Investment in banks or savings banks — required findings

1Investment in banks. A state credit union may, with the prior approval of the superintendent, invest in the capital stock, obligations, or other securities of a bank. 2Investment in savings banks. A state credit union may, with the prior approval of the superintendent, invest in the capital stock, obligations, or other securities of a savings bank. 3Findings required. The superintendent shall not grant an approval under subsection 1 or 2, unless the superintendent makes one of the following findings: a. Based upon a preponderance of the evidence presented, the proposed investment will not have the immediate effect of significantly reducing competition between depository financial institutions located in the same community as the institution whose shares would be acquired. b. Based upon a preponderance of the evidence presented, the proposed investment would have an anticompetitive effect as described in paragraph “a”, but other factors, specifically cited, outweigh the anticompetitive effect so that there would be a net public benefit as a result of the investment. 4Competition preserved. a. The subsequent liquidation of a bank or savings bank whose shares are acquired under this section shall not prevent the subsequent incorporation of another bank or savings bank in the same community. b. The superintendent of banking shall not find the liquidation of a bank whose shares are acquired under this section to be grounds for disapproving the incorporation of another bank in the same community under section 524.305.