1. (a) A banking institution or an out-of-state bank may establish a branch in this State by:

   1. (1) Subject to subsection (b) of this section, opening a de novo branch;
   2. (2) Purchasing an existing branch from a bank or an insured depository institution; or

   3. (3) Converting former headquarters or retaining former branches following:

      1. (i) The purchase of all or substantially all of the assets of a bank or an insured depository institution; or
      2. (ii) A merger or a consolidation with a bank or an insured depository institution.
2. (b) An out-of-state bank may establish a de novo branch in this State under subsection (a)(1) of this section only if the home state of the out-of-state bank allows a banking institution to open a de novo branch in its state.
3. (c) A banking institution or an out-of-state bank may not establish or maintain a branch in this State on the premises or property of an affiliate if the affiliate engages in commercial activities.

Added by Acts 1995, c. 213, § 2, eff. Sept. 29, 1995. Amended by Acts 2006, c. 636, § 1, eff. May 27, 2006; Acts 2009, c. 741, § 1, eff. July 1, 2009.