HARRY HUGHES, Governor

69

(1)  ONE OR MORE SAVINGS AND LOAN ASSOCIATIONS TO BE
CONVERTED INTO ONE OR MORE COMMERCIAL BANKS; OR

(2)  ONE OR MORE NEWLY FORMED COMMERCIAL BANKS THAT
HAVE ACQUIRED OR ACQUIRE ONE OR MORE SAVINGS AND LOAN
ASSOCIATIONS.

(B)  THE ACQUISITION OF A COMMERCIAL BANK BY AN OUT-OF-STATE
BANK HOLDING COMPANY UNDER THIS SUBTITLE IS AUTHORIZED FOR
PURPOSES OF § 3(D) OF THE ACT.

(C)  A COMMERCIAL BANK ACQUIRED UNDER THIS SUBTITLE IS
AUTHORIZED FOR PURPOSES OF § 3(D) OF THE ACT TO CONSOLIDATE WITH,
MERGE WITH, OR TRANSFER ASSETS TO A CONSTITUENT BANK UNDER TITLE
3, SUBTITLE 7 OF THIS ARTICLE.

5-1103.

(A)  AN OUT-OF-STATE BANK HOLDING COMPANY MAY ACQUIRE ONE OR
MORE SAVINGS AND LOAN ASSOCIATIONS AND CONVERT ONE OR MORE OF THE
ACQUIRED SAVINGS AND LOAN ASSOCIATIONS INTO ONE OR MORE
COMMERCIAL BANKS OR ONE OR MORE NEWLY FORMED COMMERCIAL BANKS
THAT HAVE ACQUIRED OR WILL ACQUIRE ONE OR MORE SAVINGS AND LOAN
ASSOCIATIONS, IF THE OUT-OF-STATE BANK HOLDING COMPANY AND THE
ENTITY TO BE ACQUIRED:

(1)  FILE JOINTLY AN APPLICATION AND A PLAN OF
ACQUISITION FOR APPROVAL WITH THE COMMISSIONER THAT CONTAIN THE
INFORMATION THE COMMISSIONER MAY REQUIRE;

(2)  SUBMIT WITH THE APPLICATION:

(I)  THE DESIGNATION OF A RESIDENT OF THIS STATE
AS THE APPLICANT'S AGENT FOR THE SERVICE OF ANY PAPER, NOTICE, OR
LEGAL PROCESS ON THE APPLICANT IN CONNECTION WITH MATTERS ARISING
OUT OF THIS SUBTITLE; AND

(II)  A FILING FEE OF $5,000; AND

(3)  RECEIVE APPROVAL OF THE ACQUISITION FROM THE
COMMISSIONER AFTER THE COMMISSIONER HAS RECEIVED:

(I)  ADVICE FROM THE DIRECTOR OF THE DIVISION OF
SAVINGS AND LOAN ASSOCIATIONS AND THE FUND DIRECTOR OF THE STATE
OF MARYLAND DEPOSIT INSURANCE FUND CORPORATION; AND

(II)  THE CONCURRENCE OF THE SECRETARY OF
LICENSING AND REGULATION.

(B)  THE PLAN OF ACQUISITION UNDER THIS SECTION SHALL
CONTAIN SUFFICIENT INFORMATION TO ALLOW THE COMMISSIONER TO
CONSIDER THE FOLLOWING:

(1) THE FINANCIAL AND MANAGERIAL RESOURCES OF THE
OUT-OF-STATE BANK HOLDING COMPANY;