Section 381.24a - Branch banking - Deposit limitation - Certificate - PenaltyA. Beginning on the effective date of this act, upon approval of the State Banking Commissioner, any association shall be authorized to establish and operate in this state, on real property owned or leased by the association, an unlimited number of branches by acquisition, de novo, or otherwise. Such branches may be fixed or mobile, and any permissible function, business, power, or activity of any kind of the association may be performed or engaged in at such location. However, branches established by acquisition shall be subject to the limitations as set forth in subsection B of this section.B.1. It shall be unlawful for any association to acquire any other association, federal association or bank in this state or any portion of its assets if such acquisition would result in the association having direct or indirect ownership or control of more than fifteen percent (15%) of the aggregate deposits of all financial institutions located in this state which have deposits insured by the Federal Deposit Insurance Corporation as determined by the Commissioner on the basis of the most recent reports of such institutions to their supervisory authorities which are available at the time of the proposed acquisition.2. The deposit limitation provided for in this subsection shall not apply to disallow an acquisition of a bank, association or federal association if control results only by reason of ownership or control of shares of such financial institution acquired directly or indirectly:a. in a good faith fiduciary capacity, except when such shares are held for the benefit of the acquiring association's shareholders, orb. by an association in the regular course of securing or collecting a debt previously contracted in good faith, or c. at the request of or in connection with the exercise of regulatory authority for the purpose of preventing imminent failure of the bank, association or federal association or to protect the depositors thereof as determined by the principal supervisory agency in its sole discretion. Provided, however, at the end of a period of five (5) years from the date of acquisition, for the circumstances set forth in subparagraphs b and c of this paragraph, the deposits of the acquired bank or association or federal association shall be included in computing the deposit limitation and if deposits are in excess, appropriate reductions and disposition shall be made within six (6) months to meet such limitations. Further, in the circumstances set forth in subparagraph c of this paragraph, the Commissioner and the Federal Deposit Insurance Corporation shall give priority in authorizing any such acquisition to any acquiring association whose total deposits do not exceed the deposit limitation.
C.1. No association shall be permitted to establish or operate a branch except upon certificate issued by the Commissioner or Office of Thrift Supervision.2. The application for a certificate to establish, operate, or relocate a branch of an association shall comply with the regulations of the Commissioner.D. The provisions of this section shall not be construed in derogation or denial of the right to operate and maintain facilities as provided for in Sections 381.24b, 381.24c and 381.24d of this title.E. A violation of any portion of this section, upon conviction, shall be a misdemeanor punishable by a fine not exceeding Five Hundred Dollars ($500.00). Each day's violation shall constitute a separate offense.F. Nothing contained in this section shall be construed to limit the authority of federal savings associations to branch in accordance with federal law and regulations.Okla. Stat. tit. 18, § 381.24a
Added by Laws 1990, HB 2240, c. 173, § 20, emerg. eff. 5/3/1990; Amended by Laws 1992, HB 2182, c. 295, § 29, emerg. eff. 7/1/1992; Amended by Laws 1993, SB 31, c. 183, § 44, emerg. eff. 7/1/1993; Amended by Laws 1994, c. 17, § 1, emerg. eff. 4/4/1994; Amended by Laws 1996, HB 3006, c. 48, § 1, emerg. eff. 4/8/1996; Amended by Laws 2000 , HB 2675, c. 81, § 21, eff. 11/1/2000; Amended by Laws 2000 , HB 2676, c. 205, § 37, emerg. eff. 5/17/2000.