Rule 80-1-5-.12 - Conditional Waiver of Applicability of Revised Statutory Capital Base Definition(1) Prior to June 1, 2017, the definition of statutory capital base meant the "sum of the capital stock, paid-in capital, appropriated retained earnings, and capital debt of a bank or trust company less any amount of good will, core deposit intangibles, or other intangible assets related to the purchase, acquisition, or merger of a bank charter or accumulated deficit (negative retained earnings)." The revised definition of statutory capital base expressly provides that the Department has the authority to phase in the revised definition for those banks that will have a decreased statutory capital base.(2) Any bank that has a decrease in its statutory capital base as of July 1, 2017, may submit a letter form application seeking a waiver from the applicability of the revised definition. Any such request for a waiver must be received by the Department no later than August 15, 2017. The application should provide information pertinent to the request, including, but not limited to, a calculation of the statutory capital base under both formulas.(3) The Department shall take into consideration competitive, financial, managerial, safety and soundness, and other concerns in evaluating any waiver request. The Department is authorized to impose conditions on the grant of any request for a waiver.(4) All waivers, conditional or otherwise, issued pursuant to this Rule shall expire on August 31 of each year, and application for renewal of a waiver shall be made annually on or before August 1 of each year.Ga. Comp. R. & Regs. R. 80-1-5-.12
O.C.G.A. §§ 7-1-4; 7-1-61; 7-1-285.
Original Rule entitled "Conditional Waiver of Applicability of Revised Statutory Capital Base Definition" adopted. F. June 29, 2017; eff. July 19, 2017.