021-13 Wyo. Code R. § 13-7

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Current through April 27, 2019

Section 13-7 - Approval of Transfer

(a) The Commissioner shall approve an acquisition application if he finds:

(i) After consummation of the purchase and assumption transaction, the buyer will maintain an adequate capital structure, including surplus, in relation to the assets acquired and the deposits and other liabilities assumed, and in relation to the banking activities to be assumed or expanded;

(ii) The customers of the Wyoming branch bank being sold are protected against cost or adverse impact from the purchase and assumption transaction;

(iii) The purchase and assumption transaction is not contrary to the public interest; and

(iv) The applicants have complied with this Chapter.

(b) The Commissioner shall approve or disapprove an acquisition application within fifteen (15) days after the expiration of the comment period provided for in Section 6(b)(v).

(c) If the Commissioner disapproves the application, the reasons for the disapproval shall be given to the buyer and the seller in writing. The applicants may correct the deficiencies within fifteen (15) days after the date of the Commissioners disapproval. If the Commissioner does not receive such corrections by 5:00 p.m., Cheyenne, Wyoming local time, on the last day of that 15-day period, then the application shall be considered to have been withdrawn as of that time.

(d) Approval of the acquisition application and the transfer of each branch bank license may be contingent upon receipt of amended articles of incorporation if required by W.S. 13-4-102.

021-13 Wyo. Code R. § 13-7