(1) With the prior approval of the division, which shall state that the proposed merger is necSAVINGS BANKS 214.68519 essary for the protection of depositors and other creditors, a savings bank that is in default or in danger of default may, by a majority vote of its board of directors and without a stockholder vote, merge with another savings bank, a state or federal savings and loan association, a state bank or a federal bank. The other entity shall be the resulting or continuing savings bank, savings and loan association or bank.
(2) The division shall by rule establish standards for determining if a savings bank is in default or in danger of default.