§ 5-1003
161 words·~1 min read·
/md/financial-institutions/5-1003·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§5–1003.
(a)A banking institution or an out–of–state bank may establish a branch in this State by:
(1)Subject to subsection
(b)of this section, opening a de novo branch;
(2)Purchasing an existing branch from a bank or an insured depository institution; or
(3)Converting former headquarters or retaining former branches following:
(i)The purchase of all or substantially all of the assets of a bank or an insured depository institution; or
(ii)A merger or a consolidation with a bank or an insured depository institution.
(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.
(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.