The Vermont Statutes Online
The Statutes below include the actions of the 2024 session of the General Assembly.
NOTE: The Vermont Statutes Online is an unofficial copy of the Vermont Statutes Annotated that is provided as a convenience.
Title 8 : Banking and Insurance
Chapter 204 : Powers of Financial Institutions
Subchapter 001 : GENERAL POWERS
(Cite as: 8 V.S.A. § 14108)-
§ 14108. Prohibited mergers and acquisitions
(a) No depository institution may by merger, consolidation, or other form of acquisition come to hold in excess of 30 percent of the total time and demand deposits held in Vermont by depository institutions. For the purposes of this section, the total deposits of a depository institution shall consist of all time and demand deposits held in Vermont by such depository institution and all of its affiliates.
(b) Notwithstanding subsection (a) of this section, the Commissioner may waive the deposit concentration limit set forth in subsection (a) of this section if the Commissioner determines that any financial institution to be merged, consolidated, or acquired is not adequately capitalized, or is subject to a conservation, receivership, or dissolution order under this title or applicable federal law, and the waiver is otherwise in the best interests of depositors. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001; amended 2021, No. 105 (Adj. Sess.), § 293, eff. July 1, 2022.)
