or other banking institution which is engaged in the business of receiving deposits and which is incorporated under the laws of any State, or which is operating under the Code of Law for the District of Columbia;
(2) “State” means the several States and Territories, the Commonwealth of Puerto Rico, the Virgin Islands, and the District of Columbia;
(3) “Comptroller” means the Comptroller of the Currency; and
(4) “Receiving association” means the national banking association into which one or more national banking associations or one or more State banks, located within the same State, merge.
(Nov. 7, 1918, ch. 209, § 7, formerly § 3, as added Pub. L. 86–230, § 20, Sept. 8, 1959, 73 Stat. 465; renumbered § 5, Pub. L. 103–328, title I, § 102(b)(4)(B), Sept. 29, 1994, 108 Stat. 2351; renumbered § 7, Pub. L. 106–569, title XII, § 1204(1), Dec. 27, 2000, 114 Stat. 3033; amended Pub. L. 109–351, title VII, § 725(e), Oct. 13, 2006, 120 Stat. 2002; Pub. L. 109–356, title I, § 123(e), Oct. 16, 2006, 120 Stat. 2029.)
heading: Codification
text: Provisions similar to those comprising this section were contained in section 5 of act Nov. 7, 1918, ch. 209, as added July 14, 1952, ch. 722, § 1, 66 Stat. 601 (formerly classified to section 34c of this title), prior to the complete amendment and renumbering of act Nov. 7, 1918, by Pub. L. 86–230.
heading: Amendments
text: 2006—Par. (1). Pub. L. 109–351 and 109–356 amended par. (1) identically, striking out “(except a national banking association located in the District of Columbia)” before semicolon at end.
12 U.S.C. § 215c (BANKS AND BANKING)
§ 215c. Mergers, consolidations, and other acquisitions authorized
(a) In general
Subject to sections 1815(d)(3) 1 and 1828(c) of this title and all other applicable laws, any national bank may acquire or be acquired by any insured depository institution.
(b) Expedited approval of acquisitions
(1) In general
Any application by a national bank to acquire or be acquired by another insured depository institution which is required to be filed with the Comptroller of the Currency under any applicable law or regulation shall be approved or disapproved in writing by the agency before the end of the 60-day period beginning on the date such application is filed with the agency.
(2) Extensions of period
The period for approval or disapproval referred to in paragraph (1) may be extended for an additional 30-day period if the Comptroller of the Currency determines that—
(A) an applicant has not furnished all of the information required to be submitted; or
(B) in the Comptroller’s judgment, any material information submitted is substantially inaccurate or incomplete.
(c) Rule of construction
No provision of this section shall be construed as authorizing a national bank or a subsidiary of a national bank to engage in any activity not otherwise authorized under this Act 1 or any other law governing the powers of national banks.
(d) “Acquire” defined
For purposes of this section, the term “acquire” means to acquire, directly or indirectly, ownership or control through a merger or consolidation or an acquisition of assets or assumption of liabilities, provided that following such merger, consolidation, or acquisition, an acquiring insured depository institution may not own the shares of the acquired insured depository institution.
(R.S. § 5156A, as added Pub. L. 102–242, title V, § 502(b), Dec. 19, 1991, 105 Stat. 2393; amended Pub. L. 104–208, div. A, title II, § 2201(b)(1), Sept. 30, 1996, 110 Stat. 3009–403.)
heading: References in Text
text: Section 1815(d)(3) of this title, referred to in subsec. (a), which related to optional conversions by insured depository institutions subject to special rules on deposit insurance payments, was struck out and former section 1815(d)(1)(C) redesignated section 1815(d)(3) by Pub. L. 109–173, § 8(a)(4), (5)(D), Feb. 15, 2006, 119 Stat. 3610, 3611.
This Act, referred to in subsec. (c), probably means the National Bank Act, act June 3, 1864, ch. 106, 13 Stat. 99, as amended, which is classified principally to chapter 2 (§ 21 et seq.) of this title. For complete classification of this Act to the Code, see References in Text note set out under section 38 of this title.
heading: Codification
text: Section was not enacted as part of act Nov. 7, 1918, ch. 209, as added Sept. 8, 1959, Pub. L. 86–230, § 20, 73 Stat. 460, which comprises this subchapter.
heading: Amendments
text: 1996—Subsec. (b)(1). Pub. L. 104–208 substituted “under any applicable law” for “by section 1815(d)(3) of this title or any other applicable law”.
12 U.S.C. § 216 (BANKS AND BANKING)
§ 216. Purpose
The purpose of this subchapter is to dispose of unclaimed property in the possession, custody, or control of the Comptroller of the Currency by—
(1) providing final notice of the availability of unclaimed property from closed national banks;
(2) barring rights of claimants to obtain such property from the Comptroller after a reasonable period of time following such notice; and
(3) authorizing the Comptroller to dispose of such property for which no claims have been filed and validated under this subchapter.
(Pub. L. 96–221, title VII, § 731, as added Pub. L. 97–320, title IV, § 408, Oct. 15, 1982, 96 Stat. 1513; amended Pub. L. 109–351, title VII, § 725(c)(1), Oct. 13, 2006, 120 Stat. 2001; Pub. L. 109–356, title I, § 123(c)(1), Oct. 16, 2006, 120 Stat. 2029.)
heading: Amendments
text: 2006—Par. (1). Pub. L. 109–351 and 109–356 amended par. (1) identically, striking out “and closed banks in the District of Columbia” before semicolon at end.
12 U.S.C. § 216a (BANKS AND BANKING)
§ 216a. Definitions
For purposes of this subchapter—
(1) the term “Comptroller” means the Comptroller of the Currency;
(2) the term “unclaimed property” means any articles, items, assets, other property, or the proceeds thereof from safe deposit boxes or other safekeeping arrangements with closed national banks, which are in the possession, custody, or control of the Comptroller in its capacity as successor to receivers of those banks; and
(3) the term “claimant” means any person or entity, including a State under applicable statutory law, asserting a demonstrable legal interest in title to, or custody or possession of, unclaimed property.
(Pub. L. 96–221, title VII, § 732, as added Pub. L. 97–320, title IV, § 408, Oct. 15, 1982, 96 Stat. 1513; amended Pub. L. 109–351, title VII, § 725(c)(2), Oct. 13, 2006, 120 Stat. 2001; Pub. L. 109–356, title I, § 123(c)(2), Oct. 16, 2006, 120 Stat. 2029.)
heading: Amendments
text: 2006—Par. (2). Pub. L. 109–351 and 109–356 amended par. (2) identically, striking out “or closed banks in the District of Columbia” after “closed national banks”.
12 U.S.C. § 216c (BANKS AND BANKING)
§ 216c. Rules and regulations
The Comptroller may issue rules and regulations necessary or appropriate to carry out this subchapter.
(Pub. L. 96–221, title VII, § 734, as added Pub. L. 97–320, title IV, § 408, Oct. 15, 1982, 96 Stat. 1515.)
12 U.S.C. § 216d (BANKS AND BANKING)
§ 216d. Severability
If any provision of this subchapter or the application of such provision to any person or circumstance is held invalid, the remainder of this subchapter and the application of such provision to other persons or circumstances shall not be affected thereby.
(Pub. L. 96–221, title VII, § 735, as added Pub. L. 97–320, title IV, § 408, Oct. 15, 1982, 96 Stat. 1515.)
12 U.S.C. § 221 (BANKS AND BANKING)
§ 221. Definitions
Wherever the word “bank” is used in this chapter, the word shall be held to include State bank, banking association, and trust company, except where national banks or Federal reserve banks are specifically referred to. For purposes of this chapter, a State bank includes any bank which is operating under the Code of Law for the District of Columbia.
The terms “national bank” and “national banking association” used in this chapter shall be held to be synonymous and interchangeable. The term “member bank” shall be held to mean any national bank, State bank, or bank or trust company which has become a member of one of the Federal reserve banks. The term “board” shall be held to mean Board of Governors of the Federal Reserve System; the term “district” shall be held to mean Federal reserve district; the term “reserve bank” shall be held to mean Federal reserve bank; the term “the continental United States” means the States of the United States and the District of Columbia.
The terms “bonds and notes of the United States”, “bonds and notes of the Government of the United States”, and “bonds or notes of the United States” used in this chapter shall be held to include certificates of indebtedness and Treasury bills issued under section 3104 of title 31.
(Dec. 23, 1913, ch. 6, § 1 (pars.), 38 Stat. 251; Aug. 23, 1935, ch. 614, title II, § 203(a), 49 Stat. 704; Pub. L. 86–70, § 8(a), June 25, 1959, 73 Stat. 142; Pub. L. 97–258, § 2(c), Sept. 13, 1982, 96 Stat. 1058; Pub. L. 109–351, title VII, § 725(a)(1), Oct. 13, 2006, 120 Stat. 2001; Pub. L. 109–356, title I, § 123(a)(1), Oct. 16, 2006, 120 Stat. 2028.)
heading: References in Text
text: This chapter, referred to in text, was in the original “this Act”, meaning act Dec. 23, 1913, ch. 6, 38 Stat. 251, as amended, known as the Federal Reserve Act. For complete classification of this Act to the Code, see References in Text note set out under section 226 of this title and Tables.
heading: Codification
text: This section is comprised of the second to fourth pars. of section 1 of act Dec. 23, 1913. The first par. of section 1 is classified to section 226 of this title.
heading: Amendments
text: 2006—Pub. L. 109–351 and 109–356 amended section identically, inserting “For purposes of this chapter, a State bank includes any bank which is operating under the Code of Law for the District of Columbia.” at end of first par.
1982—Pub. L. 97–258 inserted provisions defining “bonds and notes of the United States”, “bonds and notes of the Government of the United States”, and “bonds or notes of the United States”. These provisions are based on acts Sept. 24, 1917, ch. 56, § 5(c), 40 Stat. 290; Apr. 4, 1918, ch. 44, § 4, 40 Stat. 504; Mar. 3, 1919, ch. 100, § 3, 40 Stat. 1311; restated June 17, 1929, ch. 26, 46 Stat. 20 (former 31 U.S.C. 754(c)).
1959—Pub. L. 86–70 inserted definition of “the continental United States”.
heading: Change of Name
text: Section 203(a) of act Aug. 23, 1935, changed name of Federal Reserve Board to Board of Governors of the Federal Reserve System.
12 U.S.C. § 223 (BANKS AND BANKING)
§ 223. Number of Federal reserve cities in district
A Federal reserve district shall contain only one Federal reserve city.
(Dec. 23, 1913, ch. 6, § 2 (part), 38 Stat. 251.)
heading: Codification
text: Section is based on part of the first par. of section 2 of act Dec. 23, 1913. Some of the other provisions of the first par. are classified to section 222 of this title, and some were not included in the Code. For classification of other pars. of section 2 of this Act, see Codification note under section 222 of this title.
12 U.S.C. § 224 (BANKS AND BANKING)
§ 224. Status of reserve cities under former statutes
The organization of reserve districts and Federal reserve cities shall not be construed as changing the present status of reserve cities except in so far as this chapter changes the amount of reserves that may be carried with approved reserve agents located therein.
(Dec. 23, 1913, ch. 6, § 2 (part), 38 Stat. 253; Pub. L. 86–114, § 3(b)(5), July 28, 1959, 73 Stat. 264.)
heading: References in Text
text: This chapter, referred to in text, was in the original “this Act”, meaning act Dec. 23, 1913, ch. 6, 38 Stat. 251, as amended, known as the Federal Reserve Act. For complete classification of this Act to the Code, see References in Text note set out under section 226 of this title and Tables.
heading: Codification
text: Section is comprised of part of the thirteenth par. of section 2 of act Dec. 23, 1913. Some of the other provisions of the thirteenth par. are classified to section 281 of this title, and some were not included in the Code. For classification of other pars. of section 2 of this Act, see Codification note set out under section 222 of this title.
heading: Amendments
text: 1959—Pub. L. 86–114 struck out “and central reserve cities” after “reserve cities”.
heading: Effective Date of 1959 Amendment
text: Amendment by Pub. L. 86–114 effective three years after July 28, 1959, see section 3(b) of Pub. L. 86–114, set out as a Central Reserve and Reserve Cities note under former section 141 of this title.
heading: Prior Provisions
text: Provisions relating to reserve cities and central reserve cities were contained in R.S. §§ 5191, 5192, and act Mar. 3, 1887, ch. 378, §§ 1, 2, 24 Stat. 559, 560.
12 U.S.C. § 225 (BANKS AND BANKING)
§ 225. Federal reserve banks; title
A Federal reserve bank shall include in its title the name of the city in which it is situated, as “Federal Reserve Bank of Chicago.”
(Dec. 23, 1913, ch. 6, § 2 (part), 38 Stat. 252.)
heading: Codification
text: Section is based on part of the second par. of section 2 of act Dec. 23, 1913. The rest of the second par. was not included in the Code. For classification of other pars. of section 2 of this Act, see Codification note set out under section 222 of this title.