N.J. Admin. Code § 3:13-1.2

Current through Register Vol. 56, No. 23, December 2, 2024

Section 3:13-1.2 - Application

(a) An application, except as provided in (e) below, to acquire a New Jersey bank or New Jersey bank holding company shall contain the following information on a form provided by the Department:

1. The name and location of the person proposing to acquire the New Jersey bank or New Jersey bank holding company;

2. The name and location of the New Jersey bank or New Jersey bank holding company;

3. Certified copies of:

i. The board resolution of the person authorizing the proposed acquisition of the New Jersey bank or New Jersey bank holding company; and

ii. The board resolution of the New Jersey bank or New Jersey bank holding company being acquired approving the proposed acquisition, when such approval has been adopted;

4. A list of any New Jersey banks affiliated with the applicant;

5. If an out-of-State bank holding company, proof that the applicant has complied with or is exempted from the requirements of 14A:13-3 and 4 requiring registration by foreign corporations doing business in this State; and

6. An application fee of $ 1,000 if the requester is not subject to assessment pursuant to N.J.A.C. 3:5 but no fee shall be charged if the requester is subject to assessment.

(b) Upon receipt of a completed application, the Department shall send notice to the applicant, shall post the notice on the Department's website at http://www.njdobi.org and shall send notice to the New Jersey Bankers Association, the New Jersey League of Community Bankers, and/or their successor organizations, if any, for publication in their weekly bulletins.

(c) The applicant shall publish notice of the application in a newspaper of general circulation which is published and circulated in the municipality in which the principal place of business is located.

(d) The notices required by (b) and (c) above shall contain the following:

1. The name and mailing address of the applicant;

2. A brief statement of the nature of the application;

3. The name and address of the New Jersey Bank or New Jersey Bank Holding Company to be acquired; and

4. The date the Department accepted the application.

(e) An application involving only an internal reorganization shall be required to contain only the information listed in (a)1 and 2 above. The application may be submitted in letter form and shall be deemed to be approved 10 days from receipt by the Department unless the Department notifies the applicant otherwise. In evaluating an application, the Commissioner shall disapprove the application if, in his or her judgement, the internal reorganization negatively affects the safety and soundness of the bank, bank holding company or any affiliate.

N.J. Admin. Code § 3:13-1.2

New Rule, R.1996 d.483, effective 10/7/1996.
See: 28 New Jersey Register 2661(a), 28 New Jersey Register 4417(b).
Former N.J.A.C. 3:13-1.2, "Definitions", recodified to 3:13-1.1.
Amended by R.1997 d.70, effective 2/18/1997.
See: 28 New Jersey Register 4831(a), 29 New Jersey Register 547(a).
Amended by R.2002 d.244, effective 8/5/2002.
See: 34 New Jersey Register 815(a), 34 New Jersey Register 2781(a).
Rewrote (b).
Amended by R.2003 d.53, effective 2/3/2003.
See: 34 New Jersey Register 3152(a), 35 New Jersey Register 607(a).
In (a), substituted ", except as provided in (e) below" for "by a person" and inserted "information on a form provided by the Department" following "following" in the introductory paragraph, deleted 1, recodified existing 2 through 4 as 1 through 3 and 5 through 7 as 4 through 6; added (e).
Amended by R.2004 d.50, effective 2/2/2004.
See: 35 New Jersey Register 4350(a), 36 New Jersey Register 647(a).
In (b), inserted a reference to the Department's website.
Amended by R.2006 d.233, effective 6/19/2006.
See: 38 N.J.R. 5(a), 38 N.J.R. 2671(a).
Inserted "if the requester is not subject to assessment pursuant to N.J.A.C. 3:5 but no fee shall be charged if the requester is subject to assessment" in (a)6.