Vermont § 15301 - Branch sales, closings, and change of control

§ 15301. Branch sales, closings, and change of control

• (a) Sales. A Vermont financial institution that proposes to sell one or more of its branches
  shall file an application for a certificate of approval on a form prescribed by the
  Commissioner. Notwithstanding subsection 11701(b) and section 11703 of this title, the Commissioner shall approve the application upon finding that the proposed sale
  will not be detrimental to the safety and soundness of the applicant. (b) Closings. Any state financial institution that intends to close a branch located in this State
  shall provide the Commissioner with the same notice required to be provided to the
  appropriate federal financial institution supervisory agency pursuant to 12 U.S.C. § 1831r-1. (c) Notice of subsequent change of control. Each state financial institution that has established and maintains a branch in this
  State pursuant to this chapter shall give at least 30 days’ prior written notice or,
  in the case of an emergency transaction, such shorter notice as is consistent with
  applicable state or federal law, to the Commissioner of any merger, consolidation
  or other transaction that would cause a change of control with respect to such state
  financial institution or any bank holding company that controls such financial institution,
  with the result that an application would be required to be filed pursuant to the
  federal Change in Financial Institution Control Act of 1978, as amended, 12 U.S.C. § 1817(j), or the federal Bank Holding Company Act of 1956, as amended, 12 U.S.C. § 1841 et seq., or the Home Owners Loan Act, 12 U.S.C. § 1467a, or any successor statutes. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001; amended 2021, No. 105 (Adj. Sess.), § 301, eff. July 1, 2022.)