Examples of Bank Members in a sentence
As a result of the merger and charter exchanges, Stock Bank will become a wholly-owned subsidiary of the MHC, and the Bank Members will hold membership interests in the MHC comparable to the membership interests they previously held in the Bank.
In substance, upon the Charter Conversion and pursuant to the other transactions described above, the Bank Members will constructively receive the stock of Stock Bank and will then exchange such stock for membership interests in the MHC.
Westbury Bank Members of the Boards of Directors: All capitalized terms not otherwise defined in this letter have the meanings given such terms in the Plan of Conversion and Reorganization (the “Plan”) adopted by the Board of Directors of WBSB Bancorp, MHC, (the “MHC”), which is based in West Bend, Wisconsin.
Upon a merger or consolidation of two or more Bank Members, the Total Stock Purchase Requirement will be calculated for the surviving or consolidated institution using data as of the effective date of the merger or consolidation.
A Mutual Bank Member's basis in the shares of Stock Bank common stock constructively received in the Conversion will be the same as the basis of the Mutual Bank interest constructively surrendered in exchange therefore.
In the event that the Savings Bank Members approve this Plan, but not the Foundation, the Savings Bank may determine to complete the Conversion without the establishment of the Foundation and may do so without amending this Plan or obtaining any further vote of the Savings Bank's Members.
A Bank Member's Pre-Tax Employee Contributions shall be credited to his Account.
Therefore, the reorganization of Bank will not result in the recognition of taxable gain or loss to the Mutual Bank Members or the stockholders of Stock Holding Company under the New Jersey Gross Income Tax Act if the transaction is not a taxable transaction for Federal income tax purposes.
The Bank shall, subject to the limitations of Articles 6 and 14, contribute under the Plan on behalf of each Bank Member who has completed a Period of Service of at least one year an amount equal to 100% of each Bank Member's Basic Bank Employee Contributions.
The shareholders of Stock Bank (the former Mutual Bank Members) will recognize no gain or loss upon the transfer to Mutual Company of the shares of common stock of Stock Bank they constructively received in the Conversion in exchange for interests (i.e., liquidation and voting rights) in Mutual Company.