§ 11703. Hearings on applications; decisions; general good standard

(a) The Commissioner may conduct public hearings on any application subject to this subchapter in his or her discretion.

(b) After consideration of all relevant matters presented in the application, in any written comments, in a Department investigation and at any hearing, the Commissioner shall issue a decision approving or disapproving the application.

(c) If the Commissioner’s decision is favorable, a certificate of general good, if required and one has not already been issued, and a certificate of approval shall issue with the decision. If the Commissioner’s decision is not favorable, the Commissioner shall provide the reasons for the disapproval.

(d) No financial institution shall commence operations; open a branch; or effectuate a merger, share exchange, acquisition, conversion, reorganization, dissolution, or other similar request without first securing a certificate of approval.

(e) The Commissioner shall approve an application if he or she determines that the proposed transaction promotes the general good of the State of Vermont.

(f) Bases for meeting general good standards. In determining whether the proposed transaction promotes the general good of the State of Vermont, the Commissioner may consider the following factors:

(1) the character, ability, and overall sufficiency of the management, including directors or organizers, corporators, and incorporators of a new financial institution;

(2) the adequacy of capital and financial resources of the institution or institutions concerned;

(3) the competitive abilities and future prospects of the institution or institutions concerned;

(4) the convenience and needs of the market area or areas to be served;

(5) the competitive effect of the proposed transaction on the price, availability, and quality of services in the market area or areas to be served;

(6) the effect on the applicant’s customers;

(7) if an existing financial institution, whether the proposed transaction contributes to the financial strength and success of the financial institution or institutions concerned;

(8) the fairness and equities involved in any conversion, merger, consolidation, or acquisition; and

(9) such other aspects of the proposed transaction as the Commissioner deems advisable. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)