§ 192.670 - Approval of voluntary supervisory conversion application.

§ 192.670 Will the appropriate Federal banking agency approve my Approval of voluntary supervisory conversion application?.

The appropriate Federal banking agency will generally approve your a savings association's application to engage in a voluntary supervisory conversion unless it determines:

(a) You do The savings association does not meet the eligibility requirements for a voluntary supervisory conversion under § 192.625 or § 192.630 or because the proceeds from the sale of your conversion stock, less the expenses of the conversion, would be insufficient to satisfy any applicable viability requirement;

(b) The transaction is detrimental to or would cause potential injury to you the savings association or the Deposit Insurance Fund or is contrary to the public interest;

(c) You The savings association or your its acquiror, or the controlling parties or directors and officers of you the savings association or your its acquiror, have engaged in unsafe or unsound practices in connection with the voluntary supervisory conversion; or

(d) You fail The savings association fails to justify an employment contract incidental to the conversion, or the employment contract will be an unsafe or unsound practice or represent a sale of control. In a voluntary supervisory conversion, the appropriate Federal banking agency generally will not approve employment contracts of more than one year for your existing management.