Skip to main content
Find a Lawyer

Pennsylvania Statutes Title 7 P.S. Banks and Banking § 1604. Approval of merger or consolidation by department

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

(a) Upon receipt of an application for approval of a merger or consolidation and of the supporting items required by subsection 1603(e),  1 the department shall conduct such investigation as it may deem necessary to ascertain whether:

(i) the articles of merger or consolidation and supporting items satisfy the requirements of this act;

(ii) the plan and any modification thereof adequately protect the interests of depositors, other creditors and shareholders;

(iii) the requirements for a merger or consolidation under all applicable laws have been satisfied and the resulting institution would satisfy the requirements of this act applicable to it; and

(iv) the merger or consolidation would be consistent with adequate and sound banking and in the public interest on the basis of

(A) the financial history and condition of the parties to the plan,

(B) their prospects,

(C) the character of their management,

(D) the potential effect of the merger or consolidation on competition, and

(E) the convenience and needs of the area primarily to be served by the resulting institution.

(b) Within sixty days after receipt of the application, the articles of merger or consolidation and the applicable fee payable to the department, or within an additional period of not more than thirty days after an amendment to the application is received within the initial sixty day period, the department shall approve or disapprove the application on the basis of its investigation. The department shall immediately give to the parties to the plan written notice of its decision and, in the event of disapproval, a statement in detail of the reasons for its decision.

1 7 P.S. § 1603.
Previous Part of Code Next Part of Code
Back to Chapter List

Cite this article: FindLaw.com - Pennsylvania Statutes Title 7 P.S. Banks and Banking § 1604. Approval of merger or consolidation by department - last updated January 01, 2025 | https://codes.findlaw.com/pa/title-7-ps-banks-and-banking/pa-st-sect-7-1604/

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.

Was this helpful?

Welcome to FindLaw's Cases & Codes

A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw’s Learn About the Law.

Go to Learn About the Law

Latest Blog Posts

For Legal Professionals

Learn About The Law

Get help with your legal needs

FindLaw’s Learn About the Law features thousands of informational articles to help you understand your options. And if you’re ready to hire an attorney, find one in your area who can help.

Go to Learn About the Law

Need to Find an Attorney?

Search our directory by legal issue

Enter information in one or both fields (Required)

Copied to clipboard