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LAWS OF MARYLAND

Ch. 325

date banking business is commenced in this State a minimum
capital stock and paid-in surplus of $25,000,000;

2.  Employs on the date its banking
business is commenced in this State or will employ within 1 year
of that date not less than 100 persons in this State;

3.  Is sought to be acquired by an
out-of-state bank holding company having its principal place of
business in a jurisdiction permitting Maryland bank holding
companies to acquire a newly organized bank located in that
jurisdiction that has not commenced any part of its banking
business; and

4.  Has not been chartered prior to July
1, 1989;

(ii) A Maryland bank that has been in existence
and continuously operated for more than [4] 2 3 years;

(iii) A Maryland bank holding company in which
all Maryland bank subsidiaries have been in existence and
continuously operated for more than 4 years; or

(iv) An out-of-state bank holding company in
which all Maryland bank subsidiaries have been in existence and
continuously operated for more than 4 years.

(3) The approval by the Commissioner shall be subject
to:

(i) The laws and regulations applicable to the
acquisitions of Maryland banks and Maryland bank holding
companies by a bank holding company all of whose bank
subsidiaries are located in this State; and

(ii) Any additional conditions, restrictions,
requirements or other limitations that apply to the acquisition
by a Maryland bank holding company of a bank or bank holding
company in the jurisdiction where the out-of-state bank holding
company has its principal place of business but do not apply to
acquisitions by bank holding companies all of whose bank
subsidiaries are located in that jurisdiction.

(c)  If the acquisition has otherwise been approved under
this subtitle, this section does not prohibit the acquisition by
an out-of-state bank holding company of all or substantially all
of the shares of a bank organized solely to facilitate the
acquisition of a bank that has been in existence and continuously
operated as a bank for more than [4] 2 3 years.

(d)  This subtitle may not be construed to allow the
Commissioner to approve the acquisition of a de novo bank before
July 1, 1989.