2003 WISCONSIN ACT 293
An Act to amend 221.0901 (3) (a) 1. and 221.0901 (8) (a) and (b) of the statutes; relating to: the acquisition of in-state banks and in-state bank holding companies.
The people of the state of Wisconsin, represented in senate and assembly, do enact as follows:
221.0901 (3) (a) 1. of the statutes is amended to read:
221.0901 (3) (a) 1. Merge or consolidate with an in-state bank holding company or in-state bank.
221.0901 (8) (a) and (b) of the statutes are amended to read:
221.0901 (8) (a) Except as provided in pars. (b) and (c), the division may not approve an application by an out-of-state bank holding company under sub. (3) (a), other than an application by an in-state bank holding company or in-state bank, unless the in-state bank to be acquired, or all in-state bank subsidiaries of the in-state bank holding company to be acquired, have as of the proposed date of acquisition been in existence and in continuous operation for at least 5 years.
(b) The Except as otherwise provided in this paragraph, the division may approve an application under sub. (3) (a) for an acquisition of an in-state bank holding company that owns one or more in-state banks that have been in existence for less than 5 years, if the out-of-state bank holding company applicant divests itself of those in-state banks within 2 years after the date of acquisition of the in-state bank holding company by the out-of-state bank holding company applicant. This paragraph does not apply if the applicant is an in-state bank holding company or in-state bank.