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Purchase and Assumption Agreement

 

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Title:

Purchase and Assumption Agreement

Entities:

PSB Holdings, Inc.

Date:

2005

Size:

169KB total

Price:

$47

ID:

#1425614

 

 

► Legal ► Assumption ► Purchase & Assumption Agreements

 

 

Start of Preview


 

PURCHASE AND ASSUMPTION AGREEMENT

CONCERNING THE GRISWOLD,  LEDYARD, AND PLAINFIELD BRANCHES

 

BETWEEN

 

PEOPLES BANK

 

and

 

PUTNAM SAVINGS BANK

 

DATED AS OF JUNE 13, 2005

 



 

TABLE OF CONTENTS

 

ARTICLE I

DEFINITIONS

 

Section

1.1

Assets

 

Section

1.2

Book Value

 

Section

1.3

Branch and Branch Premises

 

Section

1.4

Branch Employees

 

Section

1.5

Business Day

 

Section

1.6

Cash on Hand

 

Section

1.7

Closing Date

 

Section

1.8

Customer or Customers

 

Section

1.9

Deposits

 

Section

1.10

Effective Time

 

Section

1.11

Estimation Date

 

Section

1.12

Lease Assignments

 

Section

1.13

Loans

 

Section

1.14

Miscellaneous Assets

 

Section

1.15

Record or Records

 

Section

1.16

Regulatory Approvals

 

Section

1.17

Safe Deposit Boxes and Safe Deposit Box Account

 

Section

1.18

Schedule of Assets

 

Section

1.19

Schedule of Deposits

 

Section

1.20

Sellers Knowledge

 

Section

1.21

Settlement Date

 

 

 

 

 

ARTICLE II

TRANSACTION OVERVIEW

 

Section

2.1

Transaction

 

Section

2.2

Interim Operations

 

Section

2.3

Defense of Claims

 

Section

2.4

Continuation of Business

 

 

 

 

 

ARTICLE III

ASSUMPTION OF DEPOSIT LIABILITIES

 

Section

3.1

Deposits Assumed by Purchaser

 

Section

3.2

Interest on Deposit Liabilities Assumed

 

Section

3.3

Successor Custodian

 

Section

3.4

Notice to Depositors Pending Regulatory Approval

 

Section

3.5

Notice to Depositors Subsequent to Regulatory Approval

 

Section

3.6

Sellers Final Customer Statements

 

Section

3.7

Payment of Deposit Liabilities After Effective Time

 

Section

3.8

Depositor Objections

 

Section

3.9

Uncollected Checks Returned to Seller

 

 

i



 

Section

3.10

Automated Clearing House System

 

Section

3.11

Deposit Account Overdrafts

 

Section

3.12

Interest Reporting

 

Section

3.13

Withholding

 

Section

3.14

IRS Notices

 

Section

3.15

Liability Related to IRS Regulations

 

 

 

 

 

ARTICLE IV

PURCHASE OF ASSETS

 

Section

4.1

Assets Purchased by Purchaser

 

Section

4.2

Closing Without Recourse; Limitation of Warranties

 

Section

4.3

Loan Assignments

 

Section

4.4

Loan Payments Received After Settlement Date.

 

Section

4.5

Agreement With Respect to Safe Deposit Box Accounts

 

Section

4.6

Notice to Obligors on Loans

 

Section

4.7

Notices to Customers with Safe Deposit Box Accounts

 

Section

4.8

Default on Loan Payments to Seller

 

Section

4.9

Sale Recorded as Sale of Assets.

 

Section

4.10

Branch Premises

 

 

 

 

 

ARTICLE V

REPRESENTATIONS AND WARRANTIES OF PURCHASER

 

Section

5.1

Corporate Organization

 

Section

5.2

Corporate Authorization

 

Section

5.3

Corporate Compliance

 

Section

5.4

Legal and Regulatory Compliance

 

Section

5.5

Consents and Approvals

 

Section

5.6

No Brokers

 

 

 

 

 

ARTICLE VI

REPRESENTATIONS AND WARRANTIES OF SELLER

 

Section

6.1

Corporate Organization

 

Section

6.2

Corporate Authorization

 

Section

6.3

Corporate Compliance

 

Section

6.4

Legal and Regulatory Compliance

 

Section

6.5

Consents and Approvals

 

Section

6.6

Brokers

 

Section

6.7

Suits

 

Section

6.8

Deposits

 

Section

6.9

Loans

 

Section

6.10

FIRPTA

 

Section

6.11

Employees

 

Section

6.12

Records

 

Section

6.13

Tax Matters

 

Section

6.14

Other Assets

 

 

ii



 

ARTICLE VII

COVENANTS

 

Section

7.1

Purchasers General Covenants

 

Section

7.2

Purchasers Covenants Regarding Branch Employees

 

Section

7.3

Sellers Covenants

 

Section

7.4

Mutual Covenant

 

 

 

 

 

ARTICLE VIII

CONDITIONS PRECEDENT

 

Section

8.1

Conditions to Sellers Obligations

 

Section

8.2

Conditions to Purchasers Obligation

 

 

 

 

 

ARTICLE IX


 

End of Preview

 

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