The Florida Senate

655.4185  Emergency action.--

(1)  Notwithstanding any other provision of the financial institutions codes or of chapter 120, if the office or the appropriate federal regulatory agency finds that immediate action is necessary in order to prevent the probable failure of one or more financial institutions, which in this subsection may be referred to as a "failing financial entity," the office may, with the concurrence of the appropriate federal regulatory agency in the case of any financial institution the deposits of which are insured by the Federal Deposit Insurance Corporation or the National Credit Union Administration, issue an emergency order authorizing:

(a)  The merger of any such failing financial entity with an appropriate state financial entity;

(b)  An appropriate state financial entity to acquire assets and assume liabilities of any such failing financial entity, including all rights, powers, and responsibilities as fiduciary in an instance in which the failing financial institution is actively engaged in the exercise of trust powers;

(c)  The conversion of any such failing financial entity into a state financial entity; or

(d)  The chartering of a new state financial entity to acquire assets and assume liabilities of any such failing financial entity and to assume rights, powers, and responsibilities as fiduciary in a case in which such failing financial entity is engaged in the exercise of trust powers.

(2)  Any such finding by the office must be based upon reports furnished to it by a state or federal financial institution examiner or upon other evidence from which it is reasonable to conclude that such financial institution is insolvent or is threatened with imminent insolvency. The office may disallow illegally obtained currency, monetary instruments, funds, or other financial resources from the capitalization requirements of the financial institutions codes. The stockholders of a failing bank, association, or trust company that is acquired by another bank or trust company under this section are entitled to the same procedural rights and to compensation for the remaining value of their shares as is provided for dissenters in s. 658.44, except that they have no right to vote against the transaction. Any transaction authorized by this section may be accomplished through the organization of a successor institution.

History.--s. 6, ch. 2005-181.