N.J. Admin. Code § 3:6-8.2

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

Section 3:6-8.2 - Application for conversion

(a) An application for a conversion from a savings bank to an association or bank shall contain the following:

1. A certified copy of the resolution of the board of directors authorizing the conversion;

2. A certified copy of the resolution adopted by the stockholders or members relating to the plan of conversion, containing the following information:

i. The total number of votes eligible to be cast;

ii. The total number of votes represented in person or by proxy at the special meeting;

iii. The total number of votes cast in favor and against each matter; and

iv. The percentage of votes cast in favor and against each matter.

3. A certificate of incorporation for the new association or bank;

4. Biographical information for each of the incorporators and/or directors on forms approved by the Commissioner;

5. A completed form from the New Jersey State Police requesting criminal history record information for each director and/or incorporator, along with a cashier's check, certified check or money order for the applicable amount, payable to the State Police, stapled to the front of each form;

6. A copy of the savings bank's most recent quarterly Consolidated Report of Condition indicating the savings bank's financial condition. This requirement shall be deemed satisfied if this information is accessible to the Department via the internet;

7. Financial projections for the converted association or bank for the next three years. Projections shall include a consolidated average balance sheet and a profit and loss statement at the end of each year. This financial information shall include projections of all relevant regulatory capital requirements and capital ratios as well as appropriate income ratios;

8. A business plan for three years; and

9. Copies of all applications for Federal regulatory approval and all approvals required in connection with the conversion, or, if no application or approval is required, a statement or opinion of counsel to that effect.

(b) The Commissioner may, in his or her discretion, waive any of the application requirements of (a) above based on any of the following:

1. The financial condition of the institution;

2. Whether the institution was recently chartered;

3. Whether the public would be served by considering the application in an expeditious manner;

4. Whether the conversion is one step in an integrated application; or

5. Any other factor which may affect the need for a review of any of the materials specified in (a) above.

N.J. Admin. Code § 3:6-8.2

Amended by R.1994 d.208, effective 5/2/1994.
See: 26 N.J.R. 286(a), 26 N.J.R. 1827(a).
Recodified from N.J.A.C. 3:6-8.3 and amended by R.2001 d.203, effective 6/18/2001.
See: 33 N.J.R. 926(a), 33 N.J.R. 2079(c).
In (b), rewrote the introductory paragraph, in 4 substituted "or" for "and", and rewrote 5. Former N.J.A.C. 3:6-8.2, Authorization for conversion, was recodified to N.J.A.C. 3:6-8.1.
Amended by R.2006 d.233, effective 6/19/2006.
See: 38 N.J.R. 5(a), 38 N.J.R. 2671(a).
Inserted "; and" in (a)8, substituted a period for "; and" in (a)9 and deleted (a)10.
Amended by R.2006 d.406, effective 12/4/2006.
See: 38 N.J.R. 2552(a), 38 N.J.R. 5008(a).
Rewrote (a)6; and in (a)7, inserted "and capital ratios".