Texas Finance Code

§ 32.302 — APPROVAL OF BANKING COMMISSIONER

FI § 32.302Title 3. FINANCIAL INSTITUTIONS AND BUSINESSES · Part A. BANKS · Ch. 32. POWERS, ORGANIZATION, AND FINANCIAL REQUIREMENTS · Art. D. MERGER

Statute text

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(a)If the merger is subject to the prior written approval of the banking commissioner, the original certificate of merger and a number of copies of the certificate equal to the number of surviving, new, and acquiring entities must be filed with the banking commissioner. On this filing, the banking commissioner shall investigate the condition of the merging parties. The banking commissioner may require the submission of additional information the banking commissioner determines necessary to an informed decision to approve or reject a merger under this subchapter.

(b)The banking commissioner shall approve the merger only if:

(1)each resulting state bank:

(A)has complied with the laws of this state relating to the organization and operation of state banks; and

(B)will be solvent and have adequate capitalization for its business and location;

(2)all deposit and other liabilities of each state bank that is a party to the merger have been properly discharged or otherwise assumed or retained by a financial institution;

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Legislative history

Acts 2013, 83rd Leg., R.S., Ch. 575 (S.B. 804), Sec. 9, eff. June 14, 2013.