487.3337 Sale or purchase of branches; notice.
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487.3337 Sale or purchase of branches; notice.
Sec. 337.
(1)A savings bank may sell 1 or more of its branches to a bank, out-of-state bank, national bank, association, or savings bank located in a state whose laws would permit a savings bank to purchase 1 or more branches in that state of the purchasing depository institution.
(2)A savings bank may purchase 1 or more branches, without purchasing all or substantially all of the depository institution, from a bank, out-of-state bank, national bank, association, or savings bank.
(3)A savings bank that purchases 1 or more branches under subsection
(2)shall provide notice as required under section 417 before operating the purchased branch or branches.
History: 1996, Act 354 , Imd. Eff. July 1, 1996