Section DFI-SB 22.02 - Mutual holding company reorganizationA mutual savings bank may, upon application to and approval by the division, reorganize as a mutual holding company by:
(1) Organizing one or more subsidiary stock savings banks, the ownership of which shall be evidenced by shares of stock to be owned by the reorganizing parent savings bank and transferring a substantial portion of its assets and all of the insured deposits and part or all of its other liabilities to one or more subsidiary savings banks; or(2) Organizing a first tier subsidiary stock savings bank and causing that subsidiary to organize a second tier subsidiary stock savings bank and transferring, by merger of the reorganizing savings bank with the second tier subsidiary, a substantial portion of its assets, all of its insured deposits and part or all of its other liabilities to the resulting savings bank at which time the first tier subsidiary stock savings bank becomes a mutual holding company.(3) Organizing a mutual holding company with the division's approval under s. 214.095, Stats., which organizes a subsidiary stock savings bank and transfers, by merger of the reorganizing savings bank, a substantial portion of its assets and all of its insured deposits and part or all of its other liabilities to the resulting savings bank.Wis. Admin. Code Department of Financial Institutions DFI-SB 22.02
CR Register, February, 1994, No. 458, eff. 3-1-94.This section interprets or implements s. 214.095, Stats.