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Maryland Code, Financial Institutions § 3-706

Current as of January 01, 2025 | Updated by Findlaw Staff

(a) The Commissioner shall approve the agreement if:

(1) The successor meets the requirements of State law for the formation of a new commercial bank;

(2) The agreement provides an adequate capital structure, including surplus, for the successor in relation to its deposit liabilities and other activities;

(3) The agreement is fair; and

(4) The proposed transaction is not against the public interest.

(b) If the successor will not exercise trust powers, the Commissioner may not approve the agreement until the Commissioner is satisfied that successor fiduciaries have been provided adequately for all fiduciary positions held by the constituent banks.

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Cite this article: FindLaw.com - Maryland Code, Financial Institutions § 3-706 - last updated January 01, 2025 | https://codes.findlaw.com/md/financial-institutions/md-code-fin-inst-sect-3-706/

FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.

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