Sec. 06.05.462. Conversions, mergers, and consolidations.

187 words·~1 min read·/ak/title-6/chapter-5/06-05-462

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(a)A national bank located in the state may convert to a state bank or merge or consolidate with a state bank, and a state bank may merge or consolidate with another state bank, if the merger or consolidation is consistent with federal and state law and approved by the department.

(b)Before merger or consolidation under

(a)of this section, banks shall file with the department an application and other information and reports that the department requires.

(c)The department, in the exercise of its power to approve or disapprove applications for merger or consolidation, shall act in the interests of promoting and maintaining a sound banking system, the security of deposits and customers, the preservation of the liquid position of banks, and in the interest of preventing injurious credit expansions and contractions.

(d)A state bank converting to or merging or consolidating with a national bank shall submit a copy of the application for national charter or application to convert, merge, or consolidate to the department at the time those documents are forwarded to the comptroller of the currency.