Merger And Branching Approval

TITLE 26 BANKS AND BANKING CHAPTER 16 IDAHO INTERSTATE BRANCHING ACT 26-1604. Merger and branching approval. (1) A bank whose home state is a state other than Idaho may acquire control of, acquire all or part of the assets of, or merge with a bank whose home state is Idaho. Except as authorized in this chapter, chapter 3, title 26 , Idaho Code, or federal law, no bank, the home state of which is a state other than Idaho, may establish or maintain an office or branch in this state, or conduct the business of banking in this state. (2)  A bank whose home state is Idaho may acquire control of, acquire all or part of the assets of, or merge with a bank whose home state is a state other than Idaho. Except as authorized in this chapter, chapter 3, title 26 , Idaho Code, or federal law, no bank, the home state of which is Idaho, may establish or maintain an office or branch in other states. (3)  A bank whose home state is a state other than Idaho may establish a branch in Idaho if the bank’s primary federal regulator and home state regulator have approved the bank’s application to do the same. At least thirty (30) days prior to opening a branch in Idaho, a bank whose home state is a state other than Idaho shall: (a)  Provide a copy of its branch application to the director; (b)  File or register with the Idaho secretary of state as a foreign corporation and provide a copy of such registration and any certificate of authority issued by the Idaho secretary of state to the director; and (c)  Appoint a registered agent for service of process in Idaho and provide the director and the Idaho secretary of state with the name and address of such registered agent. (4)  A bank with a home state other than Idaho shall apply to and receive the approval of the director prior to any acquisition transaction which, if approved, would result in a bank, the home state of which is Idaho, becoming a branch or branches of the out-of-state bank. The director may accept copies of applications for such transactions made to other state or federal bank supervisory agencies. Without the prior approval of the director pursuant to this chapter, any merger transaction between a bank chartered in this state and any out-of-state bank is unlawful. (5)  A bank, the home state of which is Idaho, shall apply to and receive the approval of the director prior to any merger transaction which, if approved, would result in a bank chartered by or located in another state becoming a branch or branches of the bank whose home state is Idaho.