§ 28-1-7-4 — Merger; submission of resolutions and joint agreement to department; approval or disapproval

Indiana § 28-1-7-4

• Jurisdiction: Indiana
• Art. 1: DEPARTMENT OF FINANCIAL INSTITUTIONS
• Ch. 7: Merger and Consolidation of Banks, Trust Companies,

Text

(a) After the resolutions approving a joint
agreement of merger have been adopted by the board of directors of
each of the corporations, such resolutions and joint agreement shall be
submitted for approval by the department. Subject to any approvals
required under federal law, the department may, in its discretion,
approve or disapprove the resolution and joint agreement.
(b) In deciding whether to approve or disapprove a resolution and
joint agreement under this section, the department shall consider the
following factors:
(1) Whether the institution resulting from the proposed
transaction will be operated in a safe, sound, and prudent manner.
(2) Whether the financial condition of any institution subject to
the proposed transaction will jeopardize the financial stability of
any other institutions subject to the proposed transaction.
(3) Whether the proposed transaction under this chapter will
result in an institution that has inadequate capital, unsatisfactory
management, or poor earnings prospects.
(4) Whether the proposed transaction, in the department's
judgment and considering the available information under the
prevailing circumstances, will result in an institution that is more
favorable to the stakeholders than if the entities were to remain
separate.
(5) Whether the management or other principals of the institution
that will result from the proposed transaction under this chapter
are qualified by character and financial responsibility to control
and operate in a legal and proper manner the resulting institution.
(6) Whether the institutions subject to the proposed transaction
under this chapter furnish all the information the department
requires in reaching the department's decision.
Formerly: Acts 1933, c.40, s.117. As amended by P.L.263-1985,
SEC.27; P.L.14-1992, SEC.68; P.L.122-1994, SEC.45; P.L.171-1996,
SEC.4; P.L.90-2008, SEC.21; P.L.35-2010, SEC.113; P.L.27-2012,
SEC.39; P.L.73-2016, SEC.15.