MS SB2640

Revises Section 81-5-85 to allow a state-chartered bank to enter into business combinations with another bank, savings bank, savings and loan association, or other entity under a plan of merger or share exchange in accordance with the Mississippi Business Corporation Act, provided the survivor is FDIC-insured.

Authorizes state-chartered banks to sell or transfer substantially all assets, liabilities, and businesses to another financial institution under Article 12, Chapter 4 of Title 79, Mississippi Code of 1972, provided the buyer is FDIC-insured.

Permits the commissioner to issue a cease-and-desist order if a state-chartered bank, savings and loan association, or savings bank engages in unauthorized business combinations or asset transfers, with appeal rights to the First Judicial District of Hinds County within 30 days.

Amends Section 81-5-97 to allow the commissioner to approve bank or bank branch closures for up to two whole days per week (instead of one day), unless emergency circumstances exist, excluding state and federal holidays and Sundays.

Takes effect July 1, 2022.