(1) IN GENERAL. A universal bank may, with the approval of the division, purchase the assets of, merge with, acquire, or be acquired by any other financial institution, universal bank, national bank, or federally chartered savings bank or savings and loan association, or by a holding company of any of these entities. Notwithstanding subch. III of ch. 214 and ss. 214.09 and 215.36, the approval of the division of savings institutions is not required.
(2) APPLICATIONS FOR APPROVAL. An application for approval under sub.
(1) shall be submitted on a form prescribed by the division and accompanied by a fee determined by the diviUNIVERSAL BANKS 222.04033 sion. In processing and acting on applications under this section the division shall apply the following standards:
(a) For universal banks organized under ch. 214, the standards described in ss. 214.09, 214.62 to 214.64, and 214.665, and subch. III of ch. 214.
(b) For universal banks organized under ch. 215, the standards described in ss. 215.35, 215.36, 215.53, and 215.73.
(c) For universal banks chartered under ch. 221, the standards described in subchs. VII and IX of ch. 221.