§ 28-2-17-20 — Interstate merger transactions

Indiana § 28-2-17-20

• Jurisdiction: Indiana
• Art. 2: BANKS
• Ch. 17: Interstate Bank Mergers

Text

(a) With the prior written approval of the
department, an Indiana state bank may establish, maintain, and operate
one (1) or more branches in a state other than Indiana pursuant to an
interstate merger transaction in which the Indiana state bank is the
resulting bank.
(b) Not later than the date on which the required application for the
interstate merger transaction is filed with the appropriate federal bank
supervisory agency, the applicant Indiana state bank shall file an
application with the department on a form prescribed by the director.
(c) An interstate merger transaction must be done in compliance
with:
(1) IC 28-1-7;
(2) IC 28-1-8; or
(3) IC 28-3-2.
(d) An interstate merger transaction may be consummated only after
the applicant has received the written approval of the department. The
department has the authority to establish terms, conditions, and time
frames by which the transaction may be consummated.
(e) A savings association or an industrial loan and investment
company organized or reorganized under the laws of Indiana may
engage in an interstate merger transaction to the same extent and under
the same restrictions, conditions, and requirements as an Indiana state
bank.

Legislative History

As added by P.L.171-1996, SEC.36. Amended by P.L.79-1998, SEC.65.