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Minnesota Legislature

Office of the Revisor of Statutes

50.245 BRANCHES; ACQUISITIONS.
    Subdivision 1. Authority for branch offices. A savings bank may establish any number of
detached facilities as may be approved by the commissioner of commerce pursuant to sections
47.51 to 47.57. The savings bank shall not change the location of a detached facility without
prior written approval of the commissioner of commerce. A savings bank may establish a loan
production office, without restriction as to geographical location, upon written notice to the
commissioner of commerce.
    Subd. 2. Authority for branch offices in other states. The authorization contained in
subdivision 1 is in addition to the authority granted savings banks in section 47.52. A savings
bank chartered in this state, whether or not the subsidiary of a savings bank holding company, has
the same authority as a bank to conduct interstate mergers affecting interstate branching under
section 49.411. The merger may be between banks and with other banks or savings banks.
    Subd. 3. Interstate acquisitions. A savings bank chartered in this state and a savings
bank holding company with its principal offices in this state may acquire control of a financial
institution chartered in any other state or a financial institution holding company with principal
offices in any other state. A savings bank chartered in any other state and a savings bank holding
company with principal offices in any other state may acquire control of a savings bank chartered
in this state or a savings bank holding company with principal offices in this state.
    Subd. 4. Procedural requirements. Procedural requirements contained in sections 48.90 to
48.99 apply to interstate acquisitions by savings banks and savings bank holding companies.
    Subd. 5. Definitions. For the purpose of this section, the terms defined in this subdivision
have the meanings given them.
(a) "Financial institution" means a bank, savings bank, savings association, or trust company,
whether chartered under the laws of this state, another state or territory, or under the laws of the
United States.
(b) "Loan production office" means a place of business at which a savings bank provides
lending if the loans are approved at the main office or detached facility of the savings bank, but at
which a savings bank may not accept deposits except through a remote service unit.
(c) "Remote service unit" means an electronic financial terminal as defined in section 47.61.
    Subd. 6.[Repealed by amendment, 1997 c 157 s 34]
History: 1980 c 514 s 1; 1995 c 171 s 58; 1996 c 414 art 1 s 20; art 3 s 8; 1997 c 157 s 34