Consolidation; submission of resolutions and joint agreement to department; approval or disapproval

Sec. 12. (a) After the resolution approving a joint agreement of consolidation has been adopted by the board of directors of each of the corporations, the resolutions and joint agreement shall be submitted to the department. The department may, in its discretion, approve or disapprove the resolutions and joint agreement. (b) In deciding whether to approve or disapprove a transaction under this chapter, the department shall consider the following factors: (1) Whether the institution resulting from the proposed transaction will be operated in a safe, sound, and prudent manner. (2) Whether the financial condition of any institution subject to the proposed transaction will jeopardize the financial stability of any other institutions subject to the proposed transaction. (3) Whether the proposed transaction under this chapter will result in an institution that has inadequate capital, unsatisfactory management, or poor earnings prospects. (4) Whether the management or other principals of the institution that will result from the proposed transaction under this chapter are qualified by character and financial responsibility to control and operate in a legal and proper manner the resulting institution. (5) Whether the public convenience and advantage will be served by the resulting institution after the proposed transaction. (6) Whether the institutions subject to the proposed transaction under this chapter furnish all the information the department requires in reaching the department's decision.