Mutual-to-stock Conversions--S. 1801: Hearing Before the Committee on Banking, Housing, and Urban Affairs, United States Senate, One Hundred Third Congress, Second Session, on S. 1801, to Apply Certain Minimum Standards to the Conversion of Savings Associations and Savings Banks from the Mutual Form to the Stock Form, and for Other Purposes, February 25, 1994, Volumen4U.S. Government Printing Office, 1994 - 110 páginas |
Otras ediciones - Ver todas
Términos y frases comunes
abuses adopted amended appraisal approval association's business plan capital CARSON CEPHAS CHAIRMAN charter committee compensation CONGRESS THE LIBRARY convenience and needs conversion laws conversion process conversion regulations conversion stock convert to stock converting association converting institution converting savings converung Deposit Insurance depositors directors disclosure DRUMM eligible FDIC Federal FHLBB Fiechter Green Point guidelines Hove initial public offering insiders institution's interest issues legislation LIBRARY OF CONGRESS merger conversions mutual form mutual holding company mutual institution mutual savings associations mutual savings bank mutual-to-stock conversions Office of Thrift Ohio OTS's ownership percent plan of conversion priority proxies public offering question raise regulatory repurchase requirements revised Riegle savings and loan SCBA Senator D'AMATO shares sion soliciting standards statement stock benefit plans stock conversions stock form stock offering stock options stock purchase subscription rights thrift institutions Thrift Supervision tion trustees vote windfall York
Pasajes populares
Página 58 - ... under common control with, the person specified. (b) Control. The term "control" (including the terms "controlling", "controlled by" and "under common control with") means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a person, whether through the ownership of voting securities, by contract...
Página 41 - ESOP purchases) goes to savings account holders with the institution at least 90 days prior to the date of adoption of the plan of conversion. The second priority goes to all other account holders. A third priority may be established for management and employee stock purchases. Finally, any stock not sold in the subscription offering must be sold to the public. o The conversion stock must be sold at a price equal to the estimated pro forma market value of the converting institution's stock, basecPon...
Página 45 - Mr. Chairman and Members of the Committee, I am pleased to appear before the Committee today to present the views of the Commissioner of the District of Columbia on S. 1938, the proposed "District of Columbia Consumer Credit Protection Act of 1971.
Página 41 - FHLBB proposed conversion regulations and held public hearings on then in 1973. At the same time. Congress also held hearings on the need for legislation in this area. Following the agency and Congressional hearings, the FHLBB revised its proposed conversion regulations in late 1973, and adopted them in 1974. It was generally believed that the new regulations adequately addressed the problems arising from conversion "windfalls." As a result. Congress allowed its conversion moratorium to expire on...
Página 64 - This concludes my prepared remarks and I will be happy to answer any questions you or other committee members might have.
Página 64 - The dominant impulse behind this trend often has been mischaracterized - first, as a desire to obtain broader investment authority, and, currently, as only reflecting an interest in converting to stock form under state rules more liberal than those of the OTS. The liberal investment hypothesis...
Página 54 - ... disclosures of the transaction to Heritage's members in order for them to vote upon the plan of conversion. The applicants were advised, however, that the Division would be flexible in applying OTS standards provided any deviations from existing standards were fully supported. In evaluating a...
Página 109 - ... and which result in economy of operation and management and more efficient service will be regarded favorably insofar as the mergers are not anticompetitive. (4) Other factors. The Board will examine the extent to which the merger will affect the convenience and needs of the communities to be served in terms of savings facilities, types of loans available, and the impact, if any, on operating efficiency of the resulting institution. (d) Managerial and financial aspects.
Página 39 - Board (FHLBB) implemented its mutual-to-stock conversion regulations in 1974 — mutual-to-stock conversions have been a successful vehicle for bringing new capital into the thrift industry. Only a handful of mutual-to-stock conversions were conducted prior to 1974; however/ since then, over 1,000 mutual savings associations have converted to the stock form of ownership, in the process raising approximately $16 billion in new capital. Almost 300 thrifts have converted in the last four years, raising...
Página 53 - Chapter 1161 of the Ohio Revised Code, was created in Ohio. The savings bank charter provides a new option for existing thrifts and commercial banks in Ohio, as well as for de novo charters. To date, 20 savings and loan associations, both State and federally chartered, have converted to State,chartered savings banks.