State of Kansas
State Bank Commissioner
Special Order 1997-1
This Order issued this 24th day of March, 1997, by the state bank commissioner.
Whereas, no provision in the Kansas Savings and Loan Code, K.S.A. 17-5201 et seq., or other Kansas law explicitly provides authority for Southwestern Savings and Loan of Hugoton to merge with and into Southwest Kansas National Bank; and,
Whereas, a federal savings and loan association has the authority to merge with and into a national bank pursuant to 12 U.S.C. § 215c; and,
Whereas, K.S.A. 17-5601 grants the state savings and loan commissioner, with prior approval of the savings and loan board, the power to authorize state savings and loan associations to engage in any activity in which such savings and loan associations could engage were they operating as federal savings and loan associations; and,
Whereas, pursuant to K.S.A. 75-1309 and 75-1310, the savings and loan department and the office of the savings and loan commissioner were abolished and all powers of the savings and loan commissioner were transferred to and conferred upon the state bank commissioner; and
Whereas, pursuant to K.S.A. 74-3007 and 74-3008, the savings and loan board was abolished and all powers of the savings and loan board were transferred to the state banking board; and
Whereas, the state bank commissioner deems the issuance of this special order to be reasonably required to preserve and protect the welfare of state savings and loan associations and to promote the competitive equality of state and federal savings and loan associations;
It is therefore ordered by the state bank commissioner, with the prior approval of the state banking board, that Southwestern Savings and Loan of Hugoton shall have the authority to engage in all activities and transactions incidental to effectuating a merger with and into Southwest Kansas National Bank, provided the requisite approval is obtained from the appropriate Federal agencies.
It is further ordered, that Southwestern Savings and Loan of Hugoton shall provide written notification of the merger to the state bank commissioner at least 10 days prior to its consummation.
It is further ordered, that not more than 15 days following the merger, Southwestern Savings and Loan of Hugoton shall surrender its state certificate of authority or charter and shall certify in writing that a legally executed copy of the merger agreement has been filed with the Kansas Secretary of State's office.
It is further ordered, pursuant to K.S.A. 17-5601, as amended, that the terms of this special order shall become effective March 24, 1997 and shall remain in full force and effect until amended or revoked by the state bank commissioner.
It is so ordered.
State Bank Commissioner
W. Newton Male
