Bank Subsidiary Clause Samples
The 'Bank Subsidiary' clause defines the status and role of a subsidiary entity that is owned or controlled by a bank within the context of an agreement. This clause typically clarifies which entities qualify as bank subsidiaries, often by referencing ownership thresholds or regulatory definitions, and may specify how rights, obligations, or restrictions in the contract apply to these subsidiaries. By establishing clear criteria for what constitutes a bank subsidiary, the clause ensures that all parties understand the scope of the agreement as it relates to affiliated entities, thereby preventing ambiguity and potential disputes regarding the inclusion or exclusion of such subsidiaries.
Bank Subsidiary. Summit owns all of the outstanding shares of capital stock of Summit Community Bank, free and clear of any Lien. All of the shares of capital stock of Summit Community Bank have been duly authorized and validly issued and are fully paid and non-assessable (except as provided under applicable law) and not subject to preemptive rights. Summit Community Bank is an “insured bank” as defined in the FDIA and applicable regulations thereunder. Summit Community Bank is a West Virginia banking corporation whose primary federal bank regulator is the FDIC.
Bank Subsidiary. Franklin National Bank ("Bank Subsidiary") is duly incorporated, validly existing and in good standing as a national banking association, and has all the requisite power and authority to conduct the banking business as now conducted by it. Each of the other Franklin Subsidiaries is duly incorporated, validly existing and in good standing in its jurisdiction of incorporation, and has all the requisite power and authority to conduct its business as now conducted.
Bank Subsidiary. All of the shares of capital stock (or other equity interests) of each First Bank Subsidiary held by a First Bank Entity are fully paid under the Laws of the applicable jurisdiction of formation and are owned by the First Bank Entity free and clear of any Lien. First Bank is an “insured depository institution” as defined in the FDIA and applicable regulations thereunder, the deposits in which are insured by the FDIC through the Deposit Insurance Fund to the maximum amount permitted by applicable Law and all premiums and assessments required to be paid in connection therewith have been paid when due. No proceedings for the revocation or termination of such deposit insurance are pending or, to the Knowledge of First Bank, threatened. The articles of incorporation or association, charter, bylaws, or other governing documents of each First Bank Subsidiary comply in all material respects with applicable Law.
Bank Subsidiary. Nara owns all of the outstanding shares of capital stock of Nara Bank, free and clear of any claim, lien or encumbrance. All of the shares of capital stock of Nara Bank have been duly authorized and validly issued and are fully paid and non-assessable and not subject to preemptive rights. Nara Bank is an “insured bank” as defined in the FDIA and applicable regulations thereunder. Nara Bank is a California-state chartered member bank whose primary federal bank regulator is the Federal Reserve.
Bank Subsidiary. BBCN owns all of the outstanding shares of capital stock of BBCN Bank, free and clear of any claim, lien or encumbrance. All of the shares of capital stock of BBCN Bank have been duly authorized and validly issued and are fully paid and non-assessable and not subject to preemptive rights. BBCN Bank is an “insured bank” as defined in the FDIA and applicable regulations thereunder. BBCN Bank is a California-state chartered nonmember bank whose primary federal bank regulator is the FDIC.
Bank Subsidiary. PSB owns all of the outstanding shares of capital stock of Provident State Bank, free and clear of any Lien. All of the shares of capital stock of Provident State Bank have been duly authorized and validly issued and are fully paid and non-assessable and not subject to preemptive rights. Provident State Bank is an “insured bank” as defined in the Federal Deposit Insurance Act (the “FDIA”) and applicable regulations thereunder. Provident State Bank is a Maryland-state chartered bank whose primary federal bank regulator is the FDIC.
Bank Subsidiary. Center Financial owns all of the outstanding shares of capital stock of Center Bank, free and clear of any claim, lien or encumbrance. All of the shares of capital stock of Center Bank have been duly authorized and validly issued and are fully paid and non-assessable and not subject to preemptive rights. Center Bank is an “insured bank” as defined in the Federal Deposit Insurance Act (the “FDIA”) and applicable regulations thereunder. Center Bank is a California-state chartered nonmember bank whose primary federal bank regulator is the FDIC.
Bank Subsidiary. WIBC owns all of the outstanding shares of capital stock of Wilshire Bank, free and clear of any claim, lien or encumbrance. All of the shares of capital stock of Wilshire Bank have been duly authorized and validly issued and are fully paid and non-assessable and not subject to preemptive rights. Wilshire Bank is an “insured bank” as defined in the Federal Deposit Insurance Act (the “FDIA”) and applicable regulations thereunder. Wilshire Bank is a California-state chartered nonmember bank whose primary federal bank regulator is the FDIC.
Bank Subsidiary. Except as set forth in First Century Disclosure Schedule 3.14, First Century owns all of the outstanding shares of capital stock of First Century Bank, free and clear of any Lien. All of the shares of capital stock of First Century Bank have been duly authorized and validly issued and are fully paid and non-assessable and not subject to preemptive rights. First Century Bank is an “insured bank” as defined in the Federal Deposit Insurance Act (the “FDIA”) and applicable regulations thereunder. First Century Bank is a West Virginia-state chartered member bank whose primary federal bank regulator is the Federal Reserve.
Bank Subsidiary. Wilshire owns all of the outstanding shares of capital stock of Wilshire Bank, free and clear of any claim, lien or encumbrance. All of the shares of capital stock of Wilshire Bank have been duly authorized and validly issued and are fully paid and non-assessable and not subject to preemptive rights. Wilshire Bank is an “insured bank” as defined in the FDIA and applicable regulations thereunder. Wilshire Bank is a California-state chartered nonmember bank whose primary federal bank regulator is the FDIC.