LRB-3963/1
ARG:kjf/kg/jd:rs
2003 - 2004 LEGISLATURE
January 7, 2004 - Introduced by Senator Panzer, cosponsored by Representative
Gard. Referred to Select Committee on Job Creation.
SB374,1,3
1An Act to amend 221.0901 (3) (a) 1. and 221.0901 (8) (a) and (b) of the statutes;
2relating to: the acquisition of in-state banks and in-state bank holding
3companies.
Analysis by the Legislative Reference Bureau
Current law specifies certain requirements applicable to the acquisition of an
in-state bank or in-state bank holding company by an out-of-state bank holding
company. This bill applies those requirements to similar acquisitions by
out-of-state banks.
The people of the state of Wisconsin, represented in senate and assembly, do
enact as follows:
SB374, s. 1
4Section
1. 221.0901 (3) (a) 1. of the statutes is amended to read:
SB374,1,65
221.0901
(3) (a) 1. Merge or consolidate with an in-state bank holding company
6or in-state bank.
SB374, s. 2
7Section
2. 221.0901 (8) (a) and (b) of the statutes are amended to read:
SB374,2,48
221.0901
(8) (a) Except as provided in pars. (b) and (c), the division may not
9approve an application
by an out-of-state bank holding company under sub. (3) (a)
,
1other than an application by an in-state bank holding company or in-state bank, 2unless the in-state bank to be acquired, or all in-state bank subsidiaries of the
3in-state bank holding company to be acquired, have as of the proposed date of
4acquisition been in existence and in continuous operation for at least 5 years.
SB374,2,125
(b)
The Except as otherwise provided in this paragraph, the division may
6approve an application
under sub. (3) (a) for an acquisition of an in-state bank
7holding company that owns one or more in-state banks that have been in existence
8for less than 5 years, if the
out-of-state bank holding company applicant divests
9itself of those in-state banks within 2 years after the date of acquisition of the
10in-state bank holding company by the
out-of-state bank holding company 11applicant. This paragraph does not apply if the applicant is an in-state bank holding
12company or in-state bank.
