Pennsylvania Statutes Title 7 P.S. Banks and Banking § 6020-181. Mergers, consolidations and conversions

(a) Upon compliance with the requirements of this article, two or more associations may be merged into one of such associations or consolidate into a new association.

(b) Upon compliance with the requirements of this article and other applicable law, one or more associations and one or more savings banks may merge into an association or into a savings bank or consolidate into a new association or a new savings bank.

(b.1) Upon compliance with the requirements of this article, one or more associations may merge or consolidate with a regional thrift institution or with a foreign thrift institution, as those terms are defined in, and subject to any applicable limits of, section 114.  1

(b.2) Upon compliance with all of the requirements of this article, except section 1105,  2 an association may purchase the assets and assume the liabilities of another association, a Federal savings association or a State savings bank.

(b.3) Notwithstanding any law to the contrary, upon compliance with the requirements of this article and any other law, one or more associations with savings accounts insured by the PSAIC may merge or consolidate into a bank, bank and trust company, savings bank or interstate bank as those terms are defined in section 102 of the act of November 30, 1965 (P.L. 847, No. 356),  3 known as the Banking Code of 1965, or a national bank.

(c) Upon compliance with the requirements of this article, one or more associations and one or more Federal savings and loan associations may merge into an association or a Federal savings and loan association or consolidate into a new association or a new Federal savings and loan association.

(d) The authority of an association to merge or consolidate into a Federal savings and loan association shall be subject to the condition that at the time of the transaction the laws of the United States shall authorize a Federal savings and loan association to merge or consolidate into an association.

(e) Upon compliance with the requirements of this article and other applicable law, an association may be converted into a Federal savings and loan association or a savings bank.

(f) Upon compliance with the requirements of this article and other applicable law and subject to the laws of the United States, a Federal savings and loan association may be converted into an association or a savings bank.

(g) Upon compliance with the requirements of this article, a mutual association may be converted to a permanent reserve fund stock association and a permanent reserve fund stock association may be converted to a mutual association. Such converted associations may not be voluntarily liquidated for a period of ten years from the date of conversion.

(i) All mergers, consolidations and conversions in which the resulting institution is an association or a savings bank shall be subject to the approval of the department.