3 AAC 02.350 [Effective 12/27/2023] Application For Conversion, Merger, Or Consolidation

• Library: Alaska Administrative Code
• Edition: 2023
• Currency: Current through November 28, 2023
• Citation: 3 AAC 02.350
• Year: 2023

(a) The board of directors of each bank proposing to convert, merge, or consolidate shall jointly or independently submit to the department an application for permission to implement the plan.

(b) The application must include

(1) an analysis by the (A) converting bank, if applicable, of why the proposed conversion is in the best interest of promoting and maintaining a sound and competitive banking system; or (B) banks proposing to merge or consolidate if applicable, of why the proposed merger or consolidation is in the interest of promoting and maintaining a sound and competitive banking system, the security of deposits and customers, the preservation of the liquid position of the banks in general, and the prevention of injurious credit expansions and contractions in the state;

(2) a copy of the articles of incorporation of the converting national bank, merging banks, or consolidating banks;

(3) copies of the resolutions of each bank board of directors approving the plan of merger consolidation, or conversion, or other evidence that necessary corporate approval was obtained;

(4) copies of the proposed articles of conversion, merger, or consolidation;

(5) copies of the bylaws of the converting national bank and the proposed bylaws for the converted bank;

(6) if the transaction is a merger or consolidation involving an international or interstate bank, all information required under AS 06undefined06.05.555(a); and

(7) other information and reports required by the department.

(c) The department will conduct an investigation of the application. If the department determines that the application meets the requirements of (b) of this section and that approval of the application is consistent with the maintenance or promotion of a safe and sound banking system, the department will issue a public notice of its intent to approve the conversion, merger, or consolidation and to issue a certificate of conversion, merger, or consolidation.

(d) The certificate of conversion, merger, or consolidation becomes effective upon issuance unless the certificate specifies a later effective date that is not later than 15 days after issuance of the certificate.

(e) Conversion, merger, or consolidation has the following...