This legal document governs the reorganization of a national bank as a state bank in Nebraska. It outlines the procedure for filing a statement with the department, which includes showing compliance with the laws of the United States and the state. The statement must also include specific information prescribed by sections 8-1901 to 8-1903, and if applicable, information prescribed by sections 8-159 to 8-162.01 for conducting trust company business within a trust department of the bank.

Any state bank, without the approval of any state authority, may, upon a vote of the holders of at least two-thirds of its capital stock, convert into and merge or consolidate with a national bank as provided by federal law. Source: Laws 1951, c. 11, 1(3), p. 85; R.R.S.1943, 8-165.02; Laws 1963, c. 29, 80, p. 165; Laws 2017, LB140, 76.

When a national bank has converted into or merged or consolidated with a state bank, or a state bank has converted into or merged or consolidated with a national bank, the resulting bank shall be considered the same business and corporate entity as the former bank or banks and as a continuation thereof, and the ownership and title to all properties and assets and the obligations and liabilities of the converting, merging, or consolidating banks shall automatically pass to and become the properties and assets and the obligations and liabilities of the resulting bank.

This legal provision, found in the Nebraska Revised Statutes under the section on Banks and Banking, pertains to the rights of stockholders in a state bank in the event of a conversion, merger, or consolidation with a national bank. If a stockholder votes against such a conversion, merger, or consolidation, they have the right to receive the value of their stock in cash from the assets of the state bank. To exercise this right, the stockholder must make a written demand to the resulting bank within thirty days after the effective date of the conversion, merger, or consolidation, and surrender their stock certificates.

Without approval by the director, no asset shall be carried on the books of the bank resulting pursuant to section 8-181, when the resulting bank is a state bank, at a valuation higher than that on the books of the converting, merging, or consolidating bank at the time of the examination, by a state or national bank examiner, last occurring before the effective date of the conversion, merger, or consolidation. Source: Laws 1951, c.

This legal document governs the conversion of state or federal savings associations to state banks in Nebraska. It states that any state or federal savings association, whether formed as a mutual association or a capital stock association, may apply to the director to convert to a state bank. The savings association seeking conversion must obtain approval of a plan of conversion by a two-thirds majority vote of the total number of directors authorized to vote.

This legal document, governed by the Nebraska Revised Statutes, pertains to the plan of conversion for state or federal savings associations. According to the document, if the director approves a plan of conversion, it must be submitted for adoption to the members or shareholders of the converting savings association through a vote at a meeting. Prior to the meeting, a copy of the plan and an accurate summary plan description must be mailed to each eligible member or shareholder.

This legal document governs the requirements for a savings association to convert to a state bank charter. To obtain a state bank charter, a savings association must meet the requirements of state law for forming a new state bank. A public hearing may be required if there is a substantive objection to the conversion or if the condition of the savings association warrants a hearing. If the savings association is a federal association, compliance with the conversion procedure prescribed by the laws of the United States must be demonstrated.

This provision, found in the Nebraska Revised Statutes under the section on Banks and Banking, allows state or federal savings associations that were formed and operating as mutual savings associations as of July 15, 1998, to retain their mutual form of corporate organization upon conversion to a state bank. The converted savings association will have its members referred to as shareholders or stockholders, and the capital requirements will be as required for federal mutual savings associations.

This legal document governs the issuance of a state bank charter to a converting savings association. Upon the issuance of the charter, the converting savings association continues its corporate existence and becomes a state bank. All property, rights, titles, interests, and assets of the converting savings association automatically vest in and remain the property of the converted savings association. The new state bank also succeeds to all the rights, obligations, and relations of the converting savings association.