New Jersey Administrative Code
Title 3 - BANKING
Chapter 6 - GENERAL PROVISIONS
Subchapter 17 - CONVERSIONS OF BANK CHARTERS
Section 3:6-17.2 - Application for conversion
Universal Citation: NJ Admin Code 3:6-17.2
Current through Register Vol. 56, No. 18, September 16, 2024
(a) An application for a conversion from a bank to a capital stock savings bank shall contain the following:
1. A certified copy of the
resolution of the board of directors authorizing the conversion;
2. A certified copy of the resolution adopted
by the stockholders or members relating to the plan of conversion, containing
the following information:
i. The total
number of votes eligible to be cast;
ii. The total number of votes represented in
person or by proxy at the special meeting;
iii. The total number of votes cast in favor
and against each matter;
iv. The
percentage of votes cast in favor and against each matter.
3. A certificate of incorporation for the new
capital stock savings bank;
4.
Biographical information for each of the incorporators and/or directors on
forms approved by the Commissioner;
5. A completed form from the New Jersey State
Police requesting criminal history record information for each director and/or
incorporator, along with a cashier's check, certified check or money order for
the applicable amount, payable to the State Police, stapled to the front of
each form;
6. A copy of the bank's
most recent quarterly Consolidated Report of Condition indicating the bank's
financial condition. This condition shall be deemed satisfied if this
information is accessible to the Department via the internet;
7. Financial projections for the converted
capital stock savings bank for the next three years. Projections shall include
a consolidated average balance sheet and a profit and loss statement at the end
of each year. This financial information should include projections of all
relevant regulatory capital requirements and capital ratios as well as
appropriate income ratios;
8. A
business plan for the capital stock savings bank for three years; and
9. Copies of all applications for Federal
regulatory approval and all approvals required in connection with the
conversion, or, if no application or approval is required, a statement or
opinion of counsel to that effect.
(b) The Commissioner may, in his or her discretion, waive any of the application requirements of (a) above based on any of the following:
1. The financial condition
of the institution;
2. Whether the
institution was recently chartered;
3. Whether the public would be served by
considering the application in an expeditious manner;
4. Whether the conversion is one step in an
integrated application; or
5. Any
other factor which may affect the need for a review of any of the materials
specified in (a) above.
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