A. Notwithstanding any other provisions of law, an in-state financial institution or out-of-state financial institution may acquire an in-state financial institution if the deputy director determines that both of the following exist:

Terms Used In Arizona Laws 6-217

  • Deputy director: means the deputy director of the financial institutions division of the department. See Arizona Laws 6-101
  • Financial institution: means banks, trust companies, savings and loan associations, credit unions, consumer lenders, international banking facilities and financial institution holding companies under the jurisdiction of the department. See Arizona Laws 6-101
  • In-state financial institution: means a state or national bank or savings and loan association with its home office in this state, or holding company with its home office in this state. See Arizona Laws 6-211
  • Out-of-state financial institution: means a state or national bank or savings and loan association with its home office in a state other than this state, or holding company with its home office in a state other than this state. See Arizona Laws 6-211
  • Writing: includes printing. See Arizona Laws 1-215

1. The in-state financial institution proposed to be acquired is in danger of being placed in receivership by the deputy director or the relevant federal agency.

2. The acquisition is necessary to protect the financial interests of the in-state financial institution’s depositors and creditors.

B. The deputy director shall make the deputy director’s final determination under this section in writing.

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