221.0901(4)
(4) Required application. A company that requires the division's approval under
sub. (3) (a) shall do all of the following:
221.0901(4)(a)
(a) File with the division an application in the form that the division requires.
221.0901(4)(b)
(b) Pay to the division an application fee determined by the division.
221.0901(4)(c)
(c) Reimburse the division for all actual costs incurred by the division in making an investigation related to the application under
par. (a) and in holding any hearing on the application.
221.0901(4)(d)
(d) Cause to be published a class 3 notice, under
ch. 985, in the form prescribed by the division, in the official state newspaper, of the application under
par. (a) and of the opportunity for a hearing under
sub. (5). If the application is to acquire an in-state bank, the notice also shall be published in a newspaper of general circulation in the city, village or town where the home office of the in-state bank is located.
221.0901(4)(e)
(e) File with the division proof of publication of the notice under
par. (d), upon completion of the publication of the notice.
221.0901(4)(f)
(f) If the applicant is an out-of-state bank holding company, submit to the division with the application, proof that the applicant has complied with, or is exempt from, the requirements of
subch. XV of ch. 180.
221.0901(5)(a)(a) Except as provided in
par. (b), the division shall hold a hearing on the application under
sub. (4) (a) if at least 25 residents of this state petition for a hearing within 30 days after the notice under
sub. (4) (d) or if the division, on its own motion, calls for a hearing within 30 days after the notice under
sub. (4) (d). Except as provided in
par. (b), the division may not approve any transaction under
sub. (3) (a) until the later of 30 days after the notice under
sub. (4) (d) or 30 days after any hearing required under this paragraph.
221.0901(5)(b)
(b) Paragraph (a) does not apply to a proposed transaction if the division finds that an emergency exists and that the proposed transaction is necessary and appropriate to prevent the probable failure of an in-state bank.
221.0901(6)
(6) Standards for disapproval. The division may disapprove a transaction under
sub. (3) (a) if the division finds any of the following:
221.0901(6)(a)
(a) Considering the financial and managerial resources and future prospects of the applicant and of the in-state bank or in-state bank holding company, the transaction would be contrary to the best interests of the shareholders or customers of the in-state bank or in-state bank holding company.
221.0901(6)(b)
(b) The action would be detrimental to the safety and soundness of the applicant or of the in-state bank or in-state bank holding company, or to the safety and soundness of a subsidiary or affiliate of the applicant, the in-state bank or the in-state bank holding company.
221.0901(6)(c)
(c) Because the applicant or its executive officers, directors or principal shareholders have not established a record of sound performance, efficient management, financial responsibility and integrity, the action would be contrary to the best interests of the depositors, other customers, creditors or shareholders of the applicant or of the in-state bank or in-state bank holding company or contrary to the best interests of the public.
221.0901(6)(d)
(d) The applicant has received a rating of “needs to improve record of meeting community credit needs" under
12 USC 2906 (b) (2) (C) or “substantial noncompliance in meeting community credit needs" under
12 USC 2906 (b) (2) (D) by the bank supervisory agency.
221.0901(6)(f)
(f) The applicant has failed to enter into an agreement prepared by the division to comply with the laws and rules of this state regulating consumer credit finance charges and other charges and related disclosure requirements, except to the extent preempted by federal law or regulation.
221.0901(6)(g)
(g) The applicant fails to meet any other standards established by rule of the division.
221.0901(7)
(7) State concentration limit. The division may not approve any transaction under
sub. (3) (a) if, upon consummation of the transaction, the applicant would control a greater percentage of the total amount of deposits of insured depository institutions in the state than the percentage specified under
12 USC 1842 (d) (2) (B) (ii).
221.0901(8)(a)(a) Except as provided in
pars. (b),
(c), and
(d), the division may not approve an application 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.
221.0901(8)(b)
(b) 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 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 applicant. This paragraph does not apply if the applicant is an in-state bank holding company or in-state bank.
221.0901(8)(c)
(c) Paragraphs (a) and
(b) do not apply to an in-state bank that is the surviving bank of a merger with an in-state bank that had been in existence and continuous operation for at least 5 years at the time of the merger or would have been in existence and in continuous operation for at least 5 years as of the proposed date of acquisition, if the merger had not taken place.
221.0901(8)(d)
(d) Paragraph (a) does not apply to the merger or acquisition by an out-of-state banking organization of all or substantially all of the assets of an in-state bank, or of an in-state bank holding company that owns one or more in-state banks, if all of the following apply:
221.0901(8)(d)1.
1. The laws of the home state of the out-of-state banking organization allow an in-state bank or in-state bank holding company to acquire an out-of-state banking organization in the home state.
221.0901(8)(d)2.
2. The division determines under
par. (e) that the laws of the home state of the out-of-state banking organization are reciprocal with respect to mergers and acquisitions.
221.0901(8)(e)1.1. The division shall periodically publish a list of states that the division has found have laws that are reciprocal for purposes of
par. (d) 2. An out-of-state banking organization with a home state for which the division has made no such determination may request, on a form prescribed by the division, that the division make a determination regarding the home state.