Form OTS-1582 Application for Conversion of a Depository Institution t

OMB No. 1550-0007
Expiration Date: ______________

OFFICE OF THRIFT SUPERVISION
APPLICATION FOR CONVERSION OF A DEPOSITORY INSTITUTION
TO A FEDERAL STOCK OR MUTUAL SAVINGS ASSOCIATION
PAPERWORK REDUCTION ACT STATEMENT
The Office of Thrift Supervision will use this information to approve applications for permission to
convert to a Federal savings association charter. 12 C.F.R. §§ 543.8 and 552.2-6 codify the eligibility
requirements and establish processing procedures for these applications.
Collection of this information is mandatory.
Public reporting burden for this collection of information is estimated to average 4 hours per response,
including the time for reviewing instructions and completing and reviewing the collection of information.
If a valid OMB Control Number does not appear on this form you are not required to complete this form.
Send comments regarding this burden estimate or any other aspect of the collection of information,
including suggestions for reducing the burden, to Office of Thrift Supervision, Office of Examination
Policy, 1700 G. Street, N.W., Washington, D.C. 20552; and to the Office of Management and Budget,
Paperwork Reduction Project (1550-0007), Washington, D.C. 20503.

Page 1 of 4
OTS Form 1582
Revised January 2007

OMB No. 1550-0007
Expiration Date: ______________

OFFICE OF THRIFT SUPERVISION
APPLICATION FOR CONVERSION OF A DEPOSITORY INSTITUTION
TO A FEDERAL STOCK OR MUTUAL SAVINGS ASSOCIATION
___________________________________________________________________________________
Name of Institution
___________________________________________________________________________________
Address of Institution (include City, State, and Zip Code)
Date: _____________

Type of Ownership:

Stock

Mutual

The undersigned depository institution is applying to convert to a Federal (stock or mutual)
__________savings association under the provisions of Section 5 of the Home Owners’ Loan Act (Act)
and for the issuance of a charter in the form prescribed by 12 C.F.R. §§ 552.3 (stock) or 544.1 (mutual)
and bylaws in the form prescribed by 12 C.F.R. §§ 552.5 (stock) or 544.5 (mutual). In support of the
application, we submit the following:
1. A plan of conversion which complies with the requirements of 12 C.F.R. §§ 552.2-6 (stock) or
543.8 (mutual) that was approved by a majority of the institution’s board of directors/trustees at a
legal meeting;
2. Certification that the applicant institution agrees that, upon action by the Regional Director, or
his/her designee, it will in good faith promptly do all things necessary to carry out its conversion
to the best of its ability, and that it will operate as a Federal stock or mutual savings association
under the name of ___________________________________;
3. Certification that the applicant is, or has taken appropriate steps to become, insured by the
Federal Deposit Insurance Corporation; and
4. Any information required by the Rules and Regulations of the Office of Thrift Supervision or
otherwise requested by the Regional Director, or his/her designee, to approve the proposed
conversion to a Federal stock or mutual savings association charter under the provisions of
Section 5 of the Act.
The board of directors/trustees of the applicant has approved this application. The undersigned certify to
the correctness of the information submitted in support of this application.
ATTEST:

(SEAL)

_________________________________________
Applicant
_________________________________________
President
_________________________________________
Secretary

Page 2 of 4
OTS Form 1582
Revised January 2007

OMB No. 1550-0007
Expiration Date: ______________

OFFICE OF THRIFT SUPERVISION
CERTIFICATION OF APPLICATION FOR CONVERSION
TO A FEDERAL SAVINGS ASSOCIATION
I hereby certify as the secretary of _____________________________ (name of institution), that,
pursuant to the resolution of a majority of the institution’s board of directors, it was resolved:
1. That this depository institution applies to the Office of Thrift Supervision for conversion to a
Federal ______ (stock or mutual) savings association.
2. That the President and Secretary are hereby authorized and directed to execute the application, as
prescribed by the Office of Thrift Supervision, and any other papers and documents required in
connection therewith; and to pay all expenses and do all other things necessary or proper in
connection with the application for conversion.
I further certify that pursuant to said resolution, the foregoing application for conversion of this
depository institution was duly and formally executed and that the information referred to therein is
attached and accompanies the same, and that said information is correct.

(Corporate Seal)

___________________________________
Secretary

Page 3 of 4
OTS Form 1582
Revised January 2007

OMB No. 1550-0007
Expiration Date: ______________

OFFICE OF THRIFT SUPERVISION
Requirements Applying to Stock and Mutual Institutions
A.

B.

The following information, and the information outlined under “Requirements for Stock
Institutions” or “Requirements for Mutual Institutions,” must be submitted to the Director of the
Regional Office within whose jurisdiction the home office of the institution will be located.
1.

A copy of the converting institution’s current charter and bylaws, including amendments.

2.

A copy of the converting institution’s proposed charter and bylaws.

3.

If the charter and/or bylaws differ from the standard form, a justification for the need for such
provision as well as the effect on the institution if the non-conforming provisions are denied.

Refer to 12 C.F.R. Part 516, for appropriate filing procedures.

Requirements for Stock Institutions
In addition to the information required above, stock institutions must submit the following information.
1.

A detailed description of the types and classes of stock issued. Stockholders’ rights
concerning dividends; redemption; conversion to other types of stock; preemption; approval
of new issues; approval of mergers, acquisitions, consolidations and conversions; liquidation
and dissolution; other preferences or distinctions between types and classes of stock; and any
other stockholder right shall be listed and discussed.

2.

A detailed explanation of the terms of the exchange of the existing types and classes of stock
for stock in the Federal stock savings association. The depository institution should discuss
any variation in the rights of the shareholders under the Federal charter compared to their
rights under its existing charter. Any variations from the appropriate form of charter for a
Federal stock savings association as set forth in the Rules and Regulations for the Office of
Thrift Supervision, including any permitted optional provisions, should be highlighted by
clearly underlining the variation.

3.

A legal opinion for the converting institution stating that the submissions and descriptions
filed pursuant to Items (1) and (2) of this section are legally accurate under applicable law.

4.

A certification from counsel stating that the converting institution’s proposed form of charter
and bylaws or optional provisions are permissible for a Federal stock savings association as
set forth in the Rules and Regulations for the Office of Thrift Supervision.

Requirements for Mutual Institutions
In addition to the materials described above, mutual institutions must submit the materials required by 12
C.F.R. §§ 543.8 through 543.10.

Page 4 of 4
OTS Form 1582
Revised January 2007