(a) Subject to the provisions of this subchapter and provided that no Arkansas bank which is a party to the merger has a de novo charter, a state bank may merge into an out-of-state bank.
(b) The action to be taken by a merging state bank and its rights and liabilities and those of its shareholders shall be the same as those prescribed for the out-of-state state-chartered banks, at the time of the action, by the laws of the home state of the out-of-state state-chartered bank, and not by the law of this state, except that:
(1) The assenting vote of the holders of a simple majority of each class of voting stock of a state bank shall be required for the merger; and
(2) Upon the merger of a state bank into an out-of-state state-chartered bank, the stockholders of the state bank shall have dissenters' rights.
(c) The merger shall only be consummated after compliance with all applicable provisions of § 23-48-901 et seq.
(d) Upon the completion of the merger, the charter of any merging state bank shall automatically terminate.
Structure Arkansas Code
Title 23 - Public Utilities and Regulated Industries
Subtitle 2 - Financial Institutions And Securities
Chapter 48 - Organization and Operation
§ 23-48-502. Merger or conversion of state bank into national bank
§ 23-48-503. Merger of bank, bank holding company, or savings and loan association into state bank
§ 23-48-504. Conversion of national bank or savings and loan association into state bank
§ 23-48-505. Merger of state bank into an out-of-state state-chartered bank
§ 23-48-506. Dissenting stockholders
§ 23-48-507. Continuation of corporate entity — Use of old name
§ 23-48-508. Resulting state bank — Time for conformance with state law
§ 23-48-509. Merger of wholly owned Arkansas bank holding company into state bank
§ 23-48-510. Purchases or assumptions by a state bank
§ 23-48-512. Provisions when resulting state bank not to exercise trust powers