Iowa Admin. Code r. 187-2.3 - Merger or purchase and assumption
(1)
Definition. For purposes of this rule, the term "merger" means
a merger in which the resulting bank is a state bank.
(2)
Application. State banks
or national and state banks desiring to merge or a state bank desiring to
purchase the assets and assume the liabilities of another bank should first
meet with the superintendent to discuss the proposal. An application and
supplementary forms may be obtained for submission to the
superintendent.
(3)
State
bank as seller. In the case of a purchase and assumption, if the bank
being acquired is a state bank, appropriate forms and instructions for the
voluntary liquidation of the bank may be obtained from the
superintendent.
(4)
Examination and investigation. The superintendent may conduct
an examination or investigation as deemed necessary.
(5)
Decision. The
superintendent shall approve or deny the application within 90 days after the
purchase and assumption application has been accepted for processing and within
180 days after the merger application has been accepted for processing. The
decision by the superintendent shall be conveyed in writing to the applicant.
If the application is approved, the superintendent shall issue the appropriate
authorizations.
This rule is intended to implement Iowa Code sections 524.1401 to 524.1405.
Notes
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