Credit Union Mergers

When two credit unions merge, the surviving credit union shall obtain the entire field of membership of the merged credit union when the members of the merging credit union have approved of the merger in accordance with T.C.A. 45-4-903(a). However, in the event of an emergency merger, the Commissioner may permit a surviving credit union to maintain the entire field of membership of the merging credit union even when there has been no vote of the members approving of the merger.