New Jersey Administrative Code
Title 3 - BANKING
Chapter 13 - BANK HOLDING COMPANIES
Subchapter 5 - MUTUAL SAVINGS BANK HOLDING COMPANIES
Section 3:13-5.4 - Approval of application
Universal Citation: NJ Admin Code 3:13-5.4
Current through Register Vol. 56, No. 18, September 16, 2024
(a) The Commission shall approve the application for a mutual savings bank holding company upon a finding of the following factors:
1. The
establishment of a mutual savings bank holding company is in the best interests
of the depositors of the mutual savings bank;
2. The qualifications, experience and
character of the proposed officers and directors of the mutual savings bank
holding company are sufficient to result in the successful operation of the
mutual savings bank holding company;
3. The interests of the public will be served
by the establishment of a mutual savings bank holding company;
4. The mutual savings bank holding company is
adequately capitalized; and
5. The
establishment of the mutual savings bank holding company meets the requirements
of law.
(b) The Commissioner shall approve the charter application of a subsidiary capital stock savings bank filed with an application for a mutual savings bank holding company upon a finding of the following factors:
1. The qualifications, experience and
character of the proposed officers and directors of the subsidiary capital
stock savings bank are sufficient to result in the successful operation of the
subsidiary capital stock savings bank;
2. The interests of the public will be served
by the establishment of the subsidiary capital stock savings bank;
and
3. The capital stock of the
subsidiary capital stock savings bank is in accordance with the amount required
for banks pursuant to
17:9A-4.
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