Washington Administrative Code › Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460) › Chapter 208-548 - Acquisition of banks, trust companies, national banking associations of bank holding companies by out-of-state bank holding companies › Section 208-548-040 - Information required from applicant to be acquired

Current through Register Vol. 24-14, July 15, 2024
The bank, trust company, national banking association, or
						domestic bank holding company to be acquired shall include with the application
						each of the following items of information:
(a) A statement verifying that the bank,
					trust company, national banking association or domestic bank holding company to
					be acquired is in such a liquidity or financial condition as to be in danger of
					closing, failing or insolvency, setting forth with specificity the
					circumstances upon which such conclusion is based.
(b) A statement of all courses of action
					actively considered as an alternative to the proposed merger or acquisition; a
					statement of why each such course of action or combination of more than one of
					them was not taken; a statement as to why assistance available from the Federal
					Reserve Board, the Federal Deposit Insurance Corporation, or other governmental
					agency either alone or in combination with other actions is not sufficient to
					alleviate the liquidity or financial situation so as to avoid the danger of
					closing, failing or insolvency; and if known, the course or courses of action
					which will be taken in the event the merger or acquisition is not
					consummated.
(c) Financial records
					including: (1) Copies of reports of condition required to be filed with the
					appropriate regulatory authorities and financial statements showing its assets
					and liabilities as of the end of each of the six most recent quarterly periods
					of operation; (2) copies of income and expense statements for each of the six
					most recent quarterly periods of operation; and (3) a copy of the most recent
					independent audit report.
Information submitted in response to this subsection shall be
						consolidated figures for the entire organization. If individual figures for
						operating subsidiaries are available, they shall also be submitted.
(d) A statement setting forth
					which, if any, state banks, trust companies, or national banking associations
					doing business in this state, or domestic bank holding companies have been
					solicited to make an offer for acquisition or merger. If no such solicitations
					have been made, the application shall include an explanation of the decision
					not to make such solicitations. The application shall include a summary of the
					terms of any bona fide offer for merger or acquisition received from any
					domestic bank, trust company, national banking association or bank holding
					company, and shall further state whether any domestic offerors have been given
					the opportunity to match the terms of the proposed acquisition by or merger
					with the out-of-state bank holding company.
Statutory Authority: RCW 30.04.030 and
							43.320.040. 00-17-141, recodified
							as §
										208-548-040, filed 8/22/00,
							effective 9/22/00. Statutory Authority: RCW    30.04.230 as amended by 1983 c 157
							§ 9. 83-20-073 (Order 56), § 50-48-040, filed
							10/3/83.