HB574 Alabama 2010 Session

Existing law provides certain procedures for the acquisition of a majority share of a bank and for the course of action that the Superintendent of Banking must take as to the default or misconduct of a bank

This bill would provide that transactions involving holding companies that previously have not held ownership of a bank that is insured by the bank insurance fund of the Federal Deposit Insurance Corporation would not be subject to review by the Superintendent of Banking

This bill would allow the Superintendent of Banking to declare a bank in default or misconduct if it appears that the bank may suspend payment of its obligations

This bill would provide that if a receiver is a person other than the Federal Deposit Insurance Corporation, the receiver shall apply for and shall be entitled to an ex parte order confirming his or her appointment as receiver from the receivership court

This bill would prohibit a company from acquiring an Alabama bank holding company or an Alabama state bank without the prior approval of the superintendent

To amend Sections 5-5A-44, 5-8A-20, 5-8A-24, and 5-13B-4, Code of Alabama 1975, relating to banks; to provide that transactions involving holding companies that previously have not held ownership of a bank that is insured by the bank insurance fund of the Federal Deposit Insurance Corporation would not be subject to review by the Superintendent of Banking; to allow the Superintendent of Banking to declare a bank in default or misconduct if it appears that the bank may suspend payment of its obligations; to provide that if a receiver is a person other than the Federal Deposit Insurance Corporation, the receiver shall apply for and shall be entitled to an ex parte order confirming his or her appointment as receiver from the receivership court; and to prohibit a company from acquiring an Alabama bank holding company or an Alabama state bank without the prior approval of the superintendent.