8-1516 Bank; purchase or merger; financial institution; cross-industry merger or acquisition; when. - Nebraska Statutes

8-1516. Bank; purchase or merger; financial institution; cross-industry merger or acquisition; when.(1)(a) With the approval of the director, a bank may only acquire another bank in Nebraska as a result of a purchase or merger if the acquired bank and its branches are converted to branches of the acquiring bank.(b) With the approval of the director, a financial institution may only acquire another financial institution in Nebraska as a result of a cross-industry merger or acquisition under section 8-1510 if (i) the acquired financial institution and its branches are converted to branches of the acquiring financial institution and (ii) section 8-1510 has been satisfied.(2) For purposes of this section:(a) Bank means a bank organized under the laws of this state or organized under the laws of the United States to do business in this state; and(b) Financial institution means a bank, savings bank, savings and loan association, building and loan association, trust company, or credit union, organized under the laws of this state or organized under the laws of the United States to do business in this state. SourceLaws 1996, LB 1275, § 1; Laws 2002, LB 1089, § 10; Laws 2003, LB 131, § 16.