Wyo. Code R. 021-0002-13
Banking Division
Chapter 13: Branch Banking
Effective Date: 10/22/1997 to 05/22/1998
Rule Type: Superceded Rules & Regulations
Reference Number: 021.0002.13.10221997
BRANCH BANKING
COUNTYWIDE BRANCHING
Section 1. Authority. The rules governing branch banking are adopted by authority of W.S. 13-2-702(f).
Section 2. Administration. The duties of the Department of Audit under W.S. 13-2-701 through 13-2-708 are administered by the state banking commissioner with the approval of the director.
Section 3. Filing Fee. The fee for filing an application to establish a branch under W.S. 13-2-702 is seven hundred dollars ($700.00).
Section 4. Definition. The term "well capitalized", as used in W.S. 13-2-702, shall be as defined by the Federal Deposit Insurance Corporation's regulations, Part 325.
BRANCH BANKING
BRANCH BANK LICENSING
Section 1. Authority. The rules governing branch bank licensing are adopted by authority of W.S. 13-2-702, W.S. 13-2-805, and W.S. 13-2-809.
Section 2. Definitions.
(a) As used in these rules:
(i) "Branch bank" means any manned branch bank, branch office, branch agency, additional office, separate office or any branch or separate place of business operated by a bank in this state which offers any or all of the banking services conducted at the parent bank, but excludes a remote electronic terminal as defined in W.S. 13-1-501(a)(iv);
(ii) "Commissioner" means the state banking commissioner;
(iii) "Division" means the division of banking within the department of audit;
(iv) 'Parent bank' means a state or national bank which operates a branch bank in this state.
Section 3. License Required. Every branch bank in Wyoming shall be licensed by the commissioner before operating, engaging in or conducting banking business in this state.
(a) An application shall be filed with the division to obtain a license for the establishment and operation of a branch bank in Wyoming.
(b) Each application shall provide the following information:
(i) The name and address of the parent bank;
(ii) The name and address of the branch bank to be licensed;
(iii) The names and residence addresses of each director and each executive officer of the parent bank;
(iv) The names and residence addresses of the officers or chief administrative employees of the branch bank to be licensed; and,
(v) A signed statement under oath by the chief executive officer of the bank that all information filed in support of the license application is complete, true and accurate.
(c) If the parent bank is not chartered by the State of Wyoming, in addition to the information required by subsection (b) of this Section, the application shall include:
(i) The percent of the outstanding shares of stock of the parent bank owned directly or beneficially by each director;
(ii) The percent of the outstanding shares of stock of the parent bank owned directly or beneficially by each executive officer of the parent bank;
(iii) A copy of the most recent director's audit of the parent bank;
(iv) A copy of the two (2) most recent examination reports of the parent bank, as performed by the appropriate regulatory authority; and,
(v) The most recent statement of condition of the parent bank, including all branches.
(d) The commissioner may waive the filing of any of the information required by subsection (b) or subsection (c) of this Section if the commissioner finds:
(i) Such information has been provided to the division through other applications, examination reports, call reports or other filings;
(ii) The information on file in the division is sufficiently complete and current to provide a proper basis for issuing a branch bank license; and,
(iii) The chief executive officer of the parent bank has provided a signed statement under oath that the information provided previously by the parent bank is at the time of the license application accurate, complete and true.
(e) The initial license application for each branch bank shall be accompanied by a fee of one hundred ($100) dollars.
(a) Each branch bank license shall be renewed annually, not more than sixty (60) nor less than thirty (30) days before the anniversary date upon which the initial license is issued.
(b) The information required for the initial license application shall be updated with each annual renewal application for a branch bank license, so that the information on file with the division is current. The application for a branch bank license renewal shall state that the information filed with the most recent prior license application has been fully reviewed and that it is complete, accurate and true, or that appropriate amendments have been made and are submitted with the current renewal application. The renewal application shall be verified under oath by the chief executive officer of the parent bank.
(c) The annual renewal fee for each branch bank license is one hundred ($100) dollars.
(a) A branch which results from a merger or consolidation pursuant to W.S. 13-4-104 shall obtain a license as required by W.S. 13-2-702 and Section 3 of this Article.
(b) The initial license application and initial license fee requirements provided for in Section 4 of this Article shall not apply to a branch which results from a merger or consolidation pursuant to W.S. 13-4-104. The application and initial fee requirements for a branch resulting from a merger or consolidation shall be governed by W.S. 13-4-104(b). The commissioner shall issue an initial branch bank license to a branch resulting from a merger or consolidation upon approval of the merger application.
(c) The branch bank license for a branch resulting from a merger or consolidation pursuant to W.S. 13-4-104 shall be renewed annually as provided in Section 5 of this Article.
Section 1. Authority. The state banking commissioner is authorized by W.S. §13-3-704 to adopt rules to authorize Wyoming state banks to engage in banking activities in which national banks are authorized to engage.
Section 2. Purpose and Scope. The Office of the Comptroller of the Currency has determined the incidental powers provision of 12 U.S.C. §24(Seventh) authorizes national banks to purchase branch banks from other depository institutions by means of purchase and assumption transactions. The state banking commissioner has determined Wyoming state banks should be authorized to purchase Wyoming branch banks from other depository institutions by means of purchase and assumption transactions to ensure Wyoming state banks maintain competitive equality with national banks.
(a) As used in this Article:
(i) 'Commissioner' means the state banking commissioner;
(ii) 'Depository institution' means any national or state-chartered bank, any Federal savings association or Federal savings bank which is chartered under 12 U.S.C. §1464, any state savings and loan association which is chartered under the laws of any state of the United States, or any other corporation (other than a bank) the commissioner determines to be operating in substantially the same manner as a savings association.
(iii) 'Purchase and assumption transaction' means a transaction whereby the acquiring bank purchases some, but not all, of the assets and assumes some, but not all, of the liabilities of the selling bank;
(iv) 'Wyoming branch bank' means a branch bank licensed by the State of Wyoming and located in this state;
(v) 'Wyoming state bank' means a bank chartered under the laws of the State of Wyoming.
Section 4. Acquisition of a Wyoming Branch Bank. With the approval of the commissioner, a Wyoming state bank may purchase the assets and assume the liabilities of a licensed Wyoming branch bank owned and operated by any other depository institution. Upon approval of the acquisition, the branch bank license shall transfer from the selling depository institution to the acquiring Wyoming state bank.
(a) An application for approval to acquire a Wyoming branch bank shall be made to the commissioner by both parties to the purchase and assumption transaction. The application shall set forth:
(i) The name of the depository institution proposing to sell the Wyoming branch bank and license;
(ii) The name and address of the licensed Wyoming branch bank to be sold;
(iii) The name of the Wyoming state bank proposing to purchase the Wyoming branch bank and license;
(iv) The address where the Wyoming branch bank will be maintained and operated; and,
(v) Such additional information regarding the assets being sold and the liabilities being assumed as the commissioner may require to determine that the purchase and assumption transaction will not adversely affect the capital structure or financial stability of the acquiring Wyoming state bank, or the public interest.
(b) The application shall be accompanied by:
(i) A resolution of the board of directors of each of the applicants, duly adopted and certified, evidencing approval of the proposed purchase and assumption transaction, and transfer of the Wyoming branch bank license, by the directors;
(ii) A resolution of the board of directors of the acquiring Wyoming state bank, duly adopted and certified, ensuring that the customers and clients of the Wyoming branch bank being acquired will be held harmless from any cost or expense resulting from acquisition of the Wyoming branch bank, such as, but not limited to, obtaining new checks, document transfers or substitutions, or fees for changing accounts;
(iii) A copy of the application to the Federal Reserve Board or the Federal Deposit Insurance Corporation for approval of the proposed purchase and assumption transaction; and,
(iv) A certified copy of the purchase and assumption agreement.
(c) The commissioner shall review the application to acquire a Wyoming branch bank to determine whether the applicants have submitted all of the required information. If the applicants have not provided all of the required information, the commissioner shall notify the applicants in writing and request the information needed to compete the application. The applicants may take up to ten (10) days from the date of the notice to furnish the information requested. If the applicants do not furnish the information requested within the ten (10) day period, the application shall be deemed withdrawn.
(d) When the applicants have provided all of the required information, the commissioner shall notify the applicants in writing that the application has been accepted for filing. The commissioner shall specify the date of acceptance of the application for filing in the written notification.
Section 6. Application Fee. The applicants shall pay the costs incurred for examinations and other costs of processing an application for transfer of a Wyoming branch bank license. A fee of two thousand dollars ($2,000.00) for each license to be transferred shall be paid when the application is filed. If costs incurred by the commissioner exceed the application fee, the additional costs will be billed to the applicants in equal amounts.
Section 7. Notice to Customers.
(a) Within thirty (30) days of the date the application is accepted for filing, the selling depository institution shall provide written notice of the proposed purchase and assumption transaction to each customer having an account with the Wyoming branch bank to be sold. The notice shall be mailed to each customer at the address listed for the account in the records of the selling depository institution.
(b) The selling depository institution shall certify under oath that the notice required in subsection (a) of this Section has been mailed to each customer of the Wyoming branch bank to be sold. The certification and a copy of the notice shall be filed with the commissioner.
(a) Within fifteen (15) days of the date the application is accepted for filing, the applicants shall cause notice of the proposed license transfer to be published in a newspaper of general circulation in the county where the Wyoming branch bank to be purchased is located. The notice shall be published at least once each week for three (3) consecutive weeks.
(b) The notice shall state:
(i) The name and location of the Wyoming branch bank to be sold;
(ii) The name and main office location of the Wyoming state bank proposing to acquire the Wyoming branch bank;
(iii) The general purpose of the purchase and assumption transaction; and,
(iv) That any person wishing to comment on the proposed purchase and assumption transaction may submit comments in writing to the commissioner within thirty (30) days of the date of the first published notice. The date of the first published notice shall be specified in the notice.
(c) The applicants shall submit a publisher's affidavit of proof of publication of notice to the commissioner.
(a) The commissioner shall approve the application to acquire a Wyoming branch bank if the commissioner finds:
(i) After consummation of the purchase and assumption transaction, the acquiring Wyoming state bank will maintain an adequate capital structure, including surplus, in relation to the assets acquired and the deposits and other liabilities assumed, and in relation to the banking activities to be assumed or expanded;
(ii) The customers and clients of the Wyoming branch bank being transferred are protected against cost or adverse impact from the transaction;
(iii) The purchase and assumption transaction is not contrary to the public interest; and,
(iv) The applicants have complied with all requirements of this Article.
(b) The commissioner shall approve or disapprove the application within fifteen (15) days after the final date set for receiving written comments as specified in the publication of notice. If the commissioner disapproves the application, the reasons for the disapproval shall be given to the parties to the transaction in writing, and the parties shall be given fifteen (15) days to correct the items which caused the disapproval. If the items are not corrected within the time allowed, the application shall be deemed withdrawn. Approval of the application and the transfer of the branch bank license shall be contingent upon receipt of amended articles of incorporation as required by W.S. 13-4-102.
Section 10. Extensions of Time. Except for the thirty (30) day period for public comment provided for in subsection (b)(iii) in Section 7 of this Article, the commissioner may extend any time period set forth in this Article upon the motion of either applicant or upon the commissioner's own motion. The commissioner shall notify the applicants in writing of the extension of any time period.