Louisiana SB521 allows a bank to use the name of a nonsurviving bank in mergers and consolidations under certain conditions.
Louisiana SB521 modifies state law to allow a bank to use the name of a nonsurviving bank in mergers and consolidations for a reasonable period, provided it is used as a "division name" and complies with federal and state guidelines. The bill mandates clear disclosure in signage and advertising, and requires the use of the surviving bank's legal name in official documents. It also requires the surviving bank to take steps to prevent depositor confusion, including staff training and acknowledgment from depositors that deposits are not separately insured.
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