The Florida Senate

280.10  Effect of merger or acquisition; change of name or address.--

(1)  In the event a qualified public depository is merged into, acquired by, or consolidated with a bank or savings association that is not a qualified public depository, the resulting institution shall become a qualified public depository, and the contingent liability of the former institution shall be a liability of the resulting institution. Within 30 days after the effective date of the merger, acquisition, or consolidation, the resulting institution shall execute in its own name and deliver to the Treasurer the contingent liability agreement required by s. 280.07, and all information and documentation as may be required for participation in the public deposits program. If the resulting institution chooses not to remain a qualified public depository, or does not meet the requirements to become a qualified public depository, such institution shall comply with the procedures for withdrawal from the program as provided in s. 280.11.

(2)  A qualified public depository which sells or disposes of its branches to an institution that is not a qualified public depository, and such branches continue to hold public deposits, shall be responsible for and continue to collateralize and report such public deposits until the purchasing institution becomes a qualified public depository or the deposits are returned to the public unit. The qualified public depository shall notify the Treasurer of any acquisition of its branches on its next monthly report after the final approval by the appropriate regulator if the acquisition includes public deposits.

(3)  The qualified public depository shall notify the Treasurer of any acquisition or merger on its next monthly report after the final approval of the acquisition or merger by its appropriate regulator.

(4)  Collateral subject to a depository pledge agreement may not be released by the Treasurer or the custodian until the assumed liability is evidenced by the deposit of collateral pursuant to the depository pledge agreement of the successor entity. The reporting requirement and pledge of collateral will remain in force until the Treasurer determines that the liability no longer exists. The surviving or new qualified public depository shall be responsible and liable for all of the liabilities and obligations of each qualified public depository merged with or acquired by it.

(5)  Each qualified public depository shall report any change of name and address to the Treasurer on a form provided by the Treasurer regardless of whether the name change is a result of an acquisition or merger. Notification of such change must be made on its next monthly report.

History.--s. 12, ch. 83-122; s. 16, ch. 87-409; s. 9, ch. 90-357; s. 19, ch. 91-244; s. 12, ch. 96-216.