§ 1685
140 words·~1 min read·
/ca/financial-code/1685A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(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.