N.J. Admin. Code § 3:4-1.7

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

Section 3:4-1.7 - Capital for interim conversion

(a) Notwithstanding any rule to the contrary, a depository institution with a ratio of Tier 1 capital to assets in excess of two percent shall be deemed to be adequately capitalized to qualify for a conversion to a bank, savings bank, capital stock savings bank, capital stock association or mutual association pursuant to 17:9A-17.1 et seq. or 17:16M-1 et seq., provided that:

1. The conversion is an interim step toward a merger or acquisition with another institution; and

2. After the merger or acquisition, the resulting depository institution will satisfy all capital maintenance requirements.

N.J. Admin. Code § 3:4-1.7

New Rule, R.1993 d.661, effective 12/20/1993.
See: 25 N.J.R. 4545(a), 25 N.J.R. 5917(c).
Amended by R.1997 d.380, effective 9/15/1997.
See: 29 N.J.R. 2589(a), 29 N.J.R. 4099(b).
Recodified from N.J.A.C. 3:4-1.6 by R.2008 d.69, effective 4/7/2008.
See: 39 N.J.R. 4983(a), 40 N.J.R. 1826(a).