1. Upon receipt of an application for approval of a merger or consolidation and of the supporting items required by section 524.1402, subsection 3, the superintendent shall conduct such investigation as the superintendent deems necessary to ascertain whether:
a. The articles of merger or consolidation and supporting items satisfy the requirements of this chapter.
b. The plan and any modification thereof adequately protects the interests of depositors, other creditors and shareholders.
c. The requirements for a merger or consolidation under all applicable laws have been satisfied and the resulting state bank would satisfy the requirements of this chapter with respect to it.
d. The merger or consolidation would be consistent with adequate and sound banking and in the public interest on the basis of the financial history and condition of the parties to the plan, including the adequacy of the capital structure of the resulting state bank, the character of the management of the resulting state bank, the potential effect of the merger or consolidation on competition and the convenience and needs of the area primarily to be served by the resulting state bank.
2. Within one hundred eighty days after receipt of the application, or within an additional period of not more than sixty days after receipt of an amendment of the application, the superintendent shall determine whether to approve or disapprove the application on the basis of the investigation. The plan shall not be modified at any time after approval of the application by the superintendent. Prior to making a determination on the pending application the superintendent shall give adequate notice of the pending application, and may afford all interested persons an opportunity for a stenographically reported hearing during which such persons shall be allowed to present evidence in support of, or in opposition to, the pending application.
The superintendent shall conduct such hearing if any interested person files an objection to the pending application and requests a hearing. If the superintendent finds that the superintendent must act immediately on the pending application in order to protect the interests of depositors or the assets of any party to the plan, the superintendent may proceed without requiring publication of the notice referred to in this subsection. Before receiving the decision of the superintendent with respect to the pending application, the parties to the plan shall, upon notice, reimburse the superintendent to the extent of the expenses incurred in connection with the application. Thereafter the superintendent shall give to the parties to the plan written notice of the decision and, in the event of disapproval, a statement of the reasons for the decision. The decision of the superintendent shall be subject to judicial review in accordance with chapter 17A.
[C54, 58, 62, 66, § 528B.4; C71, 73, 75, 77, 79, 81, § 524.1403]
92 Acts, ch 1161, § 6
Referred to in § 524.1303, 524.1402
Iowa General Assembly
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