N.J. Admin. Code § 3:13-5.4

Current through Register Vol. 56, No. 23, December 2, 2024

Section 3:13-5.4 - Approval of application

(a) The Commission shall approve the application for a mutual savings bank holding company upon a finding of the following factors:

1. The establishment of a mutual savings bank holding company is in the best interests of the depositors of the mutual savings bank;

2. The qualifications, experience and character of the proposed officers and directors of the mutual savings bank holding company are sufficient to result in the successful operation of the mutual savings bank holding company;

3. The interests of the public will be served by the establishment of a mutual savings bank holding company;

4. The mutual savings bank holding company is adequately capitalized; and

5. The establishment of the mutual savings bank holding company meets the requirements of law.

(b) The Commissioner shall approve the charter application of a subsidiary capital stock savings bank filed with an application for a mutual savings bank holding company upon a finding of the following factors:

1. The qualifications, experience and character of the proposed officers and directors of the subsidiary capital stock savings bank are sufficient to result in the successful operation of the subsidiary capital stock savings bank;

2. The interests of the public will be served by the establishment of the subsidiary capital stock savings bank; and

3. The capital stock of the subsidiary capital stock savings bank is in accordance with the amount required for banks pursuant to 17:9A-4.

N.J. Admin. Code § 3:13-5.4