§ 13-4-109 — Conversion of national bank, federally chartered savings bank, out-of-state state bank or state savings and loan into state bank

Wyoming § 13-4-109

• Jurisdiction: Wyoming
• Title 13: Banks, Banking and Finance
• Ch. 4: REORGANIZATION OF BANKS
• Art. 1: MERGER, CONVERSION, CHANGE IN PLACE OF BUSINESS

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(a) A national bank, including a federally chartered
savings and loan and a federally chartered savings bank, located
in this state which follows the procedure prescribed by the laws
of the United States to convert into a state bank may be granted
a state charter by the state banking commissioner if the state
banking commissioner finds that adequate provision has been made
for successors to fiduciary positions held by the converting
bank, the national bank, federally chartered savings and loan or
federally chartered savings bank is legally in operation and
that the resulting bank complies with the laws of the state of
Wyoming. A state savings and loan chartered under chapter 6 of
this act may convert into a state chartered bank in accordance
with the provisions of this section. An out-of-state state bank
may convert into a state chartered bank if the commissioner
finds that adequate provision has been made for successors to
fiduciary positions held by the converting bank, the converting
bank is legally in operation and that the resulting bank
complies with the laws of the state of Wyoming. A state bank
resulting from the conversion of a national bank, federally
chartered savings and loan, federally chartered savings bank,
out-of-state state bank or state savings and loan pursuant to
this section may retain, operate and maintain the banking houses
or offices of the converting national bank, federally chartered
savings and loan, federally chartered savings bank, out-of-state
state bank or state savings and loan in accordance with W.S. 13-
2-806. As used in this section, "out-of-state state bank" means
as defined by W.S. 13-2-802(a)(xii).
(b) A financial institution seeking to convert under
subsection (a) of this section may apply for a charter by filing
with the state banking commissioner:
(i) A certificate signed by its president or vice
president, secretary or cashier, and a majority of the entire
board of directors setting forth the corporate action taken in
compliance with the provisions of the laws of the United States,
or this state as appropriate, supporting the proposed
conversion; and
(ii) The plan of conversion and the proposed articles
of incorporation approved by the stockholders for the operation
of the bank or savings and loan as a state bank.
(c) Before issuance of a charter notice of a conversion
with its effective date shall be published once each week for
three (3) successive weeks in a newspaper of general circulation
in the county in which the financial institution is located.
(d) An affidavit evidencing the publication with a copy of
the notice attached shall be filed with the state banking
commissioner. The charter shall issue to become effective upon
the effective date named in the notice.
(e) The articles of incorporation of the resulting state
bank shall be filed with the secretary of state and the county
clerk of the county by the resulting bank.
(f) The state banking commissioner shall collect from each
financial institution applying for a charter under this section
an amount sufficient to pay costs and expenses of processing the
application, including all investigation, examination and
hearing costs. The monies collected shall be remitted to the
state treasurer and credited to the financial institutions
administration account. Expenditures shall be made from the
account only by warrants drawn by the state auditor upon
vouchers issued and signed by the director or the commissioner.
Funds from the account shall be expended only to carry out the
duties of the commissioner or the state banking board.