215.36 Interstate acquisition and merger of associations.

855 words·~4 min read·/wi/chapter-215/215-36

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

(1)Definitions. In this section:

(a)“In-state savings and loan” means an association or federal savings and loan association, both having their home offices in this state.

(b)“In-state savings and loan holding company” means a savings and loan holding company that has its principal place of business in this state and is not owned or controlled by a company having its principal place of business outside of this state.

(c)“Merger” includes absorptions under ss. 215.53 and 215.73 .

(d)“Regional savings and loan” means a foreign association, if its accounts are insured by the deposit insurance corporation, or a federal savings and loan association, both having their home offices located in one of the regional states and that, if owned or controlled by a company, is owned or controlled by a regional state savings and loan holding company or by an in-state savings and loan holding company.

(e)“Regional savings and loan holding company” means a savings and loan holding company that has its principal place of business in a regional state and is not owned or controlled by a company having its principal place of business outside of the regional states.

(f)“Regional states” means the states of Illinois, Indiana, Iowa, Kentucky, Michigan, Minnesota, Missouri and Ohio.

(2)In-state savings and loans.

(a)An in-state savings and loan may do any of the following:

1. Acquire direct or indirect ownership or control of voting shares of one or more regional savings and loans or acquire an interest in, or some or all of the assets and liabilities of, one or more regional savings and loans.

2. Merge with one or more regional savings and loans.

(b)An in-state savings and loan proposing any action under par.

(a)shall provide the division a copy of any original application seeking approval by a federal agency or by an agency of the regional state and of any supplemental material or amendments filed in connection with any application.

(3)In-state savings and loan holding companies.

(a)An in-state savings and loan holding company may do any of the following:

1. Acquire direct or indirect ownership or control of voting shares of one or more regional savings and loans or regional savings and loan holding companies or acquire an interest in, or some or all of the assets of, one or more regional savings and loans or regional savings and loan holding companies.

2. Merge with one or more regional savings and loan holding companies.

(b)An in-state savings and loan holding company proposing any action under par.

(4)Regional savings and loans and regional savings and loan holding companies. Except as provided in sub.

(5), a regional savings and loan or regional savings and loan holding company may do any of the following:

(a)Acquire direct or indirect ownership or control of voting shares of one or more in-state savings and loans or in-state savings and loan holding companies or acquire an interest in, or some or all of the assets and liabilities of, one or more in-state savings and loans or in-state savings and loan holding companies.

(b)Merge with one or more in-state savings and loan holding companies.

(5)Limitations. A regional savings and loan or regional savings and loan holding company may not take any action under sub.

(4)until all of the following conditions have been met:

(a)The division finds that the statutes of the regional state in which the regional savings and loan or regional savings and loan holding company has its principal place of business permit all of the following:

1. In-state savings and loans to acquire one or more regional savings and loans in the regional state.

2. In-state savings and loan holding companies both to acquire one or more regional savings and loans and to acquire and merge with one or more regional savings and loan holding companies in the regional state.

(b)The division has not disapproved the acquisition of the in-state savings and loan or the acquisition or merger with the in-state savings and loan holding company under sub.

(7).

(c)The division gives a class 3 notice, under ch. 985 , in the official state newspaper, of the application to take an action under sub.

(4)and of the opportunity for a hearing and, if at least 25 residents of this state petition for a hearing within 30 days of the final notice or if the division on the division’s motion calls for a hearing within 30 days of the final notice, the division holds a public hearing on the application, except that a hearing is not required if the division finds that an emergency exists and that the proposed action under sub.

(4)is necessary and appropriate to prevent the probable failure of an in-state savings and loan that is closed or in danger of closing.