214.66 Conversion of an existing institution to a savings bank.
(1m) From savings and loan association or federal savings bank. A savings and loan association organized under ch. 215, a federal savings and loan association with its home office in this state or a federal savings bank with its home office in this state may become a savings bank by doing all of the following:
(a) Applying to the division for authority to organize as a savings bank.
(b) Obtaining insurance of accounts from a deposit insurance corporation.
(c) Making any necessary application to its regulatory authority and paying all outstanding supervisory fees, examination fees, membership fees, other fees, penalties and assessments.
(e) Obtaining the division's approval to convert to a savings bank.
(f) Recording the savings bank's articles of incorporation in the county in which its home office is located.
(g) After obtaining the division's approval, giving notice to its previous regulatory authority.
(2) From credit union. A credit union under ch. 186 may become a savings bank by doing all of the following:
(a) Applying to the division for authority to organize as a savings bank and satisfying all requirements under this chapter for organizing as a savings bank.
(b) Satisfying all requirements under s. 186.314 (2m) for conversion to a savings bank.
(c) Recording the savings bank's articles of incorporation in the county in which its home office is located.
History: 1991 a. 221; 1995 a. 27; 2011 a. 32.
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