(1) An interstate branching transaction shall not be permitted under this chapter if, upon consummation of such transaction, the resulting bank would control in excess of twenty-five percent (25%) of the total deposits of all offices located in the State of Mississippi of commercial banks, savings banks, savings and loan associations and credit unions in the State of Mississippi, as determined according to Section 81-7-8.

(2) An interstate branching transaction resulting in:

(a) The acquisition by an out-of-state bank of a Mississippi bank,

(b) The acquisition of all or substantially all of the assets (including all or substantially all of the branches) of a Mississippi bank, or

(c) The merger or consolidation of a Mississippi bank with or into another bank shall not be permitted unless such Mississippi bank has been in continuous operation as a state or federally chartered bank, savings bank or savings association for at least its previous five (5) years of existence, as determined according to Section 81-7-8, or is defined as a banker’s bank according to Section 81-8-1. However, any state or federally chartered banker’s bank that has been merged or consolidated with or into another bank as provided in this subsection shall remain a banker’s bank for a period of not less than five (5) years after the date of merger or consolidation.

(3) In the sale of any insolvent bank made pursuant to the provisions of Chapter 9, Title 81, Mississippi Code of 1972, or pursuant to federal banking laws, the restrictions contained in subsections (1) and (2) of this section shall not apply to prevent the acquisition of such insolvent bank by another bank; and, additionally, neither restriction shall apply to prohibit any purchasing bank from retaining any established branches of the insolvent bank which the purchasing bank would otherwise be prohibited from establishing.