2025 Session Last amended: 1997 session

§ 49.33 — Consolidation and Merger, When Authorized

Plain-Language Summary

This section authorizes banks, savings banks, and trust companies to merge or consolidate with each other by transferring all assets and liabilities to another institution, but only with the written consent of the commissioner of commerce. The consolidation cannot harm existing creditors of either institution. The specific procedures for completing a merger are set out in sections 49.34 to 49.41.

49.33 CONSOLIDATION AND MERGER, WHEN AUTHORIZED.

Subject to the provisions of sections 49.33 to 49.41, with the written consent of the commissioner of commerce, any bank, savings bank, or trust company may effect a transfer of its assets and liabilities to another bank, savings bank, or trust company for the purpose of consolidating or merging, but the same shall be without prejudice to the creditors of either.

History:

(7692) RL s 3004; 1983 c 289 s 114 subd 1; 1989 c 166 s 8; 1997 c 157 s 31

History: History: (7692) RL s 3004; 1983 c 289 s 114 subd 1; 1989 c 166 s 8; 1997 c 157 s 31

Practical Notes

Commissioner approval is a mandatory prerequisite for any bank merger or consolidation in Minnesota. Creditors of both merging institutions are protected—their claims continue with the surviving institution. Banks considering a merger should plan for the regulatory review process described in sections 49.34 to 49.41, which involves both state and potentially federal review.

Source: Minnesota Office of the Revisor of Statutes