Chapter DFI-SB 18

Register January 2006 No. 601

Chapter DFI-SB 18

REQUIREMENTS TO ORGANIZE A NEW SAVINGS BANK

DFI-SB 18.01   Minimum requirement for new savings banks.

Ch. DFI-SB 18 Note Note: Chapter SB 18 was renumbered ch. DFI-SB 18 under s. 13.93 (2m) (b) 1., Stats., and corrections made under s. 13.93 (2m) (b) 7., Stats., Register, November, 1997, No. 503.

DFI-SB 18.01 DFI-SB 18.01 Minimum requirement for new savings banks.

DFI-SB 18.01(1) (1) Capital stock savings banks. Except as provided under sub. (2), the division may approve the organization of a stock savings bank and issue a certificate of incorporation only if stockholders pay to the savings bank capital of at least $500,000 or a higher amount as the division may determine.

DFI-SB 18.01(2) (2) Interim stock savings bank. The division may waive any portion of this chapter if the organization of a stock savings bank is to facilitate the acquisition of 100% of the voting stock of an existing stock savings bank by a savings bank holding company or to facilitate any other transaction which is approved by the division and involves an existing stock savings bank.

DFI-SB 18.01(3) (3) Mutual savings banks. The division may approve the organization of a mutual savings bank and issue a certificate of incorporation only if:

DFI-SB 18.01(3)(a) (a) Savings account subscriptions are obtained from at least 100 persons; and

DFI-SB 18.01(3)(b) (b) At least $500,000 in savings account subscriptions are obtained.

DFI-SB 18.01 Note Note: This section implements s. 214.24.

DFI-SB 18.01 History History: Cr. Register, February, 1994, No. 458, eff. 3-1-94.