Sec 6-321. Definitions

In this article, unless the context otherwise requires:

1. "Acquire" as applied to an in-state financial institution means any of the following actions or transactions:

(a) The merger or consolidation of an in-state financial institution with an out-of-state financial institution.

(b) The acquisition by an out-of-state financial institution of the direct or indirect ownership or control of voting shares of an in-state financial institution if, after the acquisition, the out-of-state financial institution will directly or indirectly own or control more than fifteen per cent of the outstanding voting shares of the acquired in-state financial institution.

(c) The direct or indirect acquisition of all or substantially all of the assets of an in-state financial institution.

(d) The taking of any other action that would result in the direct or indirect control of an in-state financial institution.

2. "Control" means direct or indirect ownership of or power to vote fifteen per cent or more of the outstanding voting shares of an in-state financial institution or to control in any manner the election of a majority of the directors of an in-state financial institution.

3. "De novo entry" means a newly established bank or savings and loan association which is not created through the acquisition of or merger with an in-state financial institution and control is through an out-of-state financial institution.

4. "Filed with the superintendent" means when the complete application including any amendments or supplements containing all the information in the form required by the superintendent is received by the superintendent.

5. "In-state financial institution" means a state or federal bank, savings bank or savings and loan association with its home office in this state, or holding company with its home office in this state.

6. "Out-of-state financial institution" means a state or federal bank, savings bank or savings and loan association with its home office in a state other than this state, or holding company with its home office in a state other than this state.