Bank Holding Company Acquisitions Of Certain Limited Purpose Banks
It is the position of the Division of Banks that under Mass. Gen. Laws chapter 167A, a "banking institution" would include any entity that has the same powers as those banks listed in Mass. Gen. Laws chapter 167A, § 1(a). Because all the banks listed in the statute are authorized to receive deposits, make loans and investments, an entity would have to be empowered to perform such activities to be considered a "banking institution" under the statute. Therefore, a limited purpose credit card bank which is not authorized to make commercial loans or accept demand deposits does not meet the definition of a banking institution and thus a bank holding company's acquisition of such an entity would not be subject to the approval process set out in the provisions of Mass. Gen. Laws chapter 167A, §§ 2 and 4.
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