Department of Commerce - Miscellaneous Provisions - Definition of an emergency under section 1115.15 of the Revised Code.


Published: 2015-08-06

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An emergency warranting the immediate transfer of assets and liabilities from one bank to another pursuant to section 1115.15 of the Revised Code exists when, in the opinion of the superintendent such transfer is necessary to prevent the probable failure of one of the banks involved. Factors to be considered by the superintendent in making this determination are: the financial and managerial resources of the banks involved, the future prospects of the banks involved, and the convenience and needs of the public to be served.