6-211. Definitions In this article, unless the context otherwise requires: 1. " Converting bank" means a bank converting from a national to a state bank, or the reverse. 2. " In-state financial institution" means a state or national bank or savings and loan association with its home office in this state, or holding company with […]
6-212. Resulting national bank Nothing in the law of this state shall restrict the right of a state bank to merge with or convert into a national bank. The action to be taken by such merging or converting state bank and its rights and liabilities and those of its stockholders shall be as prescribed at […]
6-215. Retention of nonconforming assets; permission; maximum value If a merging or converting bank has assets that do not conform to the requirements of law for a state bank or if assets acquired by a state bank in the transaction of its assuming deposit liabilities of another bank do not conform to such legal requirements, […]
6-216. Continuation of business and corporate entity A resulting state bank shall be considered the same business and corporate entity as each merging bank or converting bank. All rights of property, franchises and interests of each merging bank or the converting bank shall be transferred to and vested in the resulting state bank by virtue […]
6-217. Emergency acquisition of in-state financial institution A. Notwithstanding any other provisions of law, an in-state financial institution or out-of-state financial institution may acquire an in-state financial institution if the deputy director determines that both of the following exist: 1. The in-state financial institution proposed to be acquired is in danger of being placed in […]
