Section 26-C403. APPLICATIONS FROM BANK HOLDING COMPANIES

 

403.1Upon the filing of a complete application under section 203 on Form 3 or section 204 on Form 5 of these rules, the procedures in subsections 403.2 through 403.8 of these rules shall apply.

 

403.2A person, regional or nonregional bank holding company that seeks to acquire a District bank holding company or a District bank shall file a copy of the complete draft of the application required to be filed with the Federal Reserve Board no later than one hundred thirty (130) days prior to filing an application with the Federal Reserve Board for approval of an acquisition in accordance with 12 U.S.C. § 1842.  An applicant may file an application with the Federal Reserve Board at any time subsequent to issuance of a final recommendation by the Commissioner.

 

403.3The Commissioner shall make either a favorable or unfavorable recommendation on the application and explain the reasons for the recommendation, and shall transmit to the Council the recommendation, a copy of the application, and any other relevant information or submissions within sixty (60) days from the date of receipt of the application.

 

403.4The Commissioner shall consider the following:

 

(a)The financial and managerial resources of the bank holding company;

 

(b)The future prospects and stability of the subsidiaries of the bank holding company and the bank whose assets or shares the bank holding company seeks to acquire;

 

(c)The financial history of the bank holding company or its subsidiary;

 

(d)The adequacy of the community development program; and

 

(e)Whether the acquisition may result in an undue concentration of resources or a substantial decrease of competition in the District.

 

403.5The Commissioner shall submit a copy of the final recommendation to the Federal Reserve Board.

 

403.6The applicant shall include a copy of the Commissioner's final recommendation with its application to the Federal Reserve Board.

 

403.7Any applicant which files an application with the Commissioner pursuant to this section shall also file, on the same day, a notification copy of the application with the Council.

 

403.8Nothing in this section shall prohibit the applicant from resubmitting to the Commissioner a disapproved application. Any resubmitted application shall be considered in accordance with the procedures set forth in this section.

 

source

Final Rulemaking published at 35 DCR 6276, 6293-6294 (August 19, 1988).

EditorNote

Pursuant to D.C. Law 17-59, the Bank Charter Modernization Amendment Act of 2007, effective December 11, 2007, (D.C. Official Code § 26-704) the requirement for the Commissioner to transmit a recommendation to the Council, a copy of the application, and any other relevant information within ninety (90) days of the receipt of an application, pursuant to subsection 403.3, was repealed.