reglab/statecodes huggingface dataset:
2023 Wisconsin Statutes & Annotations › Chapter 214 - Savings banks. › 214.035 - Use of name.

214.035
Use of name.
(1)
An institution organized under this chapter shall be known as a state savings bank and shall adopt a name that identifies it as such and that includes the term “savings". The division shall approve the name of a savings bank.
(2)
Notwithstanding sub. (1), an association, as defined in s. 215.01 (1), that converts to a savings bank may use a name that does not include the term “savings" in its name if that name was approved for use by the association by the division under ch. 215 before February 12, 1992, and that name is approved by the division under this subsection as appropriate to identify the converted association as a savings bank.
(3)
Notwithstanding sub. (1), a federally chartered financial institution that converts to a savings bank may use a name that does not include the term “savings" in its name if the financial institution did not use the term “savings" in its name on May 7, 1992, and its name is approved by the division as appropriate to identify the converted institution as a savings bank.
(4)
(a)
Except as provided in par. (c), no person may use the name, logo, or symbol, or any combination thereof, of a savings bank, or any name, logo, or symbol, or any combination thereof, that is deceptively similar to the name, logo, or symbol of a savings bank, in any marketing material provided to or solicitation of another person in a manner such that a reasonable person may believe that the marketing material or solicitation originated from or is endorsed by the savings bank or that the savings bank is responsible for the marketing material or solicitation.
(b)
The division shall direct any person the division finds to have violated par. (a) to cease and desist from violating par. (a). If a person violates par. (a) after receiving such direction, the division may impose a forfeiture of up to $1,000 for each violation. Each instance in which marketing material is provided to another person or solicitation of another person takes place in violation of par. (a) constitutes a separate violation. This subsection does not affect the availability of any remedies otherwise available to a savings bank.
(c)
Paragraph (a) does not apply to a person who uses the name, logo, or symbol of a savings bank in any of the following circumstances:
1.
With the consent of the savings bank.
2.
If the person is the savings bank, an affiliate of the savings bank, or an agent of the savings bank.
History:  1991 a. 221; 1995 a. 27, 367; 2003 a. 262.
2023 Wisconsin Statutes & Annotations › Chapter 214 - Savings banks. › 214.045 - Status as internal revenue service qualified thrift lender.

214.045
Status as internal revenue service qualified thrift lender.
A savings bank shall qualify for and maintain either the 60 percent asset test of section 7701 (a) (19) of the internal revenue code, or an asset test prescribed by rule of the division that is not less than the percentage prescribed by section 7701 (a) (19) of the internal revenue code.
History:  1991 a. 221; 1995 a. 27.
2023 Wisconsin Statutes & Annotations › Chapter 214 - Savings banks. › 214.06 - Branch offices.

214.06
Branch offices.
(1)
With the prior written approval of the division, a savings bank may establish one or more branch offices. A branch office may be located in any of the following:
(a)
This state.
(b)
The geographic area, subject to subch. III.
(2)
A savings bank may operate a branch office outside this state to the same extent that a savings bank holding company or savings bank that has its principal place of business outside this state is allowed to operate in this state under subch. III.
(3)
A savings bank may establish a branch office as the result of a merger or consolidation, or of the bulk sales of facilities in the case of a relocation.
(4)
A savings bank that purchases or assumes all or any part of the assets or liabilities of another financial institution may retain and maintain the home office or branch offices purchased from that financial institution, as branch offices of the acquiring savings bank.
History:  1991 a. 221; 1995 a. 27.
2023 Wisconsin Statutes & Annotations › Chapter 214 - Savings banks. › 214.08 - Registration.

214.08
Registration.
A savings bank holding company and each subsidiary of a savings bank holding company shall register with the division within 180 days after May 7, 1992, or within 90 days after becoming a savings bank holding company or subsidiary, whichever is later. A savings bank holding company and each subsidiary of a savings bank holding company shall register on forms prescribed by the division. A registration form shall include information with respect to the financial condition, ownership, management, and intercompany relations of the holding company and its subsidiaries and such related matters as the division considers necessary.
History:  1991 a. 221; 1995 a. 27.
2023 Wisconsin Statutes & Annotations › Chapter 214 - Savings banks. › 214.085 - Reporting requirements.

214.085
Reporting requirements.
(1)
A savings bank holding company and each subsidiary of a savings bank holding company shall do all of the following:
(a)
File with the division reports as required by the division. A report shall be on a form prescribed by the division and may require whatever information the division considers to be necessary concerning the operations of each savings bank holding company and subsidiary.
(b)
Maintain such books and records as may be prescribed by the division.
(c)
Be subject to examination by the division.
(2)
The division shall assess a savings bank holding company fees and charges as necessary to cover the cost of the division's examination and supervision under this chapter. The division may promulgate rules to establish fees and payment schedules to support registration, examination and supervision under this chapter.
History:  1991 a. 221; 1995 a. 27.
2023 Wisconsin Statutes & Annotations › Chapter 214 - Savings banks. › 214.09 - Acquisitions.

214.09
Acquisitions.
Subject to rules of the division, a savings bank holding company may acquire control of a savings bank or of a savings bank holding company upon application to and with the prior written approval of the division. The application shall be in a form prescribed by the division. The division shall approve the application if the division determines that the acquisition is consistent with the interest of maintaining a sound financial system and that the proposed acquisition does not afford a basis for supervisory objection.
History:  1991 a. 221; 1995 a. 27.
2023 Wisconsin Statutes & Annotations › Chapter 214 - Savings banks. › 214.095 - Reorganization as a holding company.

214.095
Reorganization as a holding company.
(1)
A savings bank may reorganize as a savings bank holding company by doing all of the following:
(a)
Organizing one or more subsidiary savings banks, the ownership of which shall be evidenced by stock shares, to be owned by the organizing parent savings bank.
(b)
Transferring a substantial portion of its assets and all of its insured deposits and part or all of its other liabilities to one or more subsidiary savings banks.
(c)
Preparing articles of incorporation and bylaws for the savings bank holding company.
(2)
In order to effect a reorganization under sub. (1), the board of directors of the original savings bank shall approve a plan providing for the reorganization. The plan shall be submitted for approval by a majority of all votes entitled to be cast by members or stockholders of the savings bank at a meeting held in accordance with the savings bank's articles of incorporation and bylaws.
(3)
The division shall promulgate rules to regulate the formation of and the ongoing business of the subsidiaries and the savings bank holding company, including the rights of members or stockholders, levels of investment in holding company subsidiaries, and stock sales.
History:  1991 a. 221; 1995 a. 27, 103.
2023 Wisconsin Statutes & Annotations › Chapter 214 - Savings banks. › 214.15 - Definitions.

214.15
Definitions.
In this subchapter:
(1)
“In-state institution" means a savings bank or savings and loan association organized under the laws of this state or federal law and having its home office in this state.
(2)
“In-state holding company" means a savings and loan holding company, as defined in s. 215.01 (24m), or savings bank holding company that has its principal place of business in this state and is not owned or controlled by a company having its principal place of business outside of this state.
(3)
“Regional institution" means a foreign savings bank, foreign association, federal savings and loan association or federal savings bank that has its accounts insured by a deposit insurance corporation, and which has its home office located in the geographic area and that, if owned or controlled by a company, is owned or controlled by a regional holding company or by an in-state holding company.
(4)
“Regional holding company" means a savings and loan holding company or savings bank holding company that has its principal place of business in the geographic area and is not owned or controlled by a company having its principal place of business outside of the geographic area.
History:  1991 a. 221.
2023 Wisconsin Statutes & Annotations › Chapter 214 - Savings banks. › 214.155 - In-state institutions.

214.155
In-state institutions.
(1)
A savings bank may do any of the following:
(a)
Acquire direct or indirect ownership or control of voting shares of one or more regional institutions or acquire an interest in, or some or all of the assets and liabilities of, one or more regional institutions.
(b)
Merge with one or more regional institutions.
(2)
A savings bank proposing any action under sub. (1) shall file an application with the division for approval of the transaction and shall provide the division with copies of all applications and materials filed with a federal agency or agency of another state in seeking approval of the transaction.
History:  1991 a. 221; 1995 a. 27.
2023 Wisconsin Statutes & Annotations › Chapter 214 - Savings banks. › 214.16 - In-state holding companies.

214.16
In-state holding companies.
(1)
An in-state savings bank holding company may do any of the following:
(a)
Acquire direct or indirect ownership or control of voting shares of one or more regional institutions or regional holding companies or acquire an interest in, or some or all of the assets of, one or more regional institutions or regional holding companies.
(b)
Merge with one or more regional holding companies.
(2)
An in-state savings bank holding company proposing any action under sub. (1) shall file an application with the division for approval of the transaction and shall provide the division with copies of all applications and materials filed with a federal agency or agency of another state in seeking approval of the transaction.
History:  1991 a. 221; 1995 a. 27.
2023 Wisconsin Statutes & Annotations › Chapter 214 - Savings banks. › 214.165 - Regional institutions and regional holding companies.

214.165
Regional institutions and regional holding companies.
Except as provided in s. 214.17, a regional institution or regional holding company may do any of the following:
(1)
Acquire direct or indirect ownership or control of voting shares of one or more savings banks or in-state savings bank holding companies or acquire an interest in, or some or all of the assets and liabilities of, one or more savings banks or in-state savings bank holding companies.
(2)
Merge with one or more in-state savings bank holding companies.
History:  1991 a. 221.
2023 Wisconsin Statutes & Annotations › Chapter 214 - Savings banks. › 214.17 - Limitations.

214.17
Limitations.
A regional institution or regional holding company may not take any action under s. 214.165 until all of the following conditions have been met:
(1)
The division finds that the statutes of the state in which the regional institution or regional holding company has its principal place of business permit all of the following:
(a)
Wisconsin savings banks to acquire one or more regional institutions in the state.
(b)
In-state savings bank holding companies both to acquire one or more regional institutions and to acquire and merge with one or more regional holding companies in the state.
(2)
The division has not disapproved the acquisition of the savings bank or the acquisition or merger with the in-state savings bank holding company under s. 214.18.
(3)
The division publishes under ch. 985 a class 3 notice, in the official state newspaper, of the application to take an action under s. 214.165 and of the opportunity for a hearing and, if at least 25 residents of this state petition for a hearing within 30 days of the final notice or if the division on the division's own motion calls for a hearing within 30 days of the final notice, the division holds a public hearing on the application, except that a hearing is not required if the division finds that an emergency exists and that the proposed action under s. 214.165 is necessary and appropriate to prevent the probable failure of an in-state savings bank that is closed or in danger of closing.
(4)
The division is provided a copy of any application seeking approval by a federal agency of the acquisition of an in-state savings bank or acquisition of or merger with an in-state savings bank holding company and of any supplemental material or amendments filed with the application.
(5)
The applicant has paid the division a fee of $1,000 together with the actual costs incurred by the division in holding any hearing on the application.
(6)
If an acquired savings bank is organized on or after May 7, 1992, the savings bank has been in existence for at least 5 years before the date of its acquisition.
History:  1991 a. 221; 1995 a. 27.
2023 Wisconsin Statutes & Annotations › Chapter 214 - Savings banks. › 214.175 - Condition on acquisition.

214.175
Condition on acquisition.
If a regional holding company acquires an in-state savings bank holding company that owns one or more in-state savings banks organized on or after May 7, 1992, and that have been in existence for less than 5 years, the regional holding company shall divest itself of those in-state savings banks within 2 years after the date of acquisition of the in-state savings bank holding company by the regional holding company.
History:  1991 a. 221.
2023 Wisconsin Statutes & Annotations › Chapter 214 - Savings banks. › 214.18 - Standards for disapproval.

214.18
Standards for disapproval.
The division may disapprove any action under s. 214.165 if the division finds any of the following:
(1)
Considering the financial and managerial resources and future prospects of the applicant and of the in-state savings bank or in-state savings bank holding company concerned, the action would be contrary to the best interests of the stockholders or customers of the in-state savings bank or in-state savings bank holding company.
(2)
The action would be detrimental to the safety and soundness of the applicant or of the in-state savings bank or in-state savings bank holding company concerned, or to a subsidiary or affiliate of the applicant or of the in-state savings bank or in-state savings bank holding company.
(3)
Because the applicant, its executive officers, directors or principal stockholders have not established a record of sound performance, efficient management, financial responsibility and integrity, the action would be contrary to the best interest of the depositors, customers, creditors or stockholders of the applicant or of the in-state savings bank or in-state savings bank holding company or contrary to the best interests of the public.
(4)
The applicant has failed to provide adequate and appropriate services required by the community reinvestment act of 1977, 12 USC 2901 to 2906, to the communities in which the applicant is located.
(5)
The applicant has failed to propose to provide adequate and appropriate services required by the community reinvestment act of 1977, 12 USC 2901 to 2906, in the community in which the in-state savings bank which the applicant proposes to acquire or in-state savings bank holding company which the applicant proposes to acquire or merge with is located.
(6)
The applicant has failed to enter into an agreement prepared by the division to comply with laws and rules of this state regulating consumer credit finance charges and of the charges and related disclosure requirements, except to the extent preempted by federal law or regulation.
(7)
Any condition under s. 214.17 (1), (3), (4), (5) or (6) has not been met.
(8)
The applicant fails to meet any other standard established by rule of the division.
History:  1991 a. 221; 1995 a. 27.
2023 Wisconsin Statutes & Annotations › Chapter 214 - Savings banks. › 214.185 - Exceptions.

214.185
Exceptions.
(1)
This subchapter does not prohibit a regional institution or regional holding company from acquiring up to 5 percent of the voting shares of one or more in-state savings banks or savings bank holding companies.
(2)
This subchapter does not prohibit an in-state savings bank or savings bank holding company from acquiring up to 5 percent of the voting shares of one or more regional savings banks or savings bank holding companies.
History:  1991 a. 221.
2023 Wisconsin Statutes & Annotations › Chapter 214 - Savings banks. › 214.195 - Subchapter severability.

214.195
Subchapter
severability.
(1)
Except as provided in sub. (2), if any part of ss. 214.15 to 214.18 is held to be unconstitutional, then all of ss. 214.15 to 214.18 shall be invalid.
(2)
If any part of ss. 214.15 to 214.18 is held to be unconstitutional with respect to a savings bank holding company, ss. 214.15 to 214.18 shall remain in effect with respect to in-state savings banks and regional institutions.
History:  1991 a. 221.
2023 Wisconsin Statutes & Annotations › Chapter 214 - Savings banks. › 214.20 - Divestiture.

214.20
Divestiture.
A savings bank holding company that ceases to be an in-state savings bank holding company or regional holding company shall immediately notify the division of the change in its status and shall, as soon as practical and no later than 2 years after the event causing it to no longer be one of these entities, divest itself of control of all in-state savings banks and in-state savings bank holding companies. A savings bank holding company that fails to immediately notify the division shall be subject to a forfeiture of $500 per day, beginning on the day its status changes and ending on the day the division receives notification.
History:  1991 a. 221; 1995 a. 27.
2023 Wisconsin Statutes & Annotations › Chapter 214 - Savings banks. › 214.24 - Application for permission to organize.

214.24
Application for permission to organize.
(1)
An adult resident of this state may, with the approval of the division, organize a savings bank.
(2)
For stock savings banks, the division shall determine the minimum required capital which shall be at least the minimum required to obtain insurance of accounts from a deposit insurance corporation and may include additional amounts as the division may require, based on rules promulgated by the division.
(3)
For mutual savings banks, the division shall determine the aggregate minimum amount of funds to be paid into the savings bank's deposit accounts by persons subscribing for deposit accounts and the length of time for which the incorporators shall guarantee payment of savings bank operating expenses. The minimum amount of capital required shall be at least the minimum required to obtain insurance of the accounts from a deposit insurance corporation and may include additional amounts as the division may require, based on rules promulgated by the division.
(4)
An incorporator shall submit a nonrefundable $1,000 application fee with an application.
History:  1991 a. 221; 1995 a. 27.
2023 Wisconsin Statutes & Annotations › Chapter 214 - Savings banks. › 214.245 - Content of application to organize.

214.245
Content of application to organize.
The incorporators shall file an application for a certificate to organize a savings bank on forms prescribed by the division. The application shall include any information the division considers necessary but shall include at least all of the following:
(1)
The name, address, social security number, date of birth, place of birth, business address, home address and occupation of each incorporator.
(3)
The name of the proposed savings bank.
(4)
The address of the home office and branch offices, if known, of the proposed savings bank. The application shall include information about any real estate interests of an incorporator if that real estate may be involved with any of these locations.
(5)
The anticipated duration of the proposed savings bank, which may be perpetual.
(6)
An audited financial statement of each incorporator.
(7)
The proposed articles of incorporation and bylaws.
(8)
The number of shares of capital stock; the number of shares and classes of preferred stock, if any; the number of shares to be sold; and the per share initial offering price of each share.
(9)
The total amount and number of the initial deposit accounts.
(10)
The names and addresses of the initial directors.
History:  1991 a. 221; 1995 a. 27.
2023 Wisconsin Statutes & Annotations › Chapter 214 - Savings banks. › 214.25 - Articles of incorporation.

214.25
Articles of incorporation.
(1)
The division shall approve the articles of incorporation of a savings bank.
(2)
Duplicate originals of the articles of incorporation executed by the incorporators, and any subsequent amendments to the articles that are adopted by the members or stockholders of the savings bank shall be filed with and approved by the division.
(3)
Upon their approval by the division, articles of incorporation and amendments to the articles shall be recorded in the office of the register of deeds in the county in which the home office of the savings bank is located.
(4)
Amendments to the articles of incorporation may be made at any annual or special meeting of the members or stockholders called for that purpose, provided that a statement of the nature of the proposed amendment is included in the notice of meeting. The proposed amendment shall be adopted if it receives the affirmative vote of a majority of all votes entitled to be cast.
(5)
The effective date of the articles of incorporation and amendments to the articles shall be the date of recording in the office of the register of deeds or a later date if the document provides for a different date. The register of deeds shall forward a certificate of recording to the division.
History:  1991 a. 221; 1995 a. 27.
2023 Wisconsin Statutes & Annotations › Chapter 214 - Savings banks. › 214.255 - Bylaws.

214.255
Bylaws.
(1)
The division shall approve the bylaws of a savings bank.
(2)
Duplicate originals of the bylaws and any subsequent amendments to the bylaws shall be filed with and approved by the division.
(3)
The effective date of the bylaws and amendments to the bylaws shall be the date on which they are approved by the division or a later date if the document provides for a different date.
(4)
A savings bank shall furnish a copy of its bylaws to any member or stockholder upon request.
(5)
The bylaws of the savings bank may be amended as prescribed in the bylaws.
History:  1991 a. 221; 1995 a. 27.
2023 Wisconsin Statutes & Annotations › Chapter 214 - Savings banks. › 214.265 - Temporary organization and capital subscriptions.

214.265
Temporary organization and capital subscriptions.
(1)
(a)
If the division approves an application to organize, the division shall issue to the incorporators a certificate of authority to effect a temporary organization.
(b)
Under a temporary organization, the incorporators shall do all of the following:
1.
Elect directors and a chairperson, secretary and treasurer.
2.
Conduct meetings.
3.
If a stock savings bank open subscription books for the sale of stock.
4.
Open subscription books for deposit accounts.
(2)
During the temporary organization, incorporators of a savings bank may exercise such other powers as are conferred upon the incorporators of other corporations, if those powers are not in conflict with this chapter.
(3)
The incorporators of a savings bank shall obtain a surety bond in a suitable amount that covers the treasurer and other officers who may handle funds of the temporary organization.
(4)
If a stock savings bank, the officers and directors shall secure subscriptions for capital in the form of pledges to purchase stock.
(5)
The directors shall prepare articles of incorporation, bylaws, and other documents and items as required by rule of the division.
(6)
The directors shall apply for insurance of accounts with a deposit insurance corporation and provide the division with a copy of each filing and additional documents filed or received in connection with the filing.
(7)
The officers and directors may take any other actions necessary to complete organization.
(8)
If a stock savings bank, the officers and directors shall furnish the division with the names and addresses of all investors who subscribe to purchase stock.
(9)
No business, other than that of completing the organization of the proposed savings bank, may be transacted until the division issues certificate of incorporation.
(10)
A temporary certificate of authority issued under sub. (1) (a) shall be effective for 180 days after the date issued. The division may, for cause, extend the effective period of the certificate for such time as the division considers to be advisable.
History:  1991 a. 221; 1995 a. 27.
2023 Wisconsin Statutes & Annotations › Chapter 214 - Savings banks. › 214.27 - Completion of organization.

214.27
Completion of organization.
(1)
In addition to the organization requirements of this subchapter, the division may require additional assurances, information, capital or agreements from the officers, directors or employees of the savings bank. If the requirements of this subchapter, rules promulgated under this subchapter, federal law and the division's requests are completed, the incorporators shall provide the division with a certificate of compliance in a form prescribed by the division, together with a $500 fee.
(2)
Within 90 days after receipt of the certificate of compliance and receipt of all required fees, the division shall issue a certificate of incorporation authorizing the savings bank to commence business. The certificate of incorporation shall specify the date of the corporate existence of the savings bank.
(3)
The division shall terminate the corporate existence and void the articles of incorporation and certificate of incorporation of a savings bank if the savings bank fails to commence business within 6 months after the date on the certificate of incorporation. The division may, in writing, extend the time period to commence business for such time as the division considers to be advisable.
History:  1991 a. 221; 1995 a. 27.
2023 Wisconsin Statutes & Annotations › Chapter 214 - Savings banks. › 214.30 - Membership.

214.30
Membership.
(1)
(a)
A holder of a deposit account issued by a mutual savings bank shall be a member of the mutual savings bank. Joint ownership of an account constitutes one membership.
(b)
A member has the right to share in the net profit of a mutual savings bank, after payment of creditors, if the savings bank liquidates. This right does not permit a member to claim a share of net profits absent a liquidation and does not permit a member to seek liquidation except in any manner permitted by the mutual savings bank's articles of incorporation or bylaws.
(2)
An owner of stock in a stock savings bank shall be an owner of the stock savings bank. Joint ownership of stock constitutes one ownership.
History:  1991 a. 221; 1995 a. 103.
2023 Wisconsin Statutes & Annotations › Chapter 214 - Savings banks. › 214.305 - Annual and special meetings.

214.305
Annual and special meetings.
The date of the annual meeting of members or stockholders shall be specified in the bylaws. Failure to hold an annual meeting may not cause a dissolution of the savings bank. Special meetings may be called by the board of directors, by stockholders of not less than 20 percent of the outstanding stock, by members constituting not less than 20 percent of the eligible votes or by any other person designated in the bylaws. The division may call a special meeting with not less than 7 days' written or oral notice. An annual or special meeting shall be held at the home office of the savings bank or at another place within a county in which the savings bank maintains an office if specifically designated in the notice of the meeting.
History:  1991 a. 221; 1995 a. 27, 103.
2023 Wisconsin Statutes & Annotations › Chapter 214 - Savings banks. › 214.31 - Notice of meetings.

214.31
Notice of meetings.
(1)
Notice of an annual meeting shall be provided not fewer than 10 days nor more than 40 days before the date of the meeting in the manner provided in the bylaws. The notice shall be displayed at each office of the savings bank in a manner prescribed by rule of the division. The notice shall state the time, place and purpose of the meeting.
(2)
For a special meeting or for an annual meeting that is to consider any proposition that requires an affirmative vote of two-thirds of the members or stockholders, the notice shall be provided to each member or stockholder by mail, postmarked between 10 and 40 days before the date of the meeting, and shall be displayed at each of the savings bank's offices as if for an annual meeting, beginning on the date notice is given. The notice shall state the time, place and purpose of the meeting.
History:  1991 a. 221; 1995 a. 27.
2023 Wisconsin Statutes & Annotations › Chapter 214 - Savings banks. › 214.315 - Quorum for annual or special meetings.

214.315
Quorum for annual or special meetings.
The articles of incorporation may specify a quorum requirement, but that requirement may not be less than one-third of the total number of votes entitled to vote at a meeting. A meeting, including one at which a quorum is not present, may be adjourned to a specified date without future notice.
History:  1991 a. 221.
2023 Wisconsin Statutes & Annotations › Chapter 214 - Savings banks. › 214.32 - Voting.

214.32
Voting.
(1)
A member or stockholder may vote at a meeting in person or by proxy.
(2)
To determine who is entitled to vote and the number of outstanding shares, the following rules apply:
(a)
The date of determination shall be the record date for voting under s. 214.325.
(b)
A person holding one or more deposit accounts in a mutual savings bank shall have one vote for each $100 of the aggregate withdrawal value of the deposit accounts and one vote for any fraction of $100.
(c)
A stockholder shall have one vote for each share held.
(d)
Stock owned by the savings bank may not be counted or voted.
(e)
A stock savings bank shall state in its articles of incorporation that voting rights shall be vested exclusively in stockholders.
History:  1991 a. 221.
2023 Wisconsin Statutes & Annotations › Chapter 214 - Savings banks. › 214.325 - Record date for voting and other purposes.

214.325
Record date for voting and other purposes.
(1)
To determine the stockholders or members entitled to notice of or to vote at any meeting or in order to make a determination of members, stockholders, or other persons for any other purpose, the bylaws may provide for a record date, not fewer than 10 days nor more than 60 days before the meeting or other event or transaction with regard to which the determination is to be made. The determination shall be made as of the close of business on the record date.
(2)
If the bylaws do not provide for a record date, the board of directors may fix a record date for each determination to be made within the time limits under sub. (1). If the board of directors fails to fix a record date, the record date for a meeting shall be the date on which the first notice of meeting is given.
(3)
Stock sold or deposit accounts withdrawn after the record date may not be voted or counted in determining the number of shares outstanding.
History:  1991 a. 221.
2023 Wisconsin Statutes & Annotations › Chapter 214 - Savings banks. › 214.33 - Proxies.

214.33
Proxies.
(1)
A proxy may be executed in writing by a member or stockholder or by the member's or stockholder's authorized representative.
(2)
A proxy is not valid in any of the following circumstances:
(a)
Eleven months after the date of its execution, unless otherwise provided in the proxy.
(b)
Unless executed in an instrument separate from other forms or documents relating to the member's deposit accounts.
(c)
For any meeting at which the member or stockholder who gave a proxy is present, provided that before the taking of any vote, notice of the member's or stockholder's attendance and intention to vote at the meeting is given by that person to an official whom the savings bank shall identify at the meeting as having responsibility for maintaining a record of attendance.
History:  1991 a. 221; 1995 a. 103.
2023 Wisconsin Statutes & Annotations › Chapter 214 - Savings banks. › 214.335 - Directors.

214.335
Directors.
The business and affairs of the savings bank shall be exercised by its board of directors. The board of directors may consist of the number of directors fixed by the bylaws, but may not be fewer than 5. At least two-thirds of the directors shall be residents of this state. A director shall have a fiduciary relationship with the savings bank.
History:  1991 a. 221.
2023 Wisconsin Statutes & Annotations › Chapter 214 - Savings banks. › 214.34 - Bonds of officers and directors.

214.34
Bonds of officers and directors.
(1)
Every person appointed or elected to any position requiring the receipt, payment, management or use of savings bank money, or whose duties permit or require access to or custody of savings bank money or securities, or whose duties permit the regular making of entries in the books or other records of the savings bank, shall be bonded by a trust or company authorized to issue bonds in this state or by a fidelity insurance company licensed to do business in this state. A bond shall be in a form prescribed by the division and in an amount fixed by the board of directors. A bond shall be payable to the savings bank to indemnify the savings bank for any loss the savings bank may sustain through any dishonest or criminal act or omission by the bonded person, whether committed alone or in concert with others. A bond shall provide that cancellation of the bond by the surety or by the insured is not effective before 30 days' written notice is given to the division, unless the division approves an earlier cancellation.
(2)
Notwithstanding sub. (1), the division may proceed against a savings bank if the division believes that the business of the savings bank is being conducted in an unsafe or unsound manner or that the form or amount of bonds approved by the board of directors is inadequate to give reasonable protection to the savings bank.
History:  1991 a. 221; 1995 a. 27.
2023 Wisconsin Statutes & Annotations › Chapter 214 - Savings banks. › 214.342 - Officers.

214.342
Officers.
The officers of a savings bank shall be elected by the board of directors in accordance with the bylaws. The officers shall consist of a president, one or more vice-president, a secretary, a treasurer and any other officer the board designates by resolution. Officers shall have the duties and functions described in the articles of incorporation and bylaws and shall perform other duties that are designated by the board of directors.
History:  1991 a. 221.
2023 Wisconsin Statutes & Annotations › Chapter 214 - Savings banks. › 214.375 - Closing books.

214.375
Closing books.
A savings bank shall close its books at least once annually and at such other times as the division may require. The date of the annual closing may be March 31, June 30, September 30 or December 31 or as otherwise provided by rule of the division.
History:  1991 a. 221; 1995 a. 27.
2023 Wisconsin Statutes & Annotations › Chapter 214 - Savings banks. › 214.40 - Minimum capital.

214.40
Minimum capital.
(1)
A savings bank may be organized to exercise the powers conferred by this chapter with minimum capital, surplus and reserves for operating expenses as determined by the division. The division may not establish requirements for savings banks at a level less than that required for insurance of accounts. For a savings bank other than one resulting from the conversion from an existing financial institution, the division may establish capital requirements at least as stringent as those required under s. 214.43 (1).
(2)
A stock savings bank may not commence business until it has a paid-in surplus equal to 20 percent of its capital. The division may waive this requirement for a financial institution that converts to a savings bank.
(3)
A stock financial institution seeking to convert to a savings bank under s. 214.66 (1m) shall, before declaring a dividend on its capital stock, transfer not less than 50 percent of its net profits of the preceding half year to its paid-in surplus until it has paid-in surplus equal to 20 percent of capital stock.
History:  1991 a. 221; 1995 a. 27; 2011 a. 32.
2023 Wisconsin Statutes & Annotations › Chapter 214 - Savings banks. › 214.405 - Evidence of capital.

214.405
Evidence of capital.
(1)
The capital of a stock savings bank shall be evidenced by stock and noncumulative perpetual preferred stock as authorized by the articles of incorporation.
(2)
Stock is personal property and may be transferred as provided in this chapter and the bylaws of the savings bank.
History:  1991 a. 221.
2023 Wisconsin Statutes & Annotations › Chapter 214 - Savings banks. › 214.41 - Capital stock; nature.

214.41
Capital stock; nature.
Capital stock shall constitute a secondary reserve out of which losses shall be paid after all other available reserves have been exhausted. The shares shall be nonwithdrawable, except as provided in s. 214.42, until all liabilities of the savings bank have been satisfied in full, including payment of the withdrawal value of all deposit accounts.
History:  1991 a. 221.
2023 Wisconsin Statutes & Annotations › Chapter 214 - Savings banks. › 214.42 - Retirement or reduction of capital stock.

214.42
Retirement or reduction of capital stock.
(1)
The board of directors of a stock savings bank may propose an amendment to the articles of incorporation providing for the retirement of all of the capital stock and a detailed plan for effectuating the amendment. The resulting capital of the savings bank may not be less than the minimum initial capital that is required to organize a savings bank. The proposal shall be subject to the division's approval.
(2)
If the division approves the proposal, the savings bank's board of directors may request in writing an appraisal of the value of the capital stock. The division shall order an appraisal to be made at the expense of the savings bank.
(3)
The proposal shall be submitted to the stockholders at an annual or special meeting. It shall be adopted if it receives the affirmative vote of the holders of two-thirds or more of the outstanding shares of stock. The proposal takes effect upon completion of the procedure under s. 214.25 for the amendment of articles of incorporation.
(4)
A savings bank may amend its articles of incorporation in accordance with the procedure under s. 214.25 to reduce its capital stock, but may not reduce its capital stock to an amount less than the minimum initial capital stock required to organize a savings bank.
History:  1991 a. 221; 1995 a. 27.
2023 Wisconsin Statutes & Annotations › Chapter 214 - Savings banks. › 214.43 - Capital maintenance.

214.43
Capital maintenance.
(1)
A savings bank shall maintain total capital of not less than 6 percent of total assets. This is the minimum capital level acceptable for a savings bank that is well-managed and whose overall financial condition is fundamentally sound. If the division determines that the financial condition or history, management or earnings prospects of a savings bank are not adequate, the division may require a higher minimum capital level for the savings bank.
(2)
A savings bank shall maintain total capital necessary to ensure the continuation of insurance of its deposit accounts by a deposit insurance corporation.
(3)
The board of directors may establish and maintain specific reserves, as it considers to be advisable, to provide for losses or liabilities. Losses may be charged to those reserves as the board of directors may determine.
History:  1991 a. 221; 1995 a. 27.
2023 Wisconsin Statutes & Annotations › Chapter 214 - Savings banks. › 214.435 - Dividends.

214.435
Dividends.
(1)
Subject to the restrictions in this section and the savings bank's bylaws, the board of directors from time to time may declare dividends on stock.
(2)
The board of directors may not declare dividends if the total capital of the savings bank is less than that required under s. 214.43.
(3)
The board of directors may quarterly, semiannually or annually declare a dividend on capital stock of so much of the net profits of the savings bank that the board determines to be expedient, except that until the paid-in surplus of the savings bank equals its capital stock, a dividend may not be declared unless there has been transferred to paid-in surplus not less than 10 percent of the net profits of the preceding half year in the case of quarterly or semiannual dividends, or not less than 10 percent of the net profits for the preceding year in the case of annual dividends. A stock dividend may be declared out of retained earnings with the written approval of the division.
(4)
The written approval of the division is required before any dividends on stock that exceed 50 percent of the savings bank's net profits of that year may be declared in any calendar year.
History:  1991 a. 221; 1995 a. 27.
2023 Wisconsin Statutes & Annotations › Chapter 214 - Savings banks. › 214.44 - Loans or discounts on capital stock.

214.44
Loans or discounts on capital stock.
A savings bank may not make a loan or discount on the security of or be the purchaser or holder of the shares of its own stock or preferred stock or on the security of its own debentures or evidences of its debt that are convertible to stock or are junior or subordinate in rights of payment to deposits or other liabilities of the savings bank, unless the security or purchase is necessary to prevent a loss on a debt previously contracted in good faith; and the stock or evidence of indebtedness acquired or purchased shall, within 6 months after the date of its acquisition, be sold or disposed of at public or private sale.
History:  1991 a. 221.
2023 Wisconsin Statutes & Annotations › Chapter 214 - Savings banks. › 214.48 - General provisions.

214.48
General provisions.
(1)
In this subchapter, “underwriting" means the process of compiling information to support a determination as to whether an investment or extension of credit shall be made by a savings bank. “Underwriting" includes evaluating a borrower's creditworthiness, determination of the value of the underlying collateral, market factors, and the appropriateness of the investment or loan for the savings bank. “Underwriting" does not include an agreement to purchase unsold portions of public offerings of stocks or bonds as commonly used in corporate securities issuances and sales.
(2)
A savings bank may not make a loan or investment authorized by this subchapter unless the savings bank first determines that the type, amount, purpose and repayment provisions of the loan or investment in relation to the borrower's or issuer's resources and credit standing support the reasonable belief that the loan or investment will be financially sound and will be repaid according to its terms and that the loan or investment is not unlawful.
(3)
Each loan or investment that a savings bank makes or purchases, in whole or in part, shall be adequately underwritten and reserved against as necessary in accordance with its payment performance, and in accordance with rules of the division.
(4)
Every appraisal or reappraisal of property that a savings bank is required to make shall be made by one of the following:
(a)
An independent qualified appraiser, designated by the board of directors, who is properly licensed and certified by the department of safety and professional services or by another entity authorized to govern appraisal licensure and certification and who meets the requirements of title XI of the financial institutions reform, recovery and enforcement act of 1989, 12 USC 3331 to 3351 and regulations adopted pursuant to those sections.
(b)
If an insured or guaranteed loan, an appraiser appointed by any lending, insuring or guaranteeing agency of the United States or this state that insures or guarantees the loan, in whole or in part.
(4m)
(a)
Each appraisal shall be in writing, prepared at the request of the lender for the lender's use, and shall include all of the following information:
1.
The market value of the security offered.
2.
Sufficient information and data concerning the appraised property to substantiate the market value.
3.
The certification and signature of the appraiser.
4.
A statement that the appraiser has personally examined the described property.
(b)
An appraisal shall be prepared and reported in accordance with the uniform standards of professional appraisal practice, as described under s. 458.24.
(c)
An appraisal shall be retained by the savings bank.
(5)
If an appraisal of real estate securing a savings bank's loan is obtained as part of an examination by the division, the cost of the appraisal shall promptly be paid by the savings bank to the appraiser.
History:  1991 a. 221; 1995 a. 27; 2011 a. 32.
2023 Wisconsin Statutes & Annotations › Chapter 214 - Savings banks. › 214.495 - Lien priority; advances.

214.495
Lien priority; advances.
(1)
A mortgage taken and recorded by a savings bank shall have priority over all liens, except tax and special assessment liens and liens under ss. 292.31 (8) (i) and 292.81, upon the mortgaged premises and the buildings and improvements thereon, that are filed after the recording of the mortgage.
(2)
Any additional advance made to a borrower, if the mortgage and mortgage note provides for additional advances, may not exceed an amount specified in the mortgage.
History:  1991 a. 221; 1993 a. 453; 1995 a. 227; 1997 a. 27.
2023 Wisconsin Statutes & Annotations › Chapter 214 - Savings banks. › 214.50 - General loan contract provisions.

214.50
General loan contract provisions.
A loan and an agreement for securing the loan shall be evidenced by one or more written instruments, consistent with sound lending practices. A savings bank shall record an instrument if it is necessary to establish priority over the claim of any 3rd party.
History:  1991 a. 221.
2023 Wisconsin Statutes & Annotations › Chapter 214 - Savings banks. › 214.502 - Nonconforming loans.

214.502
Nonconforming loans.
Notwithstanding s. 214.48 (3), a savings bank may make loans secured by real property used primarily for residential or farming purposes, even if those loans do not comply with one or more of the requirements under those provisions, if the total amount of loans made under this section does not exceed 5 percent of the savings bank's total assets.
History:  1997 a. 144.
2023 Wisconsin Statutes & Annotations › Chapter 214 - Savings banks. › 214.505 - Modification agreements.

214.505
Modification agreements.
Except as provided in a loan contract, a savings bank may enter into a written agreement with a borrower to modify the terms of a loan that describe the amount, time or method of the payments, the interest rate or any other provision of the loan contract. The loan contract, security instrument and lien priority are not affected by the modification, even if the modification was not provided for in the loan contract, unless the modification increases the total amount to be loaned under the loan contract.
History:  1991 a. 221.
2023 Wisconsin Statutes & Annotations › Chapter 214 - Savings banks. › 214.507 - Customer access to credit reports.

214.507
Customer access to credit reports.
If requested by an individual who is a customer, loan applicant or credit applicant, a financial institution, as defined in s. 705.01 (3), shall provide that individual, at no additional charge, with a copy of any written credit report which is held by the financial institution, which relates to that individual and for which a fee is imposed.
History:  1993 a. 425.