Section 34-25-10 - DefinitionsFor purposes of this article:
(1) "Acquire" means: (a) for a company to merge or consolidate with a bank holding company;(b) for a company to assume direct or indirect ownership or control of: (i) more than twenty-five percent of any class of voting shares of a bank holding company or a bank, if the acquiring company was not a bank holding company prior to such acquisition;(ii) more than five percent of any class of voting shares of a bank holding company or a bank, if the acquiring company was a bank holding company prior to such acquisition;(iii) all or substantially all of the assets of a bank holding company or a bank; or(c) for a company to take any other action that results in the direct or indirect acquisition of control by such company of a bank holding company or a bank.(2) "Affiliate" has the meaning set forth in Section 2(k) of the Bank Holding Company Act.(3) "Bank" has the meaning set forth in Section 2(c) of the Bank Holding Company Act.(4) "Bank holding company": (a) has the meaning set forth in Section 2(a) of the Bank Holding Company Act; and(b) unless the context requires otherwise, includes a South Carolina bank holding company and an out-of-state bank holding company.(5) "Bank Holding Company Act" means the federal Bank Holding Company Act of 1956, as amended.(6) "Bank supervisory agency" means any of the following:(a) any agency of another state with primary responsibility for chartering and supervising banks; and(b) the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve System, and any successor to these agencies.(7) "Board" means the State Board of Financial Institutions.(8) "Branch" means any office at which a bank accepts deposits. The term "branch" does not include, however, the following:(a) unmanned automatic teller or loan machines, point of sale terminals, or other similar unmanned electronic banking facilities;(b) offices located outside the United States; or(c) loan production offices, representative offices, or other offices at which deposits are not accepted.(9) "Company" has the meaning set forth in Section 2(b) of the Bank Holding Company Act, and includes a bank holding company.(10) "Control" means and shall be construed consistently with the provisions of Section 2(a) of the Bank Holding Company Act.(11) "Deposit" has the meaning set forth in 12 U.S.C. Section 1813(1).(12) "Depository institution" means any institution included for any purpose within the definitions of "insured depository institution" as set forth in 12 U.S.C. Section 1813(c)(2) and (3).(13) "Home state regulator" means, with respect to an out-of-state bank holding company, the bank supervisory agency of the state in which such company maintains its principal place of business.(14) "South Carolina bank" means a bank that is:(a) organized under Section 34-1-70; or(b) organized under federal law and having its principal place of business in this State.(15) "South Carolina state bank" means a bank chartered under the laws of South Carolina.(16) "South Carolina bank holding company" means a bank holding company that:(a) had its principal place of business in this State on July 1, 1966, or the date on which it became a bank holding company, whichever is later; and(b) is not controlled by a bank holding company other than a South Carolina bank holding company.(17) "Out-of-state bank holding company" means a bank holding company that is not a South Carolina bank holding company.(18) "Principal place of business" of a bank holding company means the state in which the total deposits of its bank subsidiaries were the greatest on the later of July 1, 1966, or the date on which such company became a bank holding company.(19) "State" means any state, territory, or other possession of the United States, including the District of Columbia.(20) "Subsidiary" has the meaning set forth in Section 2(d) of the Bank Holding Company Act.1996 Act No. 310, Section 2, eff 7/1/1996. Section 34-1-70, referenced in the text, was repealed by 2021 Act No. 30, Section 19, effective May 6, 2021.