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Pennsylvania Statutes Title 7 P.S. Banks and Banking § 6020-186. Approval of merger, consolidation or conversion by the department

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

<The Savings Association Code of 1967, 7 P.S. §§ 6020-1 to 6020-254, has been repealed by Act 2013, June 24, P.L. 67, No. 23, §§ 1 to 107, effective in one year [June 24, 2014], but remains in full force and effect as to transactions and proceedings commenced prior to said repeal, pursuant to Act 2013-23, § 109.>

(a) Upon receipt of an application for approval of a resulting new or converted association or savings bank as a result of a merger, consolidation or conversion the department shall conduct such investigation as it may deem necessary to ascertain:

(1) Whether the articles and supporting items satisfy the requirements of this act, and if the Banking Code of 1965 as amended  1 is applicable, that the requirements of that act are satisfied,

(2) Whether the name of the resulting, new or converted association or savings bank conforms with the requirements of the law,

(3) If the name is not the same as either of the merging or consolidating associations in the case of a merger or consolidation the department shall determine whether the name is so similar to a name presently in use by a corporation that it is likely to mislead the public,

(4) Whether the merger, consolidation or conversion would be consistent with adequate and sound savings and loan practices and in the public interest. In determining this the department may consider:

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

(ii) Their prospects,

(iii) The management of the associations or corporations,

(iv) The effect of the merger, consolidation or conversion on competition, and

(v) The convenience and needs of the area primarily to be served by the resulting corporation.

(b) Within sixty days after receipt of the application or within an additional period of not more than thirty days after receipt of the amendment to the application, 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. § 101 et seq.
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Cite this article: FindLaw.com - Pennsylvania Statutes Title 7 P.S. Banks and Banking § 6020-186. Approval of merger, consolidation or conversion by the department - last updated January 01, 2025 | https://codes.findlaw.com/pa/title-7-ps-banks-and-banking/pa-st-sect-7-6020-186/

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