3 CCR 703-1-7 - MERGER APPLICATIONS
7-1. In addition to
the agreement of merger, savings and loan associations proposing to merge shall
submit to the Commissioner one copy of the application for merger filed with
the Federal Deposit Insurance Corporation or its successors.
7-2. The following factors will be considered
by the Commissioner in acting on a merger application:
(a) The soundness of financial condition of
the merging associations, with particular emphasis on the financial condition
of the surviving association. The following indicators of soundness of
financial condition will be considered:
(1)
Size of association and recent growth trends.
(2) Capital position.
(3) Recent trends in operating
results.
(4) Amount and character
of substandard and other classified assets.
(b) The degree of compliance with applicable
laws and regulations and the existence of serious problems which have not been
corrected by management or the board of directors.
7-3. The procedures set forth in these
regulations need not be followed if the merger is to be initiated by the
Commissioner or a federal regulatory agency for supervisory reasons.
7-4. The application filed pursuant to C.R.S.
11-41-121 (1.5) (c) shall contain
sufficient information to demonstrate compliance with C.R.S.
11-41-121 (1.5) (a). The
Commissioner may also request additional information in order to make the
determinations under C.R.S.
11-41-121 (1.5). In addition, a
copy of the application filed with the Federal Deposit Insurance Corporation or
its successors shall be filed with the Commissioner.
Notes
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