{"data":{"id":"us-ky/krs-286.3-900","jurisdiction":"us-ky","citation":"KRS 286.3-900","heading":"Definitions of terms used in this section and KRS 286.3 -905 --","body":"Acquisition of in -state banks -- Limitations -- In-county merger or\nconsolidation.\n(1) As used in this section and KRS 286.3-905:\n(a) \"Bank\" means:\n1. Any institution organized under this subtitle, the banking laws of\nanother state, or the National Bank Act, as amended, to do a banking\nbusiness; or\n2. A bank as defined in 12 U.S.C. sec. 1841, as amended;\n(b) \"Bank holding company\" has the same meaning as in 12 U.S.C. sec. 1841, a s\nin effect on July 15, 2024, or as amended;\n(c) \"Company\" means:\n1. Any corporation, partnership, business trust, association, or similar\norganization, or any other trust unless by its terms it must terminate\nwithin twenty-five (25) years or not later than twenty-one (21) years and\nten (10) months after the death of individuals living on the effective date\nof the trust, but shall not include:\na. Any corporation the majority of the shares of which are owned by\nthe United States or by any state; or\nb. A qualified family partnership; or\n2. A company as defined in 12 U.S.C. sec. 1841, as amended;\n(d) \"Control\":\n1. Has the same meaning as in 12 U.S.C. sec. 1841(a)(2) and (3), as in\neffect on July 15, 2024, or as amended; and\n2. May be acquired by acquisiti on of voting securities, by purchase of\nassets, by merger or consolidation, by contract, or otherwise;\n(e) \"Deposit\":\n1. Except as provided in subparagraph 2. of this paragraph, has the same\nmeaning as in 12 U.S.C. sec. 1813, as in effect on July 15, 2024,  or as\namended; and\n2. Does not include interbank deposits and deposits in foreign branches\nand international banking facilities, as shown in the reports made by\nfederally insured depository institutions to their respective supervisory\nauthorities; and\n(f) \"Individual\":\n1. Means a natural person, partnership, association, business trust, voting\ntrust, or similar organization; and\n2. Does not include a corporation.\n(2) Except as provided in subsections (3) and (4) of this section, no individual or bank\nholding company, wherever located, may acquire control of any bank or bank\nholding company if, upon the acquisition, the individual or bank holding company\nwould control banks in this state holding more than fifteen percent (15%) of the\ntotal deposits and member accounts in the offices of all federally insured depository\ninstitutions in this state as reported in the most recent June 30 quarterly report made\nby the institutions to their respective supervisory authorities that are available at the\ntime of the acquisition.\n(3) (a) The limitations set forth in this section or any other provision of this subtitle\nor any administrative regulation promulgated thereunder shall not apply to the\nacquisition of a bank if:\n1. An emergency exists; and\n2. The acquisition is appropriate in order to prevent the probable failure of\nthe bank which is closed or is in danger of closing.\n(b) The determinations referenced in paragraph (a) of this subsection shall be\nmade by the:\n1. Commissioner, in his or her discretion, if the bank is  organized under\nthe laws of this state; or\n2. Comptroller of the currency, in his or her discretion, if the bank is a\nnational bank.\n(4) The provisions of this section shall not apply to the following, if the commissioner\ndetermines that the public conven ience and necessity will be served by the merger,\nconsolidation, or sale:\n(a) The merger or consolidation of banks or bank holding companies having their\nprincipal places of business in the same county and the operation by the\nmerged or consolidated corporation of the banks; or\n(b) The sale of any bank or bank holding company to, and the purchase thereof\nby, any other bank or bank holding company with its principal place of\nbusiness in the same county and the operation of the bank as a branch.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=55162","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:57:11Z","sha256":"95956643c46bbd06bd0b98c3999ea5dea1680bd63873a23bbeaf8f059abe7760","source_id":"us-ky","stale":false,"prev":"us-ky/krs-286.3-884","next":"us-ky/krs-286.3-905"},"notice":"GroundRules: Original legal text. Not legal advice."}