New State Law Will Shorten Bank Merger Period
July 6, 2009
By MoneyAisle
According to the Hartford Business Journal, Connecticut governor M Jodi Rell has approved a piece of legislation that will decrease the amount of time necessary for a healthy bank to merge with a failed financial institution.
“Specifically, the law will allow the banking commissioner to accept applications for ‘expedited’ banks, which would assume the liabilities and purchasing assets of in-state banks that have been taken over by the Federal Deposit Insurance Corp.”