When is a savings association eligible for a voluntary supervisory conversion?
(a) If you are an insured savings association, you may be eligible to convert under this subpart if:
(1) You are significantly undercapitalized (or you are undercapitalized and a standard conversion that would make you adequately capitalized is not feasible) and you will be a viable entity following the conversion;
(2) Severe financial conditions threaten your stability and a conversion is likely to improve your financial condition;
(3) FDIC will assist you under section 13 of the Federal Deposit Insurance Act, 12 U.S.C. 1823; or
(4) You are in receivership and a conversion will assist you.
(b) You will be a viable entity following the conversion if you satisfy all of the following:
(1) You will be adequately capitalized as a result of the conversion;
(2) You, your proposed conversion, and your acquiror(s) comply with applicable supervisory policies;
(3) The transaction is in your best interest, and the best interest of the Deposit Insurance Fund and the public; and
(4) The transaction will not injure or be detrimental to you, the Deposit Insurance Fund, or the public interest.
[67 FR 52020, Aug. 9, 2002, as amended at 71 FR 19811, Apr. 18, 2006]
Title 12 published on 2012-01-01
no entries appear in the Federal Register after this date.
This is a list of United States Code sections, Statutes at Large, Public Laws, and Presidential Documents, which provide rulemaking authority for this CFR Part.