1685
Effective Jan 1, 2012Added by Stats. 2011, Ch. 243, Sec. 3. (SB 664) Effective January 1, 2012.
(a) No foreign (other state) bank that does not already maintain a California branch office may:
- (1) Merge as the surviving bank with a California bank pursuant to paragraph (1) of subdivision (a) of Section 1684, unless the California bank has been in existence for at least five years.
- (2) Purchase the whole business unit of a California bank pursuant to paragraph (2) of subdivision (a) of Section 1684 unless the California bank has been in existence for at least five years.
- (b) For purposes of this section, a California bank that is established solely for the purpose of, and does not open for business prior to, acquiring the whole business unit of a second California bank through a merger or purchase is deemed to have been in existence for the same period of time as the second California bank.