State of Kansas
State Bank Commissioner
Special Order 1992-1
This Order issued this 19th day of August, 1992, by the State Bank Commissioner with the approval of the State Banking Board.
Whereas, K.S.A. 9-1101 does not provide state banks with the authority to acquire the stock of another depository institution of holding company thereof, and
Whereas, under interpretive letter dated July 24, 1981, the Office of the Comptroller of the Currency has determined that a national bank has the authority to acquire the stock of another insured depository institution or holding company thereof provided such acquisition incidental to a reorganization that is otherwise authorized by Federal law and that occurs nearly simultaneously with such acquisition; and
Whereas, K.S.A. 9-1715(b) provides that the State Bank Commissioner may, with the prior approval of the State Banking Board, authorize state banks to engage in any activity in which such banks could engage were they operating as national banks; and
Whereas, the Commissioner and the State Banking Board deem that the issuance of this special order is reasonably required to preserve and protect the welfare of state banks and to promote competitive equality of state and national banks.
Now therefore, it is hereby ordered that state banks have the authority to acquire the stock of another insured depository institution or holding company as provided under interpretive letter dated July 24, 1981 of the Office of the Comptroller of the Currency and provided such acquisition is incidental to the reorganization that is otherwise authorized by Kansas law and that occurs nearly simultaneously with such reorganization.
This Special Order shall take effect August 19, 1992.
It is so ordered.
State Bank Commissioner
Frank D. Dunnick
