5 Del. Admin. Code § 804-1.0

Current through Register Vol. 28, No. 5, November 1, 2024

Section 804-1.0 - Application

1.1 The applicant shall clearly identify the conditions specified in subsections (a)(1), (a)(2), (a)(3) and (a)(4) of Section 803 of Title 5, Delaware Code, for which the bank seeks a waiver. The applicant shall provide the following information, as applicable:

1.2 Waiver of condition under 5 Del.C. § 803 (a)(1) relating to a single office in this State open to the public for the conduct of banking business.

1.3 The applicant shall specify whether the bank seeks a waiver of the condition under Section 803(a)(1) of Title 5, Delaware Code, that it have no more than a single office located in this State open to the public for the conduct of banking business. The applicant shall identify the number and proposed locations, if any, of additional offices located in this State that the bank proposes to open to the public for the conduct of banking business within the next two years, and shall submit a business plan relating to such additional offices. (A separate application to open a branch office must be filed in accordance with Section 770 of Title 5, Delaware Code.)

1.4 Waiver of condition under 5 Del.C. § 803 (a)(2) relating to minimum capital stock and paid-in surplus.

1.5 The applicant shall specify whether the bank seeks a waiver of the condition under Section 803(a)(2) of Title 5, Delaware Code, relating to minimum capital stock and paid-in surplus. The applicant shall specify the bank's planned amounts of capital stock and paid-in surplus for the next two years. The applicant shall submit a business plan explaining, in detail, the reasons for the planned change, if any, from the bank's current amounts of capital stock and paid-in surplus and the expected effect of such change on the bank's operations and safe and sound condition.

1.6 Waiver of condition under 5 Del.C. § 803 (a)(3) relating to employment of persons within this State.

1.7 The applicant shall specify whether the bank seeks a waiver of the condition under Section 803(a)(3) of Title 5, Delaware Code, relating to employment of persons within this State. The applicant shall specify the bank's planned employment of persons within this State for the next two years. The applicant shall submit a business plan explaining, in detail, the reasons for the planned change, if any, from the bank's current employment of persons in this State and the expected effect of such change on the bank's operations and safe and sound condition.

1.8 Waiver of condition under 5 Del.C. § 803 (a)(4) relating to manner and location of operation in this State.

1.9 The applicant shall specify whether the bank seeks a waiver of the condition under Section 803(a)(4) of Title 5, Delaware Code, relating to operating in a manner and at a location that is not likely to attract customers from the general public in this State to the substantial detriment of existing banking institutions located in this State. The applicant shall specify the bank's planned manner and location of operation in this State during the next two years. The applicant shall submit a business plan explaining, in detail, the reasons for the planned change, if any, from the bank's current manner and location of operation in this State and the expected effect of such change on the bank's operations and safe and sound condition.

5 Del. Admin. Code § 804-1.0