Examples of Charter Conversion in a sentence
The Foundation is being formed in connection with the Charter Conversion and Reorganization in order to complement the Bank's existing community reinvestment activities and to share with the Bank's local community a part of the Bank's financial success as a locally headquartered, community-minded financial services institution.
However, no additional charges will be imposed upon participants by amendment to the DRIP except after prior notice to DRIP participants.
As part of the Charter Conversion and Reorganization, the Holding Company and the Bank intend to establish the Foundation and the Holding Company will donate to the Foundation from authorized but unissued shares of Common Stock, an amount equal to 75,000 shares or 1.3% at the midpoint of the Offering Range issued in the Stock Offering and the Bank will contribute cash in the amount of $750,000.
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.
Subject to the terms and conditions herein provided, the SR Bancorp and Somerset Bank agree to use all commercially reasonable efforts to take, or cause to be taken, all action and to do, or cause to be done, all things necessary, proper or advisable under applicable laws and regulations to consummate and make effective the transactions contemplated by this Agreement, including the Conversion and the Charter Conversion.
Each of Regal Bancorp, Regal Bank, SR Bancorp and Somerset Bank will cooperate with the other and use their best efforts to promptly prepare all necessary documentation, to effect all necessary filings and to obtain all necessary permits, consents, waivers, approvals and authorizations of the SEC, the Bank Regulators and any other third parties and Governmental Entities necessary to consummate the transactions contemplated by this Agreement, including the Merger, the Conversion and the Charter Conversion.
The Charter Conversion Transaction shall become effective (the "Charter Conversion Effective Time") upon approval of all Regulatory Authorities having jurisdiction with respect to the Charter Conversion Transaction and on the date and at the time that BCBSMo files a certificate of acceptance of the Missouri Corporate Law with the Missouri Secretary of State and the Missouri Secretary of State accepts the New BCBSMo Articles for filing.
The Foundation shall be the sole shareholder of New BCBSMo immediately after and following the Charter Conversion Effective Time.
BCBSMo has no authorized capital stock, and no shares of BCBSMo capital stock are outstanding (until such time as the Charter Conversion Transaction shall have been consummated as provided herein).
Somerset Bank will furnish to Regal Bancorp copies of all documents, statements and reports as it or SR Bancorp file with the NJDOBI, the FDIC, the FRB or any other regulatory authority with respect to the Merger and the Conversion and the Charter Conversion.