Okla. Stat. tit. 6, § 6-501.1

Interstate reciprocity – Establishment and acquisition of branch

banks.

A. Upon application to and approval granted by the State

Banking Commissioner or Comptroller of the Currency, an out-of-state

bank which engages or has engaged in an interstate merger

transaction with a bank or savings association that, prior to the

merger, had its main office located in this state shall be permitted

to establish de novo branches in this state. An out-of-state bank

which is not engaging, and has not previously engaged, in an

interstate merger transaction with a bank or savings association

that, prior to the merger, had its main office located in this

state, shall not be permitted to establish a de novo branch in this

state, nor to acquire a branch bank or savings association branch in

this state, unless, on a reciprocal basis, the state where the main

office of the out-of-state bank is located would permit a bank with

a main office located in this state to establish a de novo branch in

that other state without having engaged in an interstate merger

transaction with a bank having its main office in that other state.

B. Subject to the limitations set forth in subsection A of this

section, a bank, branch bank, savings association, or savings

association branch may be acquired by and engage in an interstate

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 73

merger transaction or interstate branch acquisition transaction with

any out-of-state bank in accordance with applicable laws and rules

of the Oklahoma State Banking Department and the state in which the

main office of the out-of-state bank is located. If the out-of-

state bank does not have a branch bank or savings association branch

in this state at the time the interstate merger or interstate branch

acquisition transaction application is filed with the appropriate

regulatory authority, and if the law of the state where the main

office of the out-of-state bank is located does not permit

reciprocal interstate de novo branching by a bank with a main office

located in this state as more particularly provided for in

subsection A of this section, then the out-of-state bank must

acquire the bank or the savings association, and may not acquire

just a branch or branches thereof. An interstate merger or

interstate branch acquisition transaction will not be permitted if

it will result in a violation of the twenty percent (20%) deposit

limitation contained in subsection I of Section 19 of this act. If

the result of an interstate merger transaction is that the bank or

savings association which is acquired is converted to one or more

branch banks of an out-of-state bank, the resulting branch bank

shall have all the powers and be subject to the same limitations as

any other branch bank located in this state. All in-state branch

banks of an out-of-state bank shall be regulated by the State

Banking Commissioner as if the branch banks comprised an Oklahoma

bank and the branch banks shall comply with applicable Oklahoma laws

and rules in the conduct of their business in this state to the

maximum extent authorized under federal law. No in-state branch

bank of an out-of-state bank shall be permitted to engage in any

activity not permissible for a bank in this state.

C. Beginning May 31, 1997, a bank may establish a branch bank

in any other state, or may acquire branch banks of an out-of-state

bank which are located in any other state in accordance with the

laws of the other state. The bank shall be required to follow all

procedures and to obtain all approvals necessary to establish or

acquire a branch bank under applicable Oklahoma law and any

applicable rules as may be established by the Banking Board. The

bank shall file with the Department a copy of each application or

notice filed with federal or other state regulatory authorities

relating to the transaction at the same time the application or
follow all

procedures and to obtain all approvals necessary to establish or

acquire a branch bank under applicable Oklahoma law and any

applicable rules as may be established by the Banking Board. The

bank shall file with the Department a copy of each application or

notice filed with federal or other state regulatory authorities

relating to the transaction at the same time the application or

notice is filed with the federal or other state regulatory

authorities. Upon consummation of the transaction, the bank shall

have all of the powers under the applicable laws and regulations of

the state in which each branch bank is located, subject to the

duties and restrictions thereof. In addition to any regulation by

bank and regulatory authorities in the state where a branch bank is

located, each branch bank located outside of this state shall be

subject to regulation by the Department as if the branch bank were

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located in this state and shall comply with the law of this state in

the conduct of its banking business in such other state.

D. The provisions of this section shall not be construed as

permitting branches established pursuant to this section through an

interstate merger transaction to be taxed at a rate which is

different from or discriminates in any way against a bank, savings

association, or branch of either, which is chartered in this state.

The Oklahoma Tax Commission is hereby authorized to adopt policies

and procedures consistent with the provisions of this subsection.

E. An operating subsidiary of a bank which engages in the

business of owner-occupied home mortgage lending shall not be

considered a branch under this section in order to conduct such

lending operation at any location.