Subdivision 1. Application. An out-of-state bank holding company may, through a purchase of stock or assets of a bank, or through a purchase of stock or assets of or merger with a bank holding company, acquire control in an existing bank or banks whose home state is Minnesota if it meets the conditions in this section and section 46.048 and it files an application in writing with the commissioner on forms provided by the department. The commissioner, upon receipt of the application, shall act upon it in the manner provided for in section 46.048, except that the commissioner may extend the 60-day period an additional 30 days if in the commissioner's judgment any material information submitted is substantially inaccurate or the acquiring party has not furnished all the information required by statute, rule, or the commissioner. Within three days after making the decision to disapprove any proposed acquisition, the commissioner shall notify the acquiring party in writing of the disapproval. The notice must provide a statement of the basis for the disapproval.
Subd. 2. Hearings. Within ten days of receipt of notice of disapproval pursuant to subdivision 1, the acquiring party may request an agency hearing on the proposed acquisition. At the hearing, all issues must be determined on the record pursuant to chapter 14 and the rules issued by the department. At the conclusion of the hearing, the commissioner shall by order approve or disapprove the proposed acquisition on the basis of the record made at the hearing.
Subd. 3. Criteria for approval. Except as otherwise provided by rule of the department, an application filed pursuant to subdivision 1 must contain the information required by section 46.048.
Subd. 4. Disapproval. The commissioner shall disapprove any proposed acquisition if:
(1) the financial condition of any acquiring person is such as might jeopardize the financial stability of the bank or prejudice the interests of the depositors of the bank;
(2) the competence, experience, integrity of any acquiring person or of any of the proposed management personnel indicates that it would not be in the interest of the depositors of the bank, or in the interest of the public to permit the person to control the bank;
(3) the acquisition will result in undue concentration of resources or substantial lessening of competition in this state;
(4) the application is incomplete or any acquiring party neglects, fails, or refuses to furnish all the information required by the commissioner;
(5) a subsidiary of the acquiring bank holding company has failed to meet the requirements set forth in the federal Community Reinvestment Act; or
(6) the bank to be acquired has not been in existence for at least five years. For purposes of this paragraph, a bank that has been chartered solely for the purpose of, and does not open for business before, acquiring control of, or acquiring all or substantially all of the assets of, an existing bank is considered to have been in existence for the same period of time as the bank to be acquired. For determining the time period of existence of a bank, the time period begins after the issuance of a certificate of authorization and from the date the approved bank actually opens for business.
Subd. 5. Appeals. The Court of Appeals of the state of Minnesota will have exclusive original jurisdiction of any judicial review of an order issued under this section. The bank holding company that is the subject of the order may seek judicial review at any time within 90 days of the date of an order lawfully issued pursuant to this section.
1986 c 339 s 7; 1986 c 444; 1988 c 616 s 2; 1990 c 491 art 1 s 7; 1995 c 202 art 4 s 15-17; 2014 c 222 art 2 s 5,6
Structure Minnesota Statutes
Section 48.02 — Capital And Surplus; Prepayment Of Capital.
Section 48.032 — Preemptive Rights.
Section 48.033 — State Banks, Liability Of Shareholders.
Section 48.04 — Increase And Reduction Of Capital.
Section 48.05 — Capital Not To Be Withdrawn; Dividends.
Section 48.055 — Issuance Of Preferred Stock, Conditions.
Section 48.056 — Reverse Stock Split.
Section 48.06 — Board Of Directors.
Section 48.07 — Officers; Appointment, Removal.
Section 48.08 — Directors And Officers, Restricted Use Of Bank Funds; Dealings With Bank.
Section 48.09 — Dividends; Surplus.
Section 48.10 — Annual Audit; Report.
Section 48.11 — Contracts, How Made.
Section 48.12 — Bonds Of Officers And Employees.
Section 48.13 — Conditions Of Bonds.
Section 48.14 — Examinations, Reports To Show Names Of Bonded Officers And Employees.
Section 48.15 — Special Powers.
Section 48.151 — Additional Powers.
Section 48.152 — State Bank Acquisition And Leasing Of Personal Property.
Section 48.153 — Installment Loans; Finance Charges; Minimum Charges.
Section 48.154 — Prepayment, Extension Of Terms.
Section 48.155 — Allowable Additional Charges.
Section 48.156 — Loan Due On Default.
Section 48.157 — Copy Of Note To Borrower.
Section 48.158 — Settlement Of Checks At Less Than Par.
Section 48.16 — Banks May Not Pledge Assets; Exceptions.
Section 48.17 — Powers Of Officers Or Employees.
Section 48.18 — Pledges Or Liens Of Assets Subject To Prior Liens.
Section 48.185 — Open End Loan Account Arrangements.
Section 48.194 — Installment Sales Contracts; Loans.
Section 48.195 — Interest Rates; Usury Limit For Depository Institutions.
Section 48.196 — Penalty For Usurious Interest.
Section 48.20 — Unauthorized Pledges, Notes, Liens Void.
Section 48.21 — Real Estate; Restrictions On Holding.
Section 48.23 — Bank Not To Lend On Its Own Stock Or Purchase Same.
Section 48.24 — Restrictions Upon Total Liabilities To A Bank.
Section 48.245 — War Veteran; Minority; Contract For Loan.
Section 48.27 — Limitation On Amount Of Deposits.
Section 48.28 — Liquidation Unless Deposits Are Reduced.
Section 48.30 — Deposits In Name Of Minor.
Section 48.301 — Multiparty Accounts.
Section 48.31 — State Banks Organized From National Banks.
Section 48.32 — State Banks Or Trust Companies May Be Members Of Federal Reserve Banks.
Section 48.33 — Execution Of Trust.
Section 48.35 — Clearinghouses.
Section 48.37 — Certificates From Commissioner.
Section 48.39 — Trust Accounts Recorded.
Section 48.40 — Subject To Orders Of Court.
Section 48.41 — Corporate Name.
Section 48.42 — Bank May Be Designated As Savings Bank.
Section 48.43 — Bank May Cease Operations; Duties Of Commissioner.
Section 48.44 — Bank May Organize As Trust Company.
Section 48.45 — Corporate Names.
Section 48.46 — Authorized Securities Purchased.
Section 48.47 — Banking And Trust Company Business.
Section 48.48 — Reports To Commissioner.
Section 48.49 — Books To Be Kept.
Section 48.512 — Procedures For Opening Checking Accounts.
Section 48.513 — Financial Intermediary Fees.
Section 48.56 — Banking Institution May Use Federal Banking Laws.
Section 48.59 — Commissioner May Accept Examinations And Reports Of Corporation.
Section 48.605 — State Banks, Employee Stock Option And Stock Purchase Plans.
Section 48.61 — Authorized Investments For State Banks And Trust Companies.
Section 48.62 — Bank May Issue Notes Or Debentures.
Section 48.63 — Security For Deposits Not Required.
Section 48.64 — Deposits Of Trust Funds.
Section 48.74 — Funds And Property Held In Fiduciary Capacity.
Section 48.88 — Violations; Penalties.
Section 48.89 — Clerical Service Corporation.
Section 48.892 — Clerical Services Offices.
Section 48.90 — Legislative Intent.
Section 48.93 — Acquisition Procedure.