WILLIAM DONALD SCHAEFER, Governor

Ch. 80

Act of 1978, as amended, 12 U.S.C. § 3101(7), other than a
foreign bank that has designated a jurisdiction within the region
as its home state pursuant to 12 U.S.C. § 3103(c).

5-1003.

(a) (2) The Commissioner may not grant approval of an
acquisition under this subsection unless the Commissioner shall
find:

(i) The laws of the jurisdiction where the
out-of-state bank holding company has its principal place of
business permit Maryland bank holding companies to acquire banks
and bank holding companies in that jurisdiction;

(ii) The laws of the jurisdiction where the
out-of-state bank holding company has its principal place of
business permit the out-of-state bank holding company to be
acquired by the Maryland bank holding company or Maryland bank
sought to be acquired;

(iii) The out-of-state bank holding company
seeks to acquire:

1.  A de novo Maryland bank that:

A.  Has or will have on the date banking
business is commenced in this State a minimum capital stock and
paid-in surplus of $10,000,000 and will have within 1 year of the
date banking business is commenced in this State, a minimum
capital stock and paid-in surplus of $25,000,000;

B.  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;

C.  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

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

2.  A Maryland bank that has been in
existence and continuously operated for more than 3 years;

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

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