By the Division of Banks

Reciprocity With Connecticut Banking Merger Laws

In the Commonwealth, Chapter 238 of the Acts of 1996, effective August 2, 1996, authorized among other things, interstate branching, mergers and acquisitions as provided for in the federal Riegle-Neal Interstate Banking and Branching Efficiency Act. Based upon a review of applicable law, it is the position of the Division of Banks that a state or federally-chartered bank located in Connecticut may acquire a Massachusetts bank through merger or consolidation because the terms imposed by the laws of Connecticut are no more restrictive than those required under Mass. Gen. Laws chapter 167, § 39B for such transactions.