§31A-1-7. Acquisition, formation, or control.

(a) A bank chartered by this state may sell or transfer all, or substantially all, of its assets and liabilities by merger, reorganization, purchase, and assumption or any similar business combination to another bank, banking institution, or entity: Provided, That the buyer or transferee is insured by the Federal Deposit Insurance Corporation. The provisions of this section do not apply to a sale or transfer of bank assets pursuant to an agreement that was originally executed prior to the date of enactment of this section in the 2025 regular session of the Legislature, or to any subsequent amendment or modification to such agreement. This section does not limit the authority of the Board or the Commissioner provided by the provisions of §31A-8A-1 et seq., §31A-8D-1 et seq., and §31A-8E-1 et seq. of this code.

(b) An interested person, including a bank or bank holding company authorized to do business in this state, may seek to enforce the provisions of this section by applying for equitable relief, including, but not limited to, a permanent or temporary injunction, or restraining order, in any court of competent jurisdiction.