Statutes, codes, and regulations
Washington Administrative Code
Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460)
Chapter 208-590 - Merger or acquisition of troubled associations
Section 208-590-030 - Acquisition of a troubled domestic association by a foreign association

Wash. Admin. Code § 208-590-030

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Current through Register Vol. 24-23, December 1, 2024
Section 208-590-030 - Acquisition of a troubled domestic association by a foreign association

Pursuant to RCW 33.12.012 and 33.12.014, and notwithstanding any other law to the contrary, a foreign savings and loan association may acquire a domestic association under the following circumstances:

(1) The director believes that a merger is necessary to prevent the failure of the domestic association;
(2) The director believes that no adequate merger candidates exist in Washington;
(3) The director believes that it is appropriate for the domestic association to be acquired by a foreign association; and
(4) The regulator of the foreign association believes that it is appropriate for the foreign association to acquire the domestic association.

Any acquisition made under this authority shall be subject to RCW 33.24.350 - 33.24.380.

Wash. Admin. Code § 208-590-030

Statutory Authority: RCW 33.04.025 and 43.320.040. 00-17-140, amended and recodified as § 208-590-030, filed 8/22/00, effective 9/22/00. Statutory Authority: RCW 33.12.014. 82-08-023 (Order 82-1), § 419-52-030, filed 3/30/82.