H.R. 3615, the Mutual Bank Conversion Act: Hearing Before the Subcommittee on Financial Institutions Supervision, Regulation, and Deposit Insurance of the Committee on Banking, Finance, and Urban Affairs, House of Representatives, One Hundred Third Congress, Second Session, January 26, 1994, Volumen4U.S. Government Printing Office, 1994 - 139 páginas |
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Página 2
... capital in the institution . This is a transaction that could not be done under current OTS regulation . While there have been a number of transactions approved by State regulators in several States that appear quite outrageous , there ...
... capital in the institution . This is a transaction that could not be done under current OTS regulation . While there have been a number of transactions approved by State regulators in several States that appear quite outrageous , there ...
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... , mutual - to- stock conversions have been a successful vehicle for bringing new capital into the thrift industry . Since 1974 , over 1,000 mutual sav- ings associations have converted to the stock form of ownership 5.
... , mutual - to- stock conversions have been a successful vehicle for bringing new capital into the thrift industry . Since 1974 , over 1,000 mutual sav- ings associations have converted to the stock form of ownership 5.
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... capital . As these numbers suggest , a principal benefit of an institution converting from the mutual to the stock form is raising capital , a result that can otherwise be difficult for mutuals to achieve . Mu- tual associations can ...
... capital . As these numbers suggest , a principal benefit of an institution converting from the mutual to the stock form is raising capital , a result that can otherwise be difficult for mutuals to achieve . Mu- tual associations can ...
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... capital . Mutual - to- stock conversions , however , may also tempt an institution's insid- ers to engage in transactions that transfer an inappropriate amount of the institution's value to the institution's insiders . The OTS mutual ...
... capital . Mutual - to- stock conversions , however , may also tempt an institution's insid- ers to engage in transactions that transfer an inappropriate amount of the institution's value to the institution's insiders . The OTS mutual ...
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... capital that benefit the banks , the deposit insurance fund , and the public at large . It is important that we do not place unnecessary roadblocks to these worthwhile conversions where capital is deficient . We at the FDIC see ...
... capital that benefit the banks , the deposit insurance fund , and the public at large . It is important that we do not place unnecessary roadblocks to these worthwhile conversions where capital is deficient . We at the FDIC see ...
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Términos y frases comunes
abuse account holders appraisal approval BARRETT capital Chairman NEAL Committee compensation concerns Congress conversion from mutual Conversion Laws conversion offering conversion process conversion regulations conversion rules conversion stock conversion transactions converting institution converting savings bank converting to stock depositors depositors/members disclosure Division of Savings DRUMM employee stock option ESOP FDIC Federal Deposit Insurance FHLBB FIECHTER FINANCIAL INSTITUTIONS FIRREA Fleet Bank Green Point HOVE insiders institution's issue JANUARY 26 merger conversions million Mtge Mutual Bank Conversion mutual holding company mutual institutions mutual savings bank mutual to stock mutual-to-stock conversions North Carolina Office of Thrift officers and directors Ohio OTS rules OTS-supervised percent plan of conversion priority proposed policy statement proxy public offering purchase stock regulatory savings and loan savings associations savings bank charter SCBA shares sold state-chartered stock conversions stock form subscription rights superintendent Thank Thrift Supervision trustees VENTO vote windfall Wisconsin York
Pasajes populares
Página 102 - ... under common control with, such end product manufacturer. (p) Control "Control", including the terms "controlling", "controlled by", and "under common control with", means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of any person, whether through the ownership of voting securities, by contract, or otherwise. (q) Plans and projects. "Plans and projects" means those research and nutrition education plans, studies or projects...
Página 102 - person" means an individual, a corporation, a partnership, an association, a joint-stock company, a trust, any unincorporated organization, or a government or political subdivision thereof. As used in this paragraph the term "trust...
Página 119 - This concludes my prepared remarks and I will be happy to answer any questions you or other committee members might have.
Página 54 - Its capital stock at a total price equal to the estimated pro forma market value of such...
Página 102 - ... conversion is completed or terminated. (Ll For the purpose of this rule: (1l The public offering shall be deemed to commence upon the filing with the superintendent of the preliminary offering circular for the public offering; and...
Página 35 - Gentlemen, welcome, thank you very much for coming this morning. We will put your entire statements in the record and if you would summarize it would give us a little more time for discussion.
Página 9 - Mr. Chairman, and members of the subcommittee, on behalf of the Federal Deposit Insurance Corporation, I appreciate this opportunity to testify regarding institutions that convert from mutual to stock ownership.
Página 114 - Traditional savings accounts still form over 25% of their liabilities, but savings banks now offer a wider variety of savings vehicles as well as checking accounts. Deposits at state-chartered savings banks are insured by the Bank Insurance Fund of the Federal Deposit Insurance Corporation (FDIC). State and federal regulations still restrict the powers of savings banks. Like other thrifts, however, savings banks in most states now have powers similar to those of commercial banks. Moreover, savings...
Página 101 - That the expenses incurred in the conversion shall be reasonable: (9l That the convening savings bank shall not loan funds or otherwise extend credit to any person to purchase the capital stock of the savings bank; (10l That the proxies heid with respect to voting rights in the savings bank will net be voted regarding the conversion.
Página 101 - ... by the convening savings bank in a direct community offering; (3) That a direct community offering by the converting savings bank shall give a preference to natural persons residing in the counties in which the savings bank has an office...