Conversions From Mutual to Stock Form; Mutual Savings and Loan Holding Companies

Resumo

The Office of Thrift Supervision (OTS or Agency), is issuing a final rule to revise its regulations governing conversions from mutual- to-stock form and mutual savings and loan holding companies. On May 3, 1994, the OTS issued an interim final rule with request for comment and a proposed rule with request for comment. The interim final rule contained amendments to the OTS's mutual-to-stock conversion regulations (conversion regulations) designed to strengthen the standards governing conversions and to ensure the integrity of the conversion process. The proposed rule contained a new ``convenience and needs'' test to be added to the approval standards for conversion transactions. This final rule includes revisions made to the interim final rule that reflect OTS's consideration of the comments it received during the 45-day comment period following publication of the interim final rule. In addition, this final rule also addresses the comments received by the OTS during the 75-day comment period following publication of the proposed rule and adopts the proposed rule without modification. Finally, this final rule incorporates certain technical changes to the regulations governing mutual-