1. A savings bank may reorganize, merge or consolidate with another state or federal savings bank, national bank, state bank or other insured depository institution, if the reorganization, merger or consolidation is based upon a plan which has been adopted by the board of directors and approved at a regular or special stockholders meeting which has been called to consider the action. The approval must rest on a favorable vote of a majority of the voting power of the savings bank as established by its articles. 2. Any such plan for reorganization, merger or consolidation must be approved by the Commissioner, who shall satisfy himself or herself that the plan, if approved, would be equitable for the stockholders of the affected savings bank and other institutions subject to his or her jurisdiction and would not impair the usefulness or success of other properly conducted savings banks in the community. In submitting an application for approval of any such plan, each savings bank proposing to reorganize, merge or consolidate must provide a comprehensive review of its present financial statement and a projected view of the financial statement of the reorganized, merged or consolidated savings bank, bank or other depository institution. 3. Unless its action is specifically authorized by or taken in conformity with this chapter, no savings bank may, directly or indirectly: (a) Reorganize, merge or consolidate. (b) Assume liability to pay deposit accounts or other liabilities of any financial institution or any other organization, person or entity. (c) Transfer assets to any financial institution or any other organization, person or entity in consideration of the transferees assumption of liability for any portion of the transferors deposit accounts, deposits or other liability. (d) Acquire the assets of any financial institution or any other organization, person or entity. 4. Each application which is made under this section must be accompanied by a fee payment of not more than $300. The responsibility for payment of the fee must be shared equally by the savings banks participating in each proposed plan. 5. The Commissioner shall adopt regulations establishing the amount of the fee required pursuant to this section.
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