Wisconsin Administrative Code
Department of Financial Institutions
DFI-SB 1-22 - Department of Financial Institutions-Savings Banks
Chapter DFI-SB 21 - Conversion From Mutual To Stock Institution
Section DFI-SB 21.14 - Restrictions on repurchase of stock and payment of dividends
Current through February 26, 2024
Each savings bank that converts under this chapter shall be subject to the following conditions:
(1) STOCK REPURCHASE RESTRICTIONS. No savings bank for 3 years from the date of the completion of the conversion, may repurchase any of its capital stock from any person, except that this restriction shall not apply to:
(2) DIVIDEND PAYMENT RESTRICTIONS. No savings bank shall declare or pay a dividend on, or repurchase any of its capital stock, if the effect would cause the regulatory capital of the savings bank under s. 214.43, Stats., to be reduced below the amount required for its liquidation account.
(3) PREAPPROVAL OF CERTAIN REPURCHASES OF STOCK. A savings bank subject to sub. (1) may repurchase its capital stock if the repurchases do not reduce the savings bank's ratio of regulatory capital to assets below 6% under s. 214.43, Stats., and any of the following apply: