LAC 10:VII.339 – Merger with an Existing Stock Savings Bank

A. A savings bank may convert to stock form by merging with an existing stock savings bank as part of a transaction in which the equity securities of the existing stock savings bank are issued. In a transaction in which the existing stock savings bank is the surviving institution, the eligible account holders, supplemental eligible account holders, and voting members of the converting savings bank shall receive, without payment, nontransferable rights from the existing stock savings bank to purchase its capital stock in lieu of capital stock of the converting savings bank. Unless clearly inapplicable, all of the requirements of this rule shall apply to a conversion under this Section.

AUTHORITY NOTE: Promulgated in accordance with R.S. 6:1141.

HISTORICAL NOTE: Promulgated by the Department of Economic Development, Office of Financial Institutions, LR 21:1069 (October 1995).