Minnesota Session Laws - 1993, Regular Session

  
    Laws of Minnesota 1993 

                         CHAPTER 7-H.F.No. 146 
           An act relating to financial institutions; state 
          banks; regulating the acquisition of a bank or savings 
          association for operation as a detached facility; 
          amending Minnesota Statutes 1992, section 49.34, 
          subdivision 2. 
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
    Section 1.  Minnesota Statutes 1992, section 49.34, 
subdivision 2, is amended to read: 
    Subd. 2.  [ACQUISITION OF BANK OR SAVINGS ASSOCIATION FOR 
OPERATION AS DETACHED FACILITY.] (a) Notwithstanding the 
geographic limitations of subdivision 1, and the distance 
limitations and consent requirements of section 47.52, a state 
bank may apply to the commissioner, pursuant to the procedures 
contained in sections 47.51 to 47.56 and 49.35 to 49.41, to 
acquire another state bank or national banking association and 
its detached facilities through merger, consolidation or 
purchase of assets and assumption of liabilities and operate 
them as detached facilities of the successor bank if the 
operation of them otherwise conforms to the limitations of 
section 47.52.  
    (b) In addition to the authority granted in paragraphs (a) 
and (c), and Notwithstanding the geographic limitations of 
subdivision 1 and the limitations on number of facilities, 
distance limitations, and consent requirements contained in 
section 47.52, a state bank whose main banking office is located 
within the county of Anoka, Carver, Dakota, Hennepin, Ramsey, 
Scott, or Washington may apply to the commissioner, pursuant to 
the procedures contained in sections 47.51 to 47.56 and 49.35 to 
49.41, to acquire another state bank or national banking 
association and its detached facilities through merger, 
consolidation, or purchase of assets and assumption of 
liabilities and operate them as detached facilities of the 
successor bank if each resulting detached facility is located 
within the county of Anoka, Carver, Dakota, Hennepin, Ramsey, 
Scott, or Washington. 
    (c) (b) Where the commissioner has determined that a 
merger, consolidation or purchase of assets and assumption of 
liabilities is necessary and in the public interest to prevent 
the probable failure of a state bank, national banking 
association, or state or federal savings and loan association or 
savings bank, the limitations on location and number of detached 
facilities in section 47.52 shall not apply to the establishment 
of a detached facility directly resulting from such 
acquisition.  The establishment of a detached facility in order 
to prevent a probable failure as provided in this paragraph 
shall not require the written consent of banks having a 
principal office in the municipality in which the resulting 
detached facility will be located, notwithstanding the 
provisions of section 47.52. 
    The consolidation or merger under this paragraph of a 
capital stock savings and loan association or savings bank and a 
bank shall be effected in the manner provided in sections 49.33 
to 49.41.  A savings and loan association or savings bank that 
is a mutual association may be acquired directly under this 
paragraph through the purchase of assets and assumption of 
liabilities.  A state bank acquiring a savings and loan 
association or savings bank under this paragraph must, with the 
approval of the commissioner of commerce, establish a reasonable 
date by which the bank will cease all activities conducted by 
the savings and loan association or savings bank that are not 
authorized activities for the bank. 
    Presented to the governor March 22, 1993 
    Signed by the governor March 23, 1993, 3:10 p.m.