412:5-401 Required approval. No intra-Pacific bank or intra-Pacific bank holding company may engage in business in this State, except in one of the following three forms:

(1) Branch. An intra-Pacific bank may establish or acquire one or more branches in this State if it obtains the prior approval of the commissioner under this chapter to operate such branch or branches;

(2) Subsidiary of an intra-Pacific bank. An intra-Pacific bank may establish or acquire, directly or indirectly, the assets of or control over or merge with a bank that is a Hawaii financial institution or its holding company if the intra-Pacific bank obtains the prior approval of the commissioner and:

(A) Complies with the requirements of this chapter as to mergers and acquisitions; and

(B) Obtains a charter under this chapter to engage in business as a bank;

(3) Subsidiary of an intra-Pacific bank holding company. An intra-Pacific bank holding company may establish or acquire, directly or indirectly, the assets of or control over or merge with a bank that is a Hawaii financial institution or acquire control over or merge with, its holding company if the intra-Pacific bank holding company obtains the prior approval of the commissioner and:

(A) Complies with the requirements of this chapter as to mergers and acquisitions; or

(B) Obtains a charter under this chapter to engage in business as a bank. [L 1993, c 350, pt of 1; am L 2016, c 149, 8]

 

 

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