7-19-5 - Findings prerequisite to requiring or authorizing supervisory acquisitions or mergers by commissioner. - Utah Statutes

7-19-5. Findings prerequisite to requiring or authorizing supervisory acquisitionsor mergers by commissioner.
The commissioner may not authorize or require any transaction pursuant to Section 7-19-2unless he determines that:
(1) the acquiring or resulting depository institution or depository institution holdingcompany has demonstrated an acceptable record of meeting the credit needs of the communitieswhich it serves; and
(2) the acquiring or resulting depository institution or depository institution holdingcompany has a record of sound performance, capital adequacy, financial capacity, and efficientmanagement such that the acquisition or merger will not jeopardize the financial stability of theacquired or merged depository institution and will not be detrimental to the interests of depositors,creditors, other customers of the depository institution, or to the public.

Amended by Chapter 1, 1986 General Session