Ohio § 1115.11
Full text of Ohio Ohio Revised Code § 1115.11, with citation guidance and answers to common questions.
§ 1115.11.
(A) A state bank may consolidate or merge with another state bank, a bank, savings bank,
or savings association doing business under authority granted by the bank regulatory
authority of another state, a national bank, or a federal savings association, regardless
of where it maintains its principal place of business, with the approval of all of
the following: (1) The directors of both constituent corporations; (2)(a) The shareholders of each constituent state bank that is a stock state bank, by the
affirmative vote or written consent of the holders of two-thirds, or such other proportion
not less than a majority as the bank's articles of incorporation or code of regulations
provide, of the outstanding shares of each class of the bank's stock; (b) The members of each constituent state bank that is a mutual state bank, by the affirmative
vote of two-thirds, or such other proportion not less than a majority as the bank's
articles of incorporation or code of regulations provide, of the voting members. (3) The shareholders or members of the other constituent bank, savings bank, or savings
association as required by the applicable state or federal law, articles of incorporation,
or code of regulations; (4) One of the following, as applicable: (a) If the resulting corporation will be a state bank, the superintendent of financial
institutions; (b) If the resulting corporation will be a national bank or federal savings association,
the office of the comptroller of the currency; (c) If the resulting corporation will be a bank, savings bank, or savings association
doing business under authority granted by the regulatory authority of another state,
the state regulatory authority under which the bank, savings bank, or savings association
is doing business. (B) For a merger or consolidation in which the resulting or surviving corporation will
be a state bank, the constituent corporations, in the case of a consolidation, and
the constituent corporation that will be the surviving corporation, in the case of
a merger, shall file with the superintendent an application for the superintendent's
approval that includes a copy of the consolidation or merger agreement and any other
information the superintendent requires. (C) The consolidation or merger agreement required under division (B) of this section
shall include all of the following: (1) The names of the constituent corporations; (2) The agreement that the named constituent corporations will consolidate into a new
state bank or the other named constituent corporations will merge with or into one
specified constituent corporation; (3) Subject to the limitations set forth in section 1103.07 of the Revised Code , the name of the state bank resulting from the consolidation or surviving the merger; (4) The place in this state where the resulting or surviving bank's principal place of
business is to be located; (5) In the case of a consolidation, the contents of the resulting bank's articles of
incorporation, consistent with section 1113.04 of the Revised Code ; (6) In the case of a merger, any amendment to the surviving bank's articles of incorporation; (7) The names and addresses of the directors of the resulting or surviving bank; (8) The terms of the consolidation or merger, how the consolidation or merger will be
effected, and how consideration provided for, if any, will be distributed to the shareholders
or members of the constituent corporations. (D) Within ten business days after receiving an application required under division (B)
of this section, the superintendent shall determine whether to accept the application. If the transaction is with a bank, savings bank, or savings association doing business
under authority granted by a regulatory authority other than the superintendent, the
superintendent shall notify the regulatory authority under which the bank, savings
bank, or savings association is doing business of the application and solicit that
regulatory authority's comments. Within ninety days after accepting an application required under division (B) of
this section, the superintendent shall approve or disapprove the application. In making that determination, the superintendent shall consider all of the following: (1) Whether the transaction would result in a monopoly or would further any combination
or conspiracy to monopolize or to attempt to monopolize the business of banking in
any part of this state and any markets served by the resulting or surviving bank; (2) Whether the effect of the proposed transaction in any part of this state and any
markets served by the resulting or surviving bank may be to substantially lessen competition,
tend to create a monopoly, or in any other manner restrain trade, unless the superintendent
finds the anticompetitive effects of the transaction would clearly be outweighed in
the public interest by the probable effect of the transaction in meeting the convenience
and needs of the community to be served; (3) The financial and managerial resources and future prospects of the banks involved; (4) The convenience and needs of the communities to be served; (5) Whether, upon completion of the transaction, the resulting or surviving state bank
will meet the requirements of Chapters 1101. to 1127. of the Revised Code; (6) The comments of any regulatory authority notified in accordance with division (D)
of this section. (E) The superintendent may condition approval of an application under division (D) of
this section in any manner the superintendent considers appropriate. (F) Before consummating a consolidation or merger authorized under division (A) of this
section, a state bank shall deliver to the superintendent a certificate of consolidation
or merger that satisfies the requirements of section 1701.81 of the Revised Code . The superintendent shall file the certificate of consolidation or merger with the
secretary of state and, if the resulting or surviving bank of the consolidation or
merger is a state bank, shall file a certified copy of the superintendent's approval
of the consolidation or merger with the certificate. (G) In the case of a consolidation or merger in which the resulting or surviving corporation
is a state bank, the directors and other officers named in the agreement of consolidation
or merger shall serve until the date fixed in the agreement or provided in the resulting
or surviving bank's code of regulations or by statute for the next annual meeting. (H)(1) When a consolidation or merger becomes effective, both of the following apply: (1) 1 The existence of each of the constituent corporations ceases as a separate entity,
but continues in the resulting or surviving corporation, within the limits of the
charter of the resulting or surviving corporation and subject to section 1115.20 of the Revised Code , without further act or deed. (b) Within the limits of the charter of the resulting or surviving corporation, the resulting
or surviving corporation has all assets and property, the rights, privileges, immunities,
powers, franchises, and authority, and all obligations and fiduciary relationships
of each party to the merger or consolidation and the duties and liabilities connected
with them. (2) The resulting or surviving corporation shall perform every fiduciary relationship
it has in the same manner as if it had itself originally assumed the fiduciary relationship
and the obligations and liabilities connected with it. (I) Shareholders of the nonsurviving stock state bank shall have a right to dissent and
shall be entitled to relief as dissenting shareholders under section 1701.85 of the Revised Code for those transactions requiring prior shareholder approval under division (A)(2)
of this section. 1
Division designation so in original.
Frequently Asked Questions About Ohio § 1115.11
What does Ohio Revised Code § 1115.11 cover?
Section 1115.11 is part of the Ohio Revised Code, the codified statutory law of Ohio. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Ohio § 1115.11?
A common citation format is "Ohio Revised Code § 1115.11" (Ohio). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Ohio law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Ohio official source linked on this page or consult a licensed Ohio attorney.
How does Ohio § 1115.11 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Ohio can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Ohio.