2005 Idaho Code - 26-2607 — ACQUISITION OF FAILING INSTITUTION

                                  TITLE  26
                              BANKS AND BANKING
                                  CHAPTER 26
                         IDAHO INTERSTATE BANKING ACT
    26-2607.  ACQUISITION OF FAILING INSTITUTION. (1) Notwithstanding any
provision of the laws of this state to the  contrary, if the director
determines, in his discretion, that an Idaho financial institution is in
danger of failing, or takes  possession of a failing Idaho financial
institution pursuant to the provisions of title 26, Idaho Code, and if the
director deems it to be in the public interest and necessary to protect
depositors, creditors and other customers of that financial institution,  the
director may solicit offers from, and authorize or require the acquisition of
such failing Idaho financial institution by a  financial institution or
financial institution holding company organized and operated under the laws of
any state or the United States. Acquisition may be through merger,
consolidation, purchase  of all or substantially all of the assets and
assumption of liabilities, or purchase of all or a controlling part of the
shares of  the  acquired institution.
    (2)  The director may not, under this section, accept any offers from, or
authorize or require any acquisition by a financial institution holding
company as described in subsection (1) of this section, unless he finds that:
    (a)  The subsidiaries of the financial institution  holding company have
    demonstrated an acceptable record of meeting the credit needs of the
    communities it serves; and
    (b)  The financial institution holding company and its subsidiaries have a
    record of sound performance, capital adequacy,  financial capacity and
    efficient management such that the acquisition would not jeopardize the
    financial stability of the acquired  institution and would not be
    detrimental to the interests of depositors, creditors, or other customers
    of the acquired institution or the public interest.
    (3)  To protect the interest of depositors, creditors and  other customers
of a failing Idaho financial institution, the director may waive any of the
procedures set forth in section 26-2606, Idaho Code, or in  any rule of the
department if he deems it necessary to implement the purposes of this section.