32-1-370. Interstate merger of banks. (1) (a) A bank located in this state may not enter into a merger transaction with a bank not located in this state if the merger transaction would be effective on or before September 30, 2001.
     (b) After September 30, 2001, a bank located in this state that has been in existence at least 5 years is authorized to enter into a merger transaction with a bank not located in this state.
     (c) Prior approval of the department is required if the resulting bank in a merger transaction authorized by this section is a bank organized under the laws of this state.
     (2) This section implements 12 U.S.C. 1831u(a)(2) and prohibits until October 1, 2001, interstate merger transactions involving banks located in this state.

     History: En. Sec. 16, Ch. 117, L. 1997.