OLR Report 2015-R-0263 describes factors the banking commissioner must consider when determining whether to approve the merger or consolidation of Connecticut banks.
Generally, the commissioner must consider whether the (1) merger or consolidation will promote public convenience; (2) benefits to the public clearly outweigh possible adverse effects, such as decreased or unfair competition; and (3) terms of the agreement are reasonable, lawful, and sound public policy.
Unless exempt by the commissioner, the applicant must also submit a plan showing that the resulting bank will provide adequate services to meet the banking needs of all community residents, including low-income and moderate-income residents, to the extent permitted by its charter.
Click here to read a report on the entire process.
