SECTION 85:25-3-60. Mergers

(a)   Applications for merger between existing associations shall be conducted as an individual proceeding as defined in the Administrative Procedures Act.

(b)   Consideration of a proposed merger shall not be given until the Board shall have received an evaluation of the legality of the proposed merger with respect to applicable Federal and State regulations concerning restraint of trade from the associations' counsel. The Board shall require sufficient detailed data as will enable it to evaluate the competitive and economic impact of the proposed merger.

(c)   Information shall be submitted in support of the proposed merger which details and evaluates market concentrations, the resultant assets of the merged institution, number and distribution of competitors, actual or potential competition significantly curtailed by the merger, market concentration, overlap of markets, adequacy of the number of institutions meeting or failing to meet population, savings and mortgage requirements, economy of operation and management, service to the public, the convenience and needs of the communities to be served in terms of savings facilities, types of loans available, and the impact, if any, on the operating efficiency of the resulting institution.

(d)   Applications for mergers shall be in a form and shall include, but not necessarily be limited to, compliance with those regulations affecting mergers among federally chartered associations.

[Source: Transferred from 625:10-7-1 (see Editor’s Note at beginning of this Chapter)]