Depositors. As a result of the Bank Merger, each holder of a deposit account at Citizens Bank shall become a holder of a deposit account at Xxxxxx Federal with the same rights, privileges and obligations as a member of Xxxxxx MHC as a holder of a deposit account at Xxxxxx Federal at the effective time of the Bank Merger. In any mutual-to-stock conversion of Xxxxxx MHC, to the extent permitted by Regulatory Authorities, all deposit accounts established at Citizens Bank prior to the effective time of the Bank Merger shall be deemed to have been established at Xxxxxx Federal on the date that they were established at Citizens Bank.
Appears in 3 contracts
Samples: Merger Agreement (Innes Street Financial Corp), Merger Agreement (Innes Street Financial Corp), Merger Agreement (Innes Street Financial Corp)
Depositors. As a result of the Bank Merger, each holder of a deposit account at Citizens Bank shall become a holder of a deposit account at Xxxxxx Gxxxxx Federal with the same rights, privileges and obligations as a member of Xxxxxx Gxxxxx MHC as a holder of a deposit account at Xxxxxx Gxxxxx Federal at the effective time of the Bank Merger. In any mutual-to-stock conversion of Xxxxxx Gxxxxx MHC, to the extent permitted by Regulatory Authorities, all deposit accounts established at Citizens Bank prior to the effective time of the Bank Merger shall be deemed to have been established at Xxxxxx Gxxxxx Federal on the date that they were established at Citizens Bank.. ARTICLE III
Appears in 1 contract
