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WAC 208-590-020

Merger or acquisition of a troubled foreign association by a domestic association.

Pursuant to RCW 33.12.012 and 33.12.014, a domestic savings and loan association may acquire or merge with a foreign association under the following circumstances:
(1) The regulator of the foreign association believes that a merger is necessary to prevent the failure of the foreign association;
(2) The regulator of the foreign association believes that no adequate merger candidates exist within the regulator's jurisdiction;
(3) The regulator of the foreign association believes that it is appropriate for the foreign association to be acquired by a domestic association; and
(4) The director believes that it is appropriate for the domestic association to acquire the foreign association.
Any acquisition made under this authority shall be conducted in the same manner so outlined in RCW 33.24.350 - 33.24.380.
[Statutory Authority: RCW 33.04.025 and 43.320.040. WSR 00-17-140, amended and recodified as § 208-590-020, filed 8/22/00, effective 9/22/00. Statutory Authority: RCW 33.12.014. WSR 82-08-023 (Order 82-1), § 419-52-020, filed 3/30/82.]
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