1572

LAWS OF MARYLAND

Ch. 114

(3)  The financial history and future prospects of the
out-of-state bank holding company or its subsidiary; [and]

(4)  Whether the acquisition or holding may result in
an undue concentration of resources or substantial reduction of
competition in this State[.]; AND

(5)  IF APPROPRIATE, THE EMPLOYMENT HISTORY AND THE
EXISTENCE OF SUFFICIENT PROPERTY OWNERSHIP, CONSTRUCTION,
FINANCING, AND OTHER CONTRACTUAL ARRANGEMENTS.

§ 5-907.

(a) Upon the Banking Commissioner's determination that any
out-of-state bank holding company or its subsidiary is holding
stock in a bank located in this State in violation of the
conditions set forth in § 5-903 or of its agreement under [§
5-904(a) of] this subtitle, the Commissioner shall order the
out-of-state holding company or subsidiary to take steps to
remedy the violation within a specified period of time.

(b) (1) After the date fixed for compliance by any order
issued under subsection (a) of this section, the Commissioner
shall order an out-ofstate bank holding company or its subsidiary
to divest any shares of a bank acquired under this subtitle after
the Commissioner's determination that a holding company or its
subsidiary continues to own shares of stock in a bank located in
this State in violation of § 5-903 or of its agreement under [§
5-904(a) of] this subtitle.

(2) IN ADDITION TO THE POWERS GRANTED IN PARAGRAPH
(1) OF THIS SUBSECTION, THE COMMISSIONER MAY ISSUE A CEASE AND
DESIST ORDER UNDER § 5-808 OF THIS ARTICLE, SEEK AN INJUNCTION
UNDER § 5-809 OF THIS ARTICLE, OR, ON BEHALF OF THE STATE, SEEK
DAMAGES FOR VIOLATIONS OF § 5-903(C) OF THIS SUBTITLE.

(c) An out-of-state bank holding company or its subsidiary
thereof shall divest any shares of a bank that it has acquired
under this subtitle within 2 years of the date an order issued
under subsection (b)(1) of this section becomes final. The
Commissioner may permit the divestiture to be made at some later
date if the Commissioner determines that the divestiture would be
detrimental to the public interest for economic reasons.

(D) ON A FINDING BY THE COMMISSIONER THAT AN
OUT-OF-STATE BANK HOLDING COMPANY HAS VIOLATED OR IS NOT IN
COMPLIANCE WITH ANY REQUIREMENTS UNDER SECTION 5-903(C) OF THIS
SUBTITLE, THE COMMISSIONER MAY SUSPEND OR REVOKE, AS APPROPRIATE,
THE RIGHT OF THE BANK HOLDING COMPANY OR ITS SUBSIDIARY TO DO
BUSINESS IN THE STATE. AND FURTHERMORE, UNTIL ALL SUCH
REQUIREMENTS OF SECTION 5-903(C) OF THIS SUBTITLE HAVE BEEN
SATISFIED, AN OUT-OF-STATE BANK HOLDING COMPANY MAY NOT OPEN
ADDITIONAL OFFICES TO THE PUBLIC TO CONDUCT BANKING BUSINESS.