Converted Savings Bank Prohibited from Repurchasing its Stock Without Approval

Section 1075 Section 1075.1965  Converted Savings Bank Prohibited from Repurchasing its Stock Without Approval A converted savings bank shall not, for a period of one year from the date of the completion of the conversion, repurchase any of its capital stock, except that capital stock repurchases of no greater than 5% of the capital stock issued in the conversion may be repurchased during this one-year period if the Director finds that: a)         the repurchase would not adversely affect the financial condition of the savings bank; b)         the repurchase would not reduce the savings bank's capital below requirements established by the Director or federal law; c)         the repurchase would be equitable to shareholders; d)         the repurchase would be undertaken for legitimate business reason; and e)         the information submitted by the savings bank is sufficient upon which to base the findings required by this Section.