12 U.S.C. § 214b
Continuation of business and corporate entity
The franchise of a national banking association as a national banking association shall automatically terminate when its conversion into or its merger or consolidation with a State bank under a State charter is consummated and the resulting State bank shall be considered the same business and corporate entity as the national banking association, although as to rights, powers, and duties the resulting bank is a State bank. Any reference to such national banking association in any contract, will, or document shall be considered a reference to the State bank if not inconsistent with the provisions of the contract, will, or document or applicable law.
Notes of Decisions
Cited in 5
cases, 1960–1998 · leading case: Jamie Viqueira v. First Bank, 140 F.3d 12 (1st Cir. 1998).
Jamie Viqueira v. First Bank, 140 F.3d 12 (1st Cir. 1998). “See 12 U.S.C. § 214b (1989); 3 see also United States v.”
Citizens Bank & Trust Co. v. Barlow Corp., 456 A.2d 1283 (Md. 1983). “Any conceptual difficulty with having a federally chartered corporation’s existence cease at the time a merger is consummated under state law is resolved by 12 U.S.C. § 214b which reads: The franchise of a national banking association as a national banking association shall…”
United States v. Alamo Bank of Texas, 880 F.2d 828 (5th Cir. 1989). “(a) The federal statute is 12 U.S.C. § 214b: The franchise of a national banking association as a national banking association shall automatically terminate when its conversion into or its merger or consolidation with a State bank under a State charter is consummated and the…”
Old Kent Bank & Trust Co. v. William McC Martin, Jr., Individually & as Chairman of the Bd. of Governors of the Fed. Reserve Sys., 281 F.2d 61 (D.C. Cir. 1960). “456 , 12 U.S.C.A. § 214b (1952 ed.). If Congress had meant to require “the same business and corporate entity as the national banking association” to get the Board’s approval in order to continue operating the association’s branches, we think Congress would have said so.”
United States v. Cent. Nat'l Bank, 705 F. Supp. 336 (S.D. Tex. 1988). “§ 214a which allows the merger, and 12 U.S.C. § 214b which provides in part “the resulting state bank shall be considered the same business and corporate entity as the national banking association .”
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