An Act relative to growth opportunities for state financial institutions

This bill amends Massachusetts laws to allow credit unions to purchase assets and assume liabilities from mutual or stock banks that are being dissolved. It establishes an expedited process where a bank can be liquidated immediately after a business combination with a credit union, provided the Massachusetts Commissioner approves the deal. Under the new rules, if a bank's physical locations are bought, they automatically become branches of the credit union, and the bank's depositors become credit union members within two years. The legislation aims to streamline the transition of failing banks into credit unions while ensuring all debts are settled before the transfer is completed.