When is a state-chartered savings bank eligible for a voluntary supervisory conversion?
If you are a state-chartered savings bank you may be eligible to convert to a federal stock savings bank under this subpart if:
(a) FDIC certifies under section 5(o)(2)(C) of the HOLA that severe financial conditions threaten your stability and that the voluntary supervisory conversion is likely to improve your financial condition, and OTS concurs with this certification; or
(b) You meet the following conditions:
(1) Your liabilities exceed your assets, as calculated under generally accepted accounting principles, assuming you are a going concern; and
(2) You will issue a sufficient amount of permanent capital stock to meet your applicable FDIC capital requirement immediately upon completion of the conversion, or FDIC determines that you will achieve an acceptable capital level within an acceptable time period.
[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.