Sec 6-217. Emergency acquisition of in-state financial institution

Latest version.

A. Notwithstanding any other provisions of law, an in-state financial institution or out-of-state financial institution may acquire an in-state financial institution if the superintendent determines that both of the following exist:

1. The in-state financial institution proposed to be acquired is in danger of being placed in receivership by the superintendent or the relevant federal agency.

2. The acquisition is necessary to protect the financial interests of the in-state financial institution's depositors and creditors.

B. The superintendent shall make his final determination under this section in writing.

                    
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