5 Del. Admin. Code § 710-1.0

Current through Register Vol. 28, No. 7, January 1, 2025

Section 710-1.0 - Letter of Intent

1.1 A letter stating the intent to dissolve a bank or trust company and the target date for dissolution shall be filed with the Commissioner thirty (30) days prior to the anticipated dissolution. Included in the letter shall be a detailed description of the method used to dissolve the bank, including, but not limited to, the following:

1.1.1 Proposed or contracted terms of all asset sales including: loans, securities, fixed assets and other assets;

1.1.2 Proposed or contracted terms for the assumption of deposit liabilities;

1.1.3 Proposed or contracted terms for disposition of other liabilities including contingent liabilities;

1.1.4 Proposed disposition of capital accounts including, if any, settlements with dissenting shareholders.

1.2 In addition, the Applicant shall provide in timely manner verified copies of the following:

1.2.1 Consent of shareholders of the dissolution;

1.2.2 Letter of intent regarding the purchase and assumption of assets and liabilities as submitted to the Federal Deposit Insurance Corporation or other federal regulatory authorities;

1.2.3 Letters of approval from appropriate federal regulatory authorities.

5 Del. Admin. Code § 710-1.0