667.005 Reorganization, merger, or consolidation with a foreign savings bank.
264 words·~1 min read·
/fl/title-xxxviii/chapter-667/667-005·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(1)A savings bank shall have the power to reorganize, merge, or consolidate with a foreign savings bank, as defined in s. 667.013 , subject to the approval of the office.
(2)If the resulting or surviving savings bank is to be a foreign savings bank, the office shall not approve the proposed transaction unless:
(a)The laws of the state in which the foreign savings bank has its principal place of business permit savings banks in that state to reorganize, merge, or consolidate with Florida savings banks in transactions in which the resulting or surviving savings bank is a Florida savings bank.
(b)The constituent Florida savings bank has been in existence and continuously operating for more than 2 years.
(3)A proposed transaction in which the resulting or surviving savings bank is to be a foreign savings bank shall be subject to any conditions, restrictions, and requirements that would apply in the state where the foreign savings bank has its principal place of business if the resulting or surviving savings bank were to be a Florida savings bank, which conditions, restrictions, and requirements would not apply to a reorganization, merger, or consolidation of savings banks all of which are located in that state.
(4)A foreign savings bank which is the resulting or surviving savings bank in a reorganization, merger, or consolidation with a Florida savings bank shall not be considered a Florida savings bank.
(5)Each application for reorganization, merger, or consolidation with a foreign savings bank shall be accompanied by a nonrefundable filing fee as provided in s. 658.73 (2)(g).