108 STAT. 2344 PUBLIC LAW 103-328—SEPT. 29, 1994 "(ii) expressly prohibits merger transactions involving out-of-State banks. "(B) No EFFECT ON PRIOR APPROVALS OF MERGER TRANS- ACTIONS. —^A law enacted by a State pursuant to subparagraph (A) shall have no effect on merger transactions that were approved before the effective date of such law. " (3) STATE ELECTION TO PERMIT EARLY INTERSTATE MERGER TRANSACTIONS. — "(A) IN GENERAL. — A merger transaction may be approved pursuant to paragraph (1) before June 1, 1997, if the home State of each bank involved in the transaction has in effect, as of the date of the approval of such transaction, a law that— "(i) applies equally to all out-of-State banks; and "(ii) expressly permits interstate merger transactions with all out-of-State banks. "(B) CERTAIN CONDITIONS ALLOWED.— A host State may impose conditions on a branch within such State of a bank resulting from an interstate merger transaction if— "(i) the conditions do not have the effect of discriminating against out-of-State banks, out-of-State bank holding companies, or any subsidiary of such bank or company (other than on the basis of a nationwide reciprocal treatment requirement); "(ii) the imposition of the conditions is not preempted by Federal law; and "(iii) the conditions do not apply or require performance after May 31, 1997. " (4) INTERSTATE MERGER TRANSACTIONS INVOLVING ACQUISI- TIONS OF BRANCHES.— "(A) IN GENERAL. —An interstate merger transaction may involve the acquisition of a branch of an insured bank without the acquisition of the bank only if the law of the State in which the branch is located permits outof-State banks to acquire a branch of a bank in such State without acquiring the bank. " (B) TREATMENT OF BRANCH FOR PURPOSES OF THIS SECTION.— In the case of an interstate merger transaction which involves the acquisition of a branch of an insured bank without the acquisition of the bank, the branch shall be treated, for purposes of this section, as an insured bank the home State of which is the State in which the branch is located. " (5) PRESERVATION OF STATE AGE LAWS. — "(A) IN GENERAL.— The responsible agency may not approve an application pursuant to paragraph (1) that would have the effect of permitting an out-of-State bank or out-of-State bank holding company to acquire a bank in a host State that has not been in existence for the minimum period of time, if any, specified in the statutory law of the host State. " (B) SPECIAL RULE FOR STATE AGE LAWS SPECIFYING A PERIOD OF MORE THAN 5 YEARS.— Notwithstanding subparagraph (A), the responsible agency may approve a merger transaction pursuant to paragraph (1) involving the acquisition of a bank that has been in existence at
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