Current through Reg. 49, No. 38; September 20, 2024
(a) Required
notice. An out-of-state trust company or a state-chartered bank, the deposits
of which are not insured by the Federal Deposit Insurance Corporation, may
establish an initial representative trust office in this state after
registration with the banking commissioner in accordance and in compliance with
Finance Code §
RSA
187.202 and this section, provided that the
relevant home state regulator is a current party to regulatory information
sharing and cooperation agreements with the banking commissioner that satisfy
the requirements of Finance Code §
RSA
181.303 and §
RSA
187.301. At least 30 days before the proposed
opening date of the proposed office, the institution must submit a written
notice to the banking commissioner containing:
(1) the name of the institution and the
address of its principal office;
(2) the physical address and the proposed
opening date of the proposed office;
(3) a description of the proposed activities
at the office consistent with the limitations of Finance Code §
RSA
187.201;
(4) a copy of the institution's chartering
document and evidence that the institution is active and in good
standing;
(5) a copy of the
resolution adopted by the board of the institution authorizing establishment of
the proposed office;
(6) a copy of
the institution's registration filed with the secretary of state pursuant to
Finance Code §
RSA
201.102;
(7) copies of any home state regulatory
notices or filings required in connection with establishing the proposed office
in this state;
(8) contact
information for the institution's home state regulator;
(9) current financial statements evidencing
tangible equity capital, defined as the total of owner's equity, surplus, and
undivided profits reduced by the total of intangible assets, in an amount that
equals or exceeds the minimum amount of restricted capital required for a state
trust company pursuant to Finance Code §
RSA 182.008;
and
(10) the executed agreement
required by subsection (b) of this section.
(b) Required agreement. The institution must
submit its enforceable written agreement in the form provided by the banking
commissioner, duly executed by an authorized officer of the institution, in
which the institution agrees to:
(1) maintain
tangible equity capital in an amount that equals or exceeds the minimum amount
of restricted capital required for a state trust company pursuant to Finance
Code §
RSA 182.008,
at all times during the period an office of the institution is maintained in
this state;
(2) cooperate with and
participate in examination at least once every 12 months at the discretion of
the banking commissioner, and to pay the costs of each such examination as
provided by §
RSA
17.22 of this title (relating to Examination
and Investigation Fees); and
(3)
provide prompt written notice to the banking commissioner:
(A) pursuant to Finance Code §
RSA
187.306, at least 30 days before the
effective date of the event, or, in the case of an emergency transaction, a
shorter period before the effective date consistent with applicable state or
federal law, of:
(i) a merger or other
transaction that would cause a change of control with respect to the
institution and require an application to be filed with the home state
regulator;
(ii) a transfer of all
or substantially all of the trust accounts or trust assets of the institution
to another person; or
(iii) the
relocation, closing, or other disposition of an office of the institution in
this state.
(B) not
later than 30 days after the institution receives notice of the imposition of
or a proposed enforcement action or condition by the institution's home state
regulator.
(c) When the office may open. The institution
may commence business at the representative trust office on the 31st day after
the date the banking commissioner receives the notice unless the banking
commissioner specifies an earlier or later date.
(1) The 30-day period of review may be
extended by the banking commissioner on a determination that the written notice
raises issues that require additional information or additional time for
analysis. If the period of review is extended, the institution may establish
the representative trust office only on prior written approval by the banking
commissioner.
(2) The banking
commissioner may deny approval of the representative trust office if the
banking commissioner finds that the institution lacks sufficient financial
resources to undertake the proposed expansion without adversely affecting its
safety or soundness or that the proposed office would be contrary to the public
interests.
(d)
Additional offices. An out-of-state trust company or uninsured state-chartered
bank that has established and is maintaining a representative trust office in
this state pursuant to this section may establish additional representative
trust offices in this state without providing notice to the banking
commissioner.
