An overview of policy considerations and decision criteria that the regulator of national banks and federal thrifts considers when reviewing applications from thrifts to convert from mutual to stock form of ownership has been published by the agency, it said Monday.
The “Mutual to Stock Conversions” booklet of the Licensing Manual published by the Office of the Comptroller of the Currency (OCC), the agency said, incorporates provisions of a revised regulation (12 CFR 192) effective Aug. 13.
The agency said that, in addition to the overview for reviewing applications for conversions, the newly revised booklet:
- describes types of mutual to stock conversions including standard conversions, merger conversions, conversion mergers, and voluntary supervisory conversions;
- describes the applications process, including the prefiling process, filing and review of the application, the decision, and the post-consummation phase of the mutual-to-stock conversion;
- outlines requirements and procedures federal savings associations should follow when filing an application to convert from mutual to stock form of ownership; and
- lists references and links to informational resources and sample forms and documents that the agency said prospective filers may find helpful during the filing and conversion process.