(a) A regional bank holding company may acquire a District of Columbia bank holding company or a District of Columbia bank (other than a District of Columbia bank holding company or a District of Columbia bank which is acquired either pursuant to section 13 of the Federal Deposit Insurance Act (12 U.S.C. § 1823(f)), or in the regular course of securing or collecting a debt previously contracted in good faith, as provided in section 3(a) of the Bank Holding Company Act of 1956 (12 U.S.C. § 1842(a)), if each of the following requirements is met:

(1) The laws of the state in which the regional bank holding company making the acquisition has its principal place of business permit the regional bank holding company to be acquired by the District of Columbia bank holding company or the District of Columbia bank sought to be acquired.

(2) Either the District of Columbia bank sought to be acquired has been in existence and continuously operating for more than 2 years or all of the bank subsidiaries of the District of Columbia bank holding company sought to be acquired have been in existence and continuously operating for more than 2 years. A regional bank holding company may acquire all or substantially all of the shares of a bank organized solely for the purpose of facilitating the acquisition of a bank that has been in existence and continuously operating as a bank for more than 2 years.

(3) The acquisition complies with any conditions, restrictions, requirements, or other limitations that would apply to the acquisition by the District of Columbia bank holding company or the District of Columbia bank sought to be acquired of a bank or bank holding company located in the state where the regional bank holding company making the acquisition has its principal place of business, but that would not apply to the acquisition of a bank or bank holding company in the state by a bank holding company, all the bank subsidiaries of which are located in that state.

(b) For the purpose of subsection (a)(1) and (3) of this section, a District of Columbia bank shall be treated as if it were a District of Columbia bank holding company.

(Nov. 23, 1985, D.C. Law 6-63, § 3, 32 DCR 5954; Mar. 27, 1993, D.C. Law 9-261, § 2, 40 DCR 1030; Sept. 30, 1993, D.C. Law 10-16, § 2, 40 DCR 5448; May 16, 1995, D.C. Law 10-255, § 20, 41 DCR 5193.)

1981 Ed., § 26-802.