HRS §412:3-616
Fast-tracking a bank merger or takeover
This section lets financial institutions ask the state banking commissioner to speed up a merger, conversion, or similar deal. The commissioner can approve it to take effect right away if the institutions have followed federal law and the fast action is needed to protect depositors, creditors, shareholders, or the public. The commissioner must put the reasons in writing.
financial institutions
The statute, as written — Authority for expedited conversion, merger, consolidation, acquisition, or assumption
Upon application of all participating financial institutions in a conversion, merger, consolidation, acquisition or assumption, the commissioner may expedite any application for conversion, merger, consolidation, acquisition, or assumption pursuant to this part and order the transaction to take effect immediately; provided that the financial institutions shall have complied with any applicable federal law and provided that the commissioner finds that such expedited action is necessary to protect the financial institutions' depositors, beneficiaries, creditors, or shareholders, or the public. The commissioner's findings shall be expressed in writing as part of the decision and order approving the conversion, merger, consolidation, acquisition, or assumption.
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