Processing.

CFR · 2024-01-01 · US · Title 12

(a) (1) The proposed use of the proceeds from the sale of stock, as set forth in the business plan; (2) The adequacy of the disclosure materials; (3) The participation of depositors in approving the transaction; (4) The form of the proxy statement required for the vote of the depositors/members on the conversion; (5) Any proposed increased compensation and other remuneration (including stock grants, stock option rights and other similar benefits) to be granted to officers and directors/trustees of the bank in connection with the conversion; (6) The adequacy and independence of the appraisal of the value of the mutual savings bank for purposes of determining the price of the shares of stock to be sold; (7) The process by which the bank's trustees approved the appraisal, the pricing of the stock, and the proposed compensation arrangements for insiders; (8) The nature and apportionment of stock subscription rights; and (9) The bank's plans to fulfill its commitment to serving the convenience and needs of its community. (b) (2) Conformity with the OTS requirements will not be sufficient for FDIC regulatory purposes if the FDIC determines that the proposed conversion transaction would pose a risk to the bank's safety or soundness, violate any law or regulation, or present a breach of fiduciary duty. (c) (i) 60 days after receipt of a substantially complete notice of proposed conversion; or (ii) 20 days after the last applicable state or other federal regulator has approved the pro

official document · source cfr-2024 · id 12:§ 303.163