Rule 2.60.501 - STATE BANK ORGANIZED FOR PURPOSE OF ASSUMING DEPOSIT LIABILITY OF ANY CLOSED BANK(1) All provisions of ARM 2.60.202 and 2.60.203, application procedures, apply except 2.60.203(3), summary of evidence demonstrating reasonable public necessity and demand for a new bank. The provisions of ARM 2.60.302 through 2.60.304 also apply.(2) Prior to submitting a bid for the assets and liabilities of a closed bank, organizers must: (a) appoint a spokesperson who is empowered to speak for and sign documents on behalf of the organization; (b) have written verification in hand that capital for the new bank is on deposit and will be available prior to the new bank opening; (c) have written verification of blanket bond coverage for the new bank; (d) provide all details of the proposed purchase arrangement along with a copy of the purchase and assumption agreement and other related documents required by the closed bank receiver. (3) If the bidder for the closed bank contemplates using an existing state bank to acquire assets and assume liabilities of a closed bank only ARM 2.60.303 applies.(4) Details of the proposed purchase along with a copy of the purchase and assumption agreement must be submitted to the Division of Banking and Financial Institutions prior to submitting a bid for the closed bank.(5) Approval of charter application under this rule will be accomplished through a telephone conference call with a quorum of the board participating.NEW, 1987 MAR p. 1970, Eff. 10/30/87; AMD, 1994 MAR p. 1146, Eff. 4/29/94; TRANS, from Commerce, 2001 MAR p. 1181; AMD, 2017 MAR p. 486, Eff. 4/29/2017AUTH: 32-1-204, MCA; IMP: 32-1-204, MCA