Conversion to become a Federal savings association.

CFR · 2024-01-01 · US · Title 12

(a) (b) (2) As used in this section, depository institution means any commercial bank (including a private bank), a savings bank, a trust company, a savings and loan association, a building and loan association, a homestead association, a cooperative bank, an industrial bank, or a credit union chartered in the United States and having its principal office located in the United States. (c) (d) (2) (ii) (A) Identify each branch that the resulting financial institution expects to operate after conversion; (B) Include the institution's most recent audited financial statements (if any); (C) Include the latest report of condition and report of income (the most recent daily statement of condition will suffice if the institution does not file these reports); (D) Unless otherwise advised by the OCC in a prefiling communication, include an opinion of counsel that, in the case of State-chartered institutions, the conversion is not in contravention of applicable State law, or in the case (E) State whether the institution wishes to exercise fiduciary powers after the conversion; (F) Identify all subsidiaries, service corporation investments, bank service company investments, and other equity investments that will be retained following the conversion, and provide the information and analysis of the subsidiaries' activities and the service corporation investments and other equity investments that would be required if the converting mutual institution or stock institution were a Federal mutu

official document · source cfr-2024 · id 12:§ 5.23