12 CFR 303.246 - Conversion with diminution of capital.

§ 303.246 Conversion with diminution of capital.

(a)Scope. This section contains the procedures to be followed by an insured federal depository institution seeking the prior written consent of the FDIC pursuant to section 18(i)(2) of the FDI Act ( 12 U.S.C. 1828(i)(2)) to convert from an insured federal depository institution to an insured state nonmember bank (except a District bank) where the capital stock or surplus of the resulting bank will be less than the capital stock or surplus, respectively, of the converting institution at the time of the shareholders' meeting approving such conversion.

(b)Where to file. Applicants shall submit a letter application to the appropriate FDIC office.

(c)Content of filing. The application shall contain the following information:

(1) A description of the proposed transaction;

(2) A schedule detailing the present and proposed capital structure; and

(3) A copy of any documents submitted to the state chartering authority with respect to the charter conversion.

(d)Additional information. The FDIC may request additional information at any time during the processing.

(e)Processing. The FDIC will provide the applicant with written notification of the final action when the decision is rendered.

[ 67 FR 79247, Dec. 27, 2002. Redesignated at 71 FR 20526, Apr. 21, 2006]

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.

This list is taken from the Parallel Table of Authorities and Rules provided by GPO [Government Printing Office].

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United States Code

Title 12 published on 17-Jun-2017 04:33

The following are ALL rules, proposed rules, and notices (chronologically) published in the Federal Register relating to 12 CFR Part 303 after this date.

  • 2015-10-28; vol. 80 # 208 - Wednesday, October 28, 2015
    1. 80 FR 65889 - Filing Requirements and Processing Procedures for Changes in Control With Respect to State Nonmember Banks and State Savings Associations
      GPO FDSys XML | Text
      Final rule.
      The final rule is effective January 1, 2016.
      12 CFR Parts 303 and 391