KRS 286.3-854: Closing of bank by commissioner -- Written statement of grounds --

Appointment of receiver.

(1) The commissioner may take possession and close a bank for purposes of liquidation

in any case in which the commissioner finds that the bank:

(a) Is insolvent;

(b) Has permitted capital to become impaired to a level which does not permit the

bank to operate in a safe and sound manner;

(c) Has had insurance of depositors' accounts terminated by the FDIC; or

(d) Has requested through its board of directors th at the commissioner take

possession for the benefit of depositors, other creditors and shareholders.

(2) If the commissioner has taken possession of and closed a bank for purpose of

liquidation, the commissioner shall forthwith issue a written finding of o ne (1) or

more of the grounds for closing provided in this section and shall appoint a receiver

for the bank. The commissioner shall immediately thereafter apply to the

receivership court for confirmation of the appointment of a receiver. The court shall

act upon the application forthwith and may proceed without notice to any person.