{"data":{"id":"us-ok/okla.-stat.-tit.-6-6-1103","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 6, § 6-1103","heading":"Approval by Board","body":"A. After approval by the board of directors of each constituent\n\nbank or savings association, the merger agreement shall be submitted\n\nto the Banking Board for approval, together with a fee for review of\n\nthe merger as required by rule of the Banking Board which shall be\n\ndeposited in the Oklahoma State Banking Department revolving fund\n\npursuant to Section 211.1 of this title, certified copies of the\n\nauthorizing resolutions of the several boards of directors showing\n\napproval by a majority of the entire board and evidence of proper\n\naction by the board of directors of any constituent national bank or\n\nfederal savings association.\n\nB. Without approval by the Board, no asset shall be carried on\n\nthe books of the resulting bank at a valuation higher than that on\n\nthe books of the constituent bank or savings association at the time\n\nof the last examination by a state or national bank examiner or\n\nsavings association examiner before the effective date of the\n\nmerger.\n\nC. Within thirty (30) days after receipt by the Board of the\n\nfee and papers specified in subsection A of this section, the Board\n\nshall approve or disapprove the merger and the merger agreement.\n\nThe Board shall approve the merger and the merger agreement if it\n\nappears that:\n\n1. The resulting state bank meets all the requirements of state\n\nlaw as to the formation of a new state bank;\n\n2. The agreement provides an adequate capital structure\n\nincluding surplus in relation to the deposit liabilities of the\n\nresulting state bank and its other activities which are to continue\n\nor are to be undertaken;\n\n3. The agreement is fair; and\n\n4. The merger is not contrary to the public interest.\n\nIf the Board disapproves a merger or a merger agreement, it\n\nshall state its objections and give an opportunity to the\n\nconstituent banks or savings associations to amend the merger\n\nagreement to obviate such objection. The Board may by rule\n\nestablish a procedure whereby the State Banking Commissioner may\n\ngrant approval of the merger or merger agreement without a hearing\n\nbefore the Board. The procedure shall include criteria set by the\n\nBoard to be applied by the Commissioner in the consideration of the\n\napplication.\n\nD. Where the resulting state bank is not to exercise trust\n\npowers, the Board shall not approve a merger until satisfied that\n\nadequate provision has been made for successors to fiduciary\n\npositions held by constituent banks or savings associations, and the\n\nmanner of succession of trust powers and successor trustees shall\n\nfollow the same procedure as set out in Section 1018 of this title.","path":["OK Code","Title 6"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os6.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"c9eb6b2e2008492dc11932df99580e545746ddaf4bf599ed9a414d6877e15722","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-6-6-1102","next":"us-ok/okla.-stat.-tit.-6-6-1104"},"notice":"GroundRules: Original legal text. Not legal advice."}