Restriction on New Branches. The Company shall not open a new banking branch in ▇▇▇▇▇▇▇▇▇▇ County, Tennessee, for a period of three (3) years from the Effective Date. The restriction contained in this Section 5.11 shall not affect any banking branch being operated by the Company as of the close of business on the date of this Agreement or any banking branch operated by another financial institution which acquires, or is acquired by, the Company or an Affiliate of the Company by stock acquisition, asset acquisition, merger, or otherwise; provided that said branch is in existence as of the date such other financial institution and the Company or Affiliate of the Company enter into a definitive agreement for such an acquisition or other combination.
Appears in 1 contract
Sources: Purchase and Assumption Agreement (Community First Inc)
Restriction on New Branches. The Company shall not open a new banking branch in ▇W▇▇▇▇▇▇▇▇▇ County, Tennessee, for a period of three (3) years from the Effective Date. The restriction contained in this Section 5.11 shall not affect any banking branch being operated by the Company as of the close of business on the date of this Agreement or any banking branch operated by another financial institution which acquires, or is acquired by, the Company or an Affiliate of the Company by stock acquisition, asset acquisition, merger, or otherwise; provided that said branch is in existence as of the date such other financial institution and the Company or Affiliate of the Company enter into a definitive agreement for such an acquisition or other combination.
Appears in 1 contract
Sources: Purchase and Assumption Agreement (First Citizens Bancshares Inc /Tn/)