N.Y. Comp. Codes R. & Regs. tit. 3 § 110.1

Current through Register Vol. 46, No. 53, December 31, 2024

Section 110.1 - General information

(a) The instructions set forth in this Procedure shall apply to a merger proposed pursuant to Banking Law, section 600(3) and (4), where the surviving institution is a savings and loan association.

(b) A separate application shall be filed with respect to each merger for which the approval of the superintendent is sought and six copies thereof, together with all exhibits thereto, including two executed copies of the exhibits referred to in section 110.3(a)-(c) of this Procedure, shall be filed with the superintendent, at the address set forth in section 1.1 of Supervisory Policy G 1 of this Title. The application shall contain the information specified in sections 110.2 and 110.3 of this Procedure and shall be accompanied by payment of the fee specified in section 1.2 of Supervisory Policy G 1 of this Title. Inquiries concerning the preparation of the application should be addressed to the superintendent.

(c) Before the application for the superintendent's approval is submitted, the following approvals shall be obtained:

(1) the plan of merger shall be approved, in the manner prescribed by Banking Law, section 601(3), by the board of directors of each savings and loan association and the board of trustees of each savings bank which is a party to the merger; and

(2) the board of trustees of each such savings bank shall approve, in the manner prescribed by Banking Law, section 277, the discontinuance of a life insurance department operated by such savings bank pursuant to article VI-A of the Banking Law.

(d) Approval by the superintendent will be conditioned in all cases upon the insurance by the Federal Savings and Loan Insurance Corporation of deposit accounts acquired as a result of the merger to the extent permitted by Federal law.

(e) If the surviving association plans to maintain as a branch office one or more offices, or maintain as its principal office the principal office of any bank or association being merged, the plan of merger must specifically provide therefor.

(f) After the merger, the powers of the surviving savings and loan association will be subject to the laws governing savings and loan associations, except to the extent it has, as a result of the merger, succeeded to any deposits, loans and borrowings which are legal for a savings bank but not legal for an association. While the surviving association will ordinarily be required to dispose of such deposits, loans and borrowings within two years after the date of the merger, it may discharge any legal obligations previously undertaken by the bank in connection with such nonconforming deposits, loans and borrowings. The plan of merger must specifically describe, by type and amount, any such nonconforming deposits, loans and borrowings, and indicate the manner in which they are to be disposed of by the surviving association.

(g) The superintendent reserves the right to require additional information in connection with the application. The applicants may, of course, submit any information in addition to that required by this Procedure which they deem pertinent to the application.

(h) Unless otherwise indicated, all statistical data required to be submitted in the application shall be furnished as of the December 31st preceding the date of submission.

N.Y. Comp. Codes R. & Regs. Tit. 3 § 110.1