New Jersey Administrative Code
Title 3 - BANKING
Chapter 4 - DEPOSITORY INSTITUTIONS
Subchapter 1 - CAPITAL REQUIREMENTS
Section 3:4-1.7 - Capital for interim conversion
Universal Citation: NJ Admin Code 3:4-1.7
Current through Register Vol. 56, No. 18, September 16, 2024
(a) Notwithstanding any rule to the contrary, a depository institution with a ratio of Tier 1 capital to assets in excess of two percent shall be deemed to be adequately capitalized to qualify for a conversion to a bank, savings bank, capital stock savings bank, capital stock association or mutual association pursuant to 17:9A-17.1 et seq. or 17:16M-1 et seq., provided that:
1. The conversion is an
interim step toward a merger or acquisition with another institution;
and
2. After the merger or
acquisition, the resulting depository institution will satisfy all capital
maintenance requirements.
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