§ 15301 - Branch sales, closings and change of control - Vermont Statutes

§ 15301. Branch sales, closings and change of control

(a) Sales. A Vermont financial institution that proposes to sell one or more of its branches shall file an application for a certificate of approval on a form prescribed by the commissioner. Notwithstanding subsection 11701(b) and section 11703 of this title, the commissioner shall approve the application upon finding that the proposed sale will not be detrimental to the safety and soundness of the applicant.

(b) Closings. Any state financial institution which intends to close a branch located in this state shall provide the commissioner with the same notice required to be provided to the appropriate federal financial institution supervisory agency pursuant to 12 U.S.C. § 1831r-1.

(c) Notice of subsequent change of control. Each state financial institution that has established and maintains a branch in this state pursuant to this chapter shall give at least 30 days' prior written notice (or, in the case of an emergency transaction, such shorter notice as is consistent with applicable state or federal law) to the commissioner of any merger, consolidation or other transaction that would cause a change of control with respect to such state financial institution or any bank holding company that controls such financial institution, with the result that an application would be required to be filed pursuant to the federal Change in Financial Institution Control Act of 1978, as amended, 12 U.S.C. § 1817(j), or the federal Bank Holding Company Act of 1956, as amended, 12 U.S.C. § 1841 et seq., or the Home Owners Loan Act, 12 U.S.C. § 1467a or any successor statutes thereto. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)