§ 28-1-7.1-9 — Application to department; required information and documents

Indiana § 28-1-7.1-9

• Jurisdiction: Indiana
• Art. 1: DEPARTMENT OF FINANCIAL INSTITUTIONS
• Ch. 7.1: Voluntary Supervisory Conversion

Text

The following information and documents
must be included in an application for a voluntary supervisory
conversion made to the department:
(1) Evidence establishing that the depository financial institution
with mutual ownership meets the eligibility requirements set forth
in this chapter.
(2) An opinion of qualified, independent counsel or of an
independent, certified public accountant concerning the tax
consequences of the conversion, or an IRS ruling indicating that
the transaction qualifies as a tax free reorganization.
(3) A plan of voluntary supervisory conversion that complies with
section 8 of this chapter.
(4) A business plan, when required by the department.
(5) The depository financial institution's most recent audited
financial statements and call report.
(6) A detailed explanation of how the current capital levels make
the depository financial institution eligible to engage in a
voluntary supervisory conversion under this chapter.
(7) A description of the estimated conversion expenses.
(8) Evidence supporting the value of any noncash asset
contributions. Appraisals must be acceptable to the department
and each noncash asset must meet all other department policy
guidelines.
(9) Pro forma financial statements that reflect the effects of the
transaction. The depository financial institution must identify its
tangible, core, and risk based capital levels and show the
adjustments necessary to compute the pro forma capital levels.
The depository financial institution must prepare its pro forma
statements in conformance with department regulations and
policy.
(10) The proposed articles of incorporation and bylaws, if any, of
the depository financial institution formed as a result of the
voluntary supervisory conversion.
(11) The proposed stock certificate form, if any, for the depository
financial institution formed as a result of the voluntary
supervisory conversion.
(12) A copy of any agreements between the depository financial
institution formed as a result of the voluntary supervisory
conversion and proposed purchasers.
(13) A copy and description of all existing and proposed
employment contracts. The depository financial institution formed
as a result of the voluntary supervisory conversion must include
information describing the term, salary, and severance provisions
of the contract, the identity and background of the officer or
employee to be employed, and the amount of any conversion
shares to be purchased by the officer or employee or his or her
affiliates (as defined in IC 28-1-18.2-1) or associates (as defined
in 12 CFR 563b.25).
(14) Any:
(A) required filings under federal law; or
(B) waivers of compliance with federal law obtained as a result
of conflicts with state law.
(15) Applications for permission to organize a stock association
and for approval of a merger, if applicable, and a copy of any
application for Federal Home Loan Bank membership or FDIC
insurance of accounts, if applicable.
(16) A statement describing any other applications required under
federal or state banking laws for all transactions related to the
conversion, copies of all dispositive documents issued by
regulatory authorities relating to the applications, and, if
requested by the department, copies of the applications and
related documents.
(17) A description of any of the features of the application that do
not conform to the requirements of this section, including any
request for waiver of such requirements.
(18) An opinion of counsel acceptable to the department as to the
legality of the voluntary supervisory conversion.
(19) Any other information or documents requested by the
director.

Legislative History

As added by P.L.89-2011, SEC.33. Amended by P.L.27-2012, SEC.42.