Kentucky Administrative Regulations › Title 808 - PUBLIC PROTECTION CABINET - DEPARTMENT OF FINANCIAL INSTITUTIONS › Chapter 15 - General › Section 808 KAR 15:040 - Multibank companies

Current through Register Vol. 51, No. 1, July 1, 2024
RELATES TO:
				KRS
				286.3-095,
				286.3-905
NECESSITY, FUNCTION, AND CONFORMITY:
				KRS
				286.1-011(2) requires the
				Department of Financial Institutions to exercise all administrative functions
				of the state in relation to the regulation, supervision, chartering, and
				licensing of banks.
				KRS
				286.3-020 authorizes the commissioner to
				approve applications for a bank or trust company charter.
				KRS
				286.3-095 and
				286.3-905
				set forth statutory procedures for filing applications by a bank holding
				company or individual to acquire control of a state-chartered bank or bank
				holding company that controls a state-chartered bank; the setting of filing and
				examination fees; and the examination of any holding company that controls a
				state-chartered bank. This administrative regulation establishes the procedures
				to be used in the application and examination processes.
Section 1.
(1)
									KRS
			 286.3-095(1), (2), and
			 KRS
			 286.3-905 shall not apply to transactions
			 involving applications filed with the Federal Reserve Board for prior approval
			 to become a one-bank holding company.
(2)
									KRS
			 286.3-905 shall apply to transactions
			 involving:
(a) Applications by a bank holding
			 company to acquire control of a state-chartered bank or to acquire control of a
			 bank holding company that controls a state-chartered bank;
(b) Applications by a bank holding company
			 that controls a state-chartered bank to acquire control of a national bank or
			 bank holding company that controls a national bank;
(c) Applications by a bank holding company
			 that controls a state-chartered bank to acquire control of a bank or bank
			 holding company not having its principal place of business in this state;
			 and
(d) Applications by a bank
			 holding company not having its principal place of business in this state to
			 acquire control of a state-chartered bank or bank holding company that controls
			 a state-chartered bank.
(3) If a proposed change occurs in the
			 outstanding voting stock of a state-chartered bank subject to
			 KRS
			 286.3-095 or
			 286.3-905
			 and a bank holding company application or change of control notice is required
			 by federal regulatory agencies, the concurrent filing of a copy of the
			 application or notice submitted to the federal regulatory agency with the
			 commissioner shall fulfill the documentation requirement of
			 KRS
			 286.3-095 or
			 286.3-905.
(4) The original bank holding company
			 application shall be filed with the commissioner concurrently with the
			 application filed with the Federal Reserve Board and shall be on the same
			 application form used by the Federal Reserve Board. All subsequent information
			 furnished by the applicant to the Federal Reserve Board shall be concurrently
			 filed with the department.
(5) A
			 complete application is which includes all information necessary for the
			 commissioner to make a decision to approve or disapprove the application
			 pursuant to
			 KRS
			 286.3-905(1) and has been
			 accepted for processing by the Federal Reserve Board.