EXPEDITED PROCEDURES.

SEC. 319. EXPEDITED PROCEDURES. (a) Amendments to the Bank Holding Company Act.— The 2d sentence of section 3(a) of the Bank Holding Company Act of 1956 (12 U.S.C. 1842(a)) is amended— (1) by striking “or (B)” and inserting “(B)”; and (2) by inserting before the period the following: “; or (C) the acquisition, by a company, of control of a bank in a reorganization in which a person or group of persons exchanges their shares of the bank for shares of a newly formed bank holding company and receives after the reorganization substantially the same proportional share interest in the holding company as they held in the bank except for changes in shareholders’ interests resulting from the exercise of dissenting shareholders’ rights under State or Federal law if— “(i) immediately following the acquisition— “(I) the bank holding company meets the capital and other financial standards prescribed by the Board by regulation for such a bank holding company; and 108 STAT. 2225 “(II) the bank is adequately capitalized (as defined in section 38 of the Federal Deposit Insurance Act); “(ii) the holding company does not engage in any activities other than those of managing and controlling banks as a result of the reorganization; “(iii) the company provides 30 days prior notice to the Board and the Board does not object to such transaction during such 30-day period; and “(iv) the holding company will not acquire control of any additional bank as a result of the reorganization.”. (b) Amendments to the Federal Deposit Insurance Act.— Section 5(d)(3) of the Federal Deposit Insurance Act (12 U.S.C. 1815(d)(3)) is amended— (1) by striking subparagraph (A) and inserting the following: “(A) Conversions allowed.— Notwithstanding paragraph (2)(A), and subject to the requirements of this paragraph, any insured depository institution may participate in a transaction described in clause (ii), (iii), or (iv) of paragraph (2)(B) with the prior written approval of the responsible agency under section 18(c)(2).”; (2) in subparagraph (E)— (A) in clause (i), by striking “(and, in the event the acquiring, assuming, or resulting depository institution is a Bank Insurance Fund member which is a subsidiary of a bank holding company, the Board)”; (B) in clause (ii), by striking “or Board”; and (C) in clause (iv)— (i) by striking “, and the appropriate Federal banking agency for any depository institution holding company,”; (ii) by striking “each”; and (iii) by striking “, and any depository institution holding company which controls such institution,”; (3) in subparagraph (F)— (A) by striking “The Board” and all that follows through “a Bank” and inserting “A Bank”; and (B) by striking “unless the Board determines that” and inserting “may not be the acquiring, assuming, or resulting depository institution in a transaction under subparagraph (A) unless”; and (4) by striking subparagraph (K).