| SB 0433 | Restric. on Bank Holding Companies Purchasing MO Banks |
| Sponsor: | CLAY | ||
| Committee: | FINA | LR Number: | L1558.01I |
| Last Action: | 03/13/95 - Hearing Conducted S Financial & Governmental Operations Committee | ||
| Title: | |||
| Effective Date: | August 28, 1995 | ||
SB 433 - This act repeals Section 362.915, RSMo, and makes it unlawful for any bank holding company to acquire control, or acquire all or substantially all of the assets, of a bank located in Missouri or a bank with a branch in Missouri if:
(1) Immediately prior to the acquisition, the bank holding company controls any insured depository institution in Missouri or any branch of an insured depository institution in Missouri; and
(2) Immediately after the acquisition, the bank holding company would control at least 30% of the total amount of deposits of all insured depository institutions in Missouri.
This act also provides that the terms used therein have the same meaning as detailed in the Bank Holding Company Act of 1956, and the Federal Deposit Insurance Act, as amended. RONALD J. LEONE