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(a) A domestic and out-of-state bank holding company shall apply for a permit from the department, authorizing the company to operate as a bank holding company in this state. The department will issue a permit if the department determines that its issuance will not disadvantage the public and is not inconsistent with the maintenance of a competitive, safe, and sound banking system.
(b) Before obtaining a permit, and at the close of each accounting year, a bank holding company shall submit a report to the department clearly reflecting its financial condition as of the end of its last accounting year, and a profit-and-loss statement covering operations for the preceding accounting year. The report must disclose the holding company's relationship with and investment in all subsidiaries as well as the nature and financial condition of their respective operations. For domestic bank holding companies, the report must be accompanied by an opinion of an independent certified public accountant.
(c) In addition to the report of financial condition, the department will, in its discretion, require a bank holding company to submit any other reports, accounts, or records the department determines necessary or desirable to ensure financially sound banking organization and practice.
History: Eff. 7/31/69, Register 31; am 4/6/79, Register 70; am 1/10/94, Register 129
Authority: AS 06.05.005 (a)
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Last modified 7/05/2006