Bill > H568

This bill amends the General Laws of Massachusetts to modify the provisions related to consolidations and mergers of certain financial institutions, including savings banks, cooperative banks, thrift institutions, and trust companies. The key provisions of the bill include: - Allowing savings banks, cooperative banks, and thrift institutions to merge or consolidate under certain terms and conditions, with the approval of the Commissioner of Banks. The bill outlines the procedures for such mergers and consolidations, including requirements for approvals by the institutions' corporators/shareholders and the Commissioner. - Enabling trust companies, banking companies, and national banking associations to consolidate or merge, or sell or exchange assets, with the approval of the Commissioner. The bill also allows for the conversion of national banking associations into trust companies. - Specifying the treatment of the rights, obligations, and assets of the consolidating/merging institutions, as well as provisions related to the continuing institution's name, offices, and geographic restrictions. - Requiring the Commissioner to consider whether the proposed merger or consolidation will unreasonably affect competition among banking institutions and promote public convenience and advantage, including a consideration of "net new benefits" such as investments, job creation, and branch office commitments. - Providing procedures for stockholders of the merging/consolidating institutions to object to the actions and have their stock appraised and paid for. The bill aims to facilitate consolidations and mergers among certain financial institutions in Massachusetts, subject to regulatory oversight and with consideration of the impact on competition and public interest.

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https://malegislature.gov/Bills/190/H568