ARM 2.59.2208. A STATE BANK ORGANIZED FOR THE PURPOSE OF ASSUMING DEPOSIT LIABILITY OF ANY CLOSED BANK

(1) All provisions of 32-1-240 through 32-1-245, MCA, and ARM 2.59.2201 through 2.59.2209 are applicable. (2) Prior to submitting a bid for the assets and liabilities of a closed bank, organizers must: (a) appoint a spokesperson who is empowered to speak for and sign documents on behalf of the organization; (b) have written verification in hand that capital for the new bank is on deposit and will be available prior to the new bank opening; (c) have written verification of blanket bond coverage for the new bank; and (d) provide all details of the proposed purchase arrangement along with a copy of the purchase and assumption agreement and other related documents required by the closed bank receiver. (3) Details of the proposed purchase along with a copy of the purchase and assumption agreement must be submitted to the department prior to submitting a bid for the closed bank.