Continuation of Banking Business. (a) For the period commencing the first banking Business Day after Bank Closing and ending no earlier than the first anniversary of Bank Closing, the Assuming Institution will provide full service banking in the trade area of the Failed Bank. Thereafter, the Assuming Institution may cease providing such banking services in the trade area of the Failed Bank, provided the Assuming Institution has received all necessary regulatory approvals. At the option of the Assuming Institution, such banking services may be provided at any or all of the Bank Premises, or at other premises within such trade area. The trade area shall be determined by the Receiver. For the avoidance of doubt, the foregoing shall not restrict the Assuming Institution from opening, closing or selling branches upon receipt of the necessary regulatory approvals, if the Assuming Institution or its successors continue to provide banking services in the trade area. Assuming Institution will pay to the Receiver, upon the sale of a branch or branches within the year following the date of this agreement, fifty percent (50%) of any franchise premium in excess of the franchise premium paid by the Assuming Institution with respect to such branch or branches. (b) Notwithstanding Section 4.1(a) of the Agreement, the Assuming Institution shall be permitted within the 180 day period following Bank Closing to close or consolidate all but one branch in each general market area served by Failed Bank after meeting the required regulatory notice requirements. Possible closures or consolidations include the three branches in Mobile County, Alabama into one or two branches, the two branches in Beaufort County, South Carolina into a single branch and the branches in Brunswick County and New Hanover County North Carolina into a single branch. These consolidated branches may be at the location of the Failed Bank’s current branches or at other locations within the respective market area as the potential acquirer shall determine.
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Samples: Purchase and Assumption Agreement (Bank of the Ozarks Inc), Purchase and Assumption Agreement, Purchase and Assumption Agreement
