§ 23-48-902 - Authority of state banks to establish interstate branches by merger.
23-48-902. Authority of state banks to establish interstate branches by merger.
(a) With the prior approval of the State Banking Board and the Bank Commissioner, a state bank may establish, maintain, and operate one (1) or more branches in one (1) or more states other than Arkansas pursuant to an interstate merger transaction in which the state bank is the resulting bank.
(b) Not later than the date on which the required application for the interstate merger transaction is filed with the responsible federal bank supervisory agency, the applicant state bank shall file an application on a form prescribed by the commissioner and pay the fee prescribed by 23-46-404. The applicant shall also comply with the applicable provisions of 23-48-501 et seq.
(c) (1) If the board and commissioner, after a hearing, find that:
(A) The proposed merger provides adequate capital structure;
(B) The terms of the merger agreement are fair;
(C) The merger is not contrary to the public interest;
(D) The proposed merger adequately provides for dissenters' rights; and
(E) The requirements of all applicable state and federal laws have been complied with,
then the board and the commissioner shall approve the interstate merger transaction and the operation of branches outside of Arkansas by the state bank.
(2) An interstate merger transaction may be consummated only after the applicant has received the written approval of the board and the commissioner.