La. Admin. Code tit. 10 § IX-511
Current through Register Vol. 50, No. 11, November 20, 2024
A. A credit union serving a residential group common bond may merge with another credit union, pursuant to Section 646(A)(2) of the Louisiana Credit Union Law, if the proposed merger neither creates a safety and soundness concern nor violates any other section of the Louisiana Credit Union Law . Credit unions must meet the safety and soundness criteria for a merger, and the continuing credit union must demonstrate that it can reasonably serve its members and the members of the credit union being merged. The plan of merger must also specifically indicate that the new FOM will be comprised of the combination of membership groups of the two credit unions.B. In any merger involving a credit union serving a residential group common bond, the surviving credit union will be subject to the conditions of this rule. While the surviving credit union may continue to serve members of the merging credit union, no additional expansion will be allowed that does not comply with this Rule.La. Admin. Code tit. 10, § IX-511
Promulgated by the Office of the Governor, Office of Financial Institutions, LR 33:1632 (August 2007).AUTHORITY NOTE: Promulgated in accordance with R.S. 6:121(B)(1).