49.36 APPROVAL BY COMMISSIONER.
Subdivision 1. Requirements.
This consolidation or merger agreement and certified copy of
the proceedings of the meetings of the respective boards of directors, at which the making of the
agreement was authorized, must be submitted to the commissioner of commerce for approval
with a fee of $2,000 payable to the commissioner of commerce. The agreement shall not be
effective until so approved by the commissioner. The commissioner shall take action after the
documents are submitted, and is entitled to further information from any party to the transaction
as may be requested by the commissioner, or as may be obtained upon a hearing directed by the
Subd. 2. Procedures.
The procedures contained in section
must also be adhered to
when a merger, consolidation, or purchase of assets and assumption of liabilities is effected
pursuant to section
49.34, subdivision 2
. In the event the commissioner has determined that it is
necessary and in the public interest to act immediately on a merger, consolidation or purchase of
assets and assumption of liabilities to prevent the probable failure of a bank, the commissioner
may waive the requirements of section
Subd. 3. Application decisions.
In all applications filed under this section the commissioner
in determining whether to approve or disapprove the application shall consider (a) the effects of
the proposed merger transaction on competition, (b) the convenience and needs of the community
to be served, and (c) the financial and managerial resources and future prospects of the existing
and successor banks.
Subd. 4. Notice of proposed acquisition.
The successor bank shall give reasonable notice of
the acquisition to each of the depositors and creditors of an acquired bank or savings association
at a time and in a form determined in the discretion of the commissioner. This notice may be
coordinated to include federal regulator concerns for impact on deposit insurance of accounts
and information designed to alert depositors and creditors of any changes in procedures or
practices. If detached facilities are to be closed as a result of transactions authorized by this
section, adequate notice shall be provided by the bank prior to closing, unless the commissioner
has acted to prevent the probable failure of the bank or savings association, and then as soon as
practicable after the acquisition date.
History: (7699-7) 1925 c 156 s 3; 1981 c 57 s 2; 1983 c 250 s 9; 1983 c 289 s 114 subd 1;
1984 c 655 art 1 s 92; 1989 c 166 s 11; 1993 c 257 s 27,28; 1997 c 157 s 32; 1999 c 151 s 24