Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 1075 - SAVINGS BANK ACT › Subpart O - CONVERSION OF MUTUAL SAVINGS BANK TO CAPITAL STOCK SAVINGS BANK › Section 1075.2010 - Statement, Letter and Press Release - Content Permitted

Current through Register Vol. 48, No. 28, July 12, 2024
The statement, letter, and press release of the applicant
				  issued pursuant to Section
				  1075.2005,
				  unless otherwise authorized by the Director, shall contain only (but need not
				  contain all of) the following:
a) A
				statement that the board of directors has adopted a plan to convert the savings
				bank from a mutual savings bank to a capital stock savings bank;
b) A statement that the plan of conversion is
				subject to approval by the Director and by the appropriate federal regulatory
				authority or authorities (naming such an authority or authorities) before the
				plan can become effective and that account holders of the applicant will have
				an opportunity to file written comments including objections and materials
				supporting the objections with the Director;
c) A statement that the plan of conversion is
				contingent upon obtaining favorable tax rulings from the Internal Revenue
				Service or an appropriate tax opinion;
d) A statement that there is no assurance
				that the approval of the Director or the approval of any appropriate federal
				authority or authorities will be obtained, and also no assurance that the
				favorable tax rulings or tax opinion will be received;
e) The proposed record date for determining
				the eligible account holders entitled to receive nontransferable subscription
				rights to purchase capital stock of the applicant;
f) A brief statement describing the
				circumstances that would require supplemental eligible account holders to
				receive nontransferable subscription rights to purchase capital stock of the
				applicant;
g) A brief description
				of the plan of conversion;
h) The
				par value and approximate number of shares of capital stock to be issued and
				sold under the plan of conversion;
i) A brief statement as to the extent to
				which organization directors, officers, and employees will participate in the
				conversion;
j) A statement that
				savings account holders will continue to hold accounts in the converted savings
				bank identical as to dollar amount, rate of return, and general terms and that
				their accounts will continue to be insured by the Federal Deposit Insurance
				Corporation;
k) A statement that
				borrowers' loans will be unaffected by conversion and that the amount, rate,
				maturity, security, and other conditions will remain contractually fixed as
				they existed before conversion;
l)
				A statement that the normal business of the savings bank in accepting savings
				and making loans will continue without interruption; that the converted savings
				bank will continue after conversion to conduct its present services to savings
				account holders and borrowers under current policies to be carried on in
				existing offices and by the present management and staff;
m) A statement that the plan of conversion
				may be substantively amended or ended by the board of directors with the
				concurrence of the Director; and
n)
				A statement that questions of account holders may be answered by telephoning or
				writing to the savings bank.