An out-of-state financial holding company or an out-of-state bank holding company may become the financial holding company or the bank holding company of:

1. (1) An Oregon stock bank or an in-state federal stock bank, by itself or together with any predecessor, only if the Oregon stock bank or in-state federal stock bank has been engaged in the business of banking in this state for a period of not less than three years prior to the date on which the out-of-state financial holding company or the out-of-state bank holding company becomes the financial holding company or the bank holding company of the Oregon stock bank or in-state federal stock bank.
2. (2) An Oregon stock bank organized under ORS 707.025 that has merged with or acquired all or substantially all of the assets and liabilities of an Oregon stock bank or in-state federal stock bank, by itself or together with any predecessor, only if the Oregon stock bank or in-state federal stock bank has been engaged in the business of banking in this state for a period of not less than three years prior to the date on which the out-of-state financial holding company or the out-of-state bank holding company becomes the financial holding company or the bank holding company of the Oregon stock bank.

[1997 c.631 §330; 2001 c.377 §31]