Vt. Stat. Ann. tit. 8, § 14108
Prohibited mergers and acquisitions
Redline — July 1, 2021 → current.View current text →
Current — June 1, 2022
As of July 1, 2021
(1) No depository institution may by merger, consolidation, or other form of acquisition come to hold in excess of 30 percent of the total time and demand deposits held in Vermont by depository institutions. For the purposes of this section, the total deposits of a depository institution shall consist of all time and demand deposits held in Vermont by such depository institution and all of its affiliates.
(1) No depository institution may by merger, consolidation, or other form of acquisition come to hold in excess of 30 percent of the total time and demand deposits held in Vermont by depository institutions. For the purposes of this section, the total deposits of a depository institution shall consist of all time and demand deposits held in Vermont by such depository institution and all of its affiliates.
(2) Notwithstanding subsection (a) of this section, the commissioner may waive the deposit concentration limit set forth in subsection (a) of this section if the commissioner determines that any financial institution to be merged, consolidated, or acquired is not adequately capitalized, or is subject to a conservation, receivership, or dissolution order under this title or applicable federal law, and the waiver is otherwise in the best interest of depositors. Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.
(2) Notwithstanding subsection (a) of this section, the commissioner may waive the deposit concentration limit set forth in subsection (a) of this section if the commissioner determines that any financial institution to be merged, consolidated, or acquired is not adequately capitalized, or is subject to a conservation, receivership, or dissolution order under this title or applicable federal law, and the waiver is otherwise in the best interest of depositors.
Official source: Vermont General Assembly. Reproduced from public-domain Vermont statutes; confirm against the official source for the current text. Not legal advice.