Minnesota Statutes 47.55 – Existing Banking Facilities or Branches of Savings Associations
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Subdivision 1.Banking facilities in operation prior to May 1, 1971.
A bank may retain and operate one detached facility as it may have had in operation prior to May 1, 1971 without requirement of approval hereunder.
Subd. 2.Facilities of banks or branches of savings associations in operation prior to acquisition.
Terms Used In Minnesota Statutes 47.55
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
Terms Used In Minnesota Statutes 47.55
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
The purchase of assets and assumption of liabilities of an existing detached facility of another bank or branch of a savings association or savings bank must follow the notice and approval procedures in section 47.54 to establish and maintain a new detached facility of the acquiring bank at that location but need not obtain the consent of other banks as required by section 47.52.