Branch Deposits

PURPOSE: Section 362.915, RSMo, prohibits a bank holding company from obtaining control of a depository financial institution if the combined deposits of the holding company and the financial institution exceed a certain percentage of the total deposits in all depository financial institutions in the state. The advent of interstate branching makes it necessary to determine which deposits are located in Missouri. This rule describes the process by which that determination is made. (1) The total deposits of a bank or depository financial institution in Missouri, and the total deposits of all depository financial institutions in Missouri controlled by a bank holding company which is seeking to acquire a bank or institution under section 362.920, RSMo, shall not, for purposes of section 362.915, RSMo, include deposits of offices located outside of Missouri. (2) The total deposits in all depository financial institutions in Missouri shall not, for purposes of section 362.915, RSMo, include deposits of offices located outside of Missouri. (3) A bank holding company seeking to acquire a bank or depository financial institution under section 362.920, RSMo, shall be attributed all deposits at Missouri offices of depository financial institutions controlled by the bank holding company. (4) The commissioner of finance shall use the most timely reports available, whether published at year-end, mid-year, or any other date within the previous twelve (12) months, in order to determine the location of deposits attributed to offices in this state and outside this state. AUTHORITY: sections 361.105 and 362.915, RSMo Supp. 1997.* This rule originally filed as 4 CSR 140-10.020. Original rule filed Jan. 23, 1998, effective July 30, 1998. Moved to 20 CSR 1140-10.020, effective Aug. 28, 2006. *Original authority: 361.105, RSMo 1939, amended 1949, 1977, 1995, 1996 and 362.915, RSMo 1974, amended 1988, 1997.