Wisconsin Administrative Code
Department of Financial Institutions
DFI-SB 1-22 - Department of Financial Institutions-Savings Banks
Chapter DFI-SB 22 - Savings Bank Mutual Holding Companies
Section DFI-SB 22.01 - Definitions
Current through February 26, 2024
In this chapter:
(1) "Acquiree savings bank" means any savings bank other than a resulting savings bank that:
(2)
(3) "Affiliate" means a person that directly or indirectly through one or more intermediaries controls, is controlled by or is under common control with another person.
(4) "Associate", when indicating a relationship between persons, means:
(5)
(6)
(7) "Default" means any adjudication or other official determination of a court or other public authority pursuant to which a conservator, receiver or other legal custodian is appointed for a mutual holding company or savings bank subsidiary of a mutual holding company.
(8) "FDIC" means the federal deposit insurance corporation.
(9) "FRB" means the board of governors of the federal reserve system.
(10) "Member" means any depositor of a savings bank subsidiary of a mutual holding company that is entitled, under a statute or the articles of incorporation or bylaws of the mutual holding company, to vote on matters affecting the mutual holding company.
(11) "Mutual holding company" means a mutual savings bank holding company organized under s. 214.095, Stats., and this chapter which has control over any savings bank or any company that is or becomes a mutual holding company by virtue of this chapter.
(12) "OTS" means the federal office of thrift supervision.
(13) "Parent", when describing the relationship between 2 companies, means the company that controls the other company, either directly or indirectly, through one or more subsidiaries.
(14) "Person" means an individual or company.
(15) "Reorganization plan" means a plan to reorganize into the mutual holding company format which contains the information required by s. DFI-SB 22.06.
(16) "Reorganizing savings bank" means a mutual savings bank that proposes to reorganize into a mutual holding company under this chapter.
(17) "Resulting savings bank" means a stock savings bank that is organized as a subsidiary of a reorganizing savings bank to receive a substantial part of the assets and liabilities, including all deposit accounts, of the reorganizing savings bank upon consummation of the reorganization.
(18) "Savings association" means a savings association as defined in 12 USC 1813(3) (b) (1) the deposits of which are insured by the FDIC and includes a federal savings association, federal savings bank and a building and loan or savings and loan association organized and operating under the laws of the state in which it is organized.
(19) "Stock" means the units into which the proprietary interests of a savings bank are divided including common or preferred stock, any other type of equity security, as well as warrants or options to acquire common or preferred stock, and other securities that are convertible into common or preferred stock.
(20) "Stock benefit plan" means any defined benefit plan or defined contribution plan and includes an employee stock ownership plan, stock bonus plan, profit-sharing plan or other plan of a mutual holding company or any of its subsidiaries or affiliates, whether or not the plan with its related trust, meets the qualifying requirements under section 401 of the internal revenue code.
(21) "Stock issuance plan" means a plan submitted under s. DFI-SB 22.07 providing for the issuance of stock by a savings bank subsidiary of a mutual holding company.
(22) "Subsidiary" means a company controlled either directly or indirectly by another company.
This section interprets or implements s. 214.095, Stats.