Delaware Administrative Code
Title 5 - Banking
800 - Acquisition of Interests in Banking Institutions Bank Holding Companies
801 - Application to Become a Delaware Bank Holding Company
Section 801-2.0 - Application
Universal Citation: 5 DE Admin Code 801-2.0
Current through Register Vol. 28, No. 3, September 1, 2024
2.1 Notice of Intent to become a Delaware Bank Holding Company constitutes an application. Said Notice of Intent shall be filed in duplicate with the Office of the State Bank Commissioner. The Notice of Intent shall include:
2.1.1 Name of Applicant and address of principal office.
2.1.2 The State in which the Applicant is (or will be) incorporated. If the Applicant is incorporated outside of the State of Delaware, identify the name and address of a resident of Delaware designated as the Applicant's agent for the service of any paper or notice of legal process.
2.1.3 If applicable, the corporate title and the address of the bank to be acquired; the number of voting shares to be acquired; and the percentage of said shares this number represents.
2.1.4 The name, address and telephone number of the person(s) to whom inquiries may be directed.
2.1.5 The Notice of Intent shall include the following exhibits:
2.1.5.1 A copy of the Resolution by the Board of Directors of the Applicant authorizing the establishment of a Delaware bank holding company.
2.1.5.2 A description of the Applicant and the transaction.
2.1.5.3 A description of the financial and managerial resources of the proposed Delaware bank holding company.
2.1.5.4 The future prospects of the bank holding company and the bank whose assets or shares it will acquire, if applicable, to include a statement in narrative form of a three (3) year business plan of the Applicant for the proposed bank holding company and, if applicable, the bank to be acquired.
2.1.5.5 The financial history of the Applicant:
2.1.5.5.1 Provide a narrative description of the financial history of the Applicant and its bank and deposit taking non-bank subsidiaries over the past three (3) years. Include as exhibits all annual statements of income and condition filed with the bank regulatory authority or authorities in each state where the bank holding company maintains a bank subsidiary or, in the case of a national bank, with the Comptroller of the Currency; provided that such filings shall not be required with respect to any bank subsidiary under the jurisdiction of the Delaware State Bank Commissioner.
2.1.5.5.2 Provide for the past three calendar years, copies of all Form 10-Ks.
2.1.5.5.3 Describe regulatory action taken or anticipated or any agreements in lieu thereof entered into with a regulatory agency, either federal or state, with regard to any bank subsidiary within the holding company.
2.1.5.6 The effects of the proposed acquisition on competition in Delaware.
2.1.5.7 Describe how this transaction will better meet the needs and convenience of the public in the State of Delaware.
2.1.5.8 A copy of the application filed with the Board of Governors of the Federal Reserve System to become a Bank Holding Company.
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