Who owns a mutual holding company?

A mutual company is a private firm that is owned by its customers or policyholders. The company's customers are also its owners. As such, they are entitled to receive a share of the profits generated by the mutual company.

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Plan of Conversion from state stock savings bank to federal stock...

Kings New York Plan of Conversion from state stock savings bank to federal stock savings bank

Name: Kings New York Plan of Conversion from state stock savings bank to federal stock savings bank
Brand: US Legal Forms
Rating: 4.73 (355 reviews)

Category:

Corporations - Public - ReIncorporation

State:

Multi-State

County:

Kings

Control #:

US-CC-8-218

Format:

Instant download

Description

This sample form, a detailed Plan of Conversion From State Stock Savings Bank to Federal Stock Savings Bank document, is a model for use in corporate matters. The language is easily adapted to fit your specific circumstances. Available in several standard formats.

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How to fill out Kings New York Plan Of Conversion From State Stock Savings Bank To Federal Stock Savings Bank?

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FAQ

No member control: Mutual savings banks are mutual associations, meaning they are owned, but not controlled, by depositors. Instead, control goes to a board of trustees that often remains the same for years. The board self governs and answers to no one.

A mutual company is a private firm that is owned by its customers or policyholders. The company's customers are also its owners. As such, they are entitled to receive a share of the profits generated by the mutual company.

Check conversion is a reformatting service offered by banking merchants. Check conversion allows banks to convert paper checks into electronic ones and then send them to the appropriate receiving bank. The electronic check is forwarded via the automated clearing house (ACH).

Mutual banks are owned by their borrowers and depositors. Ownership and profit sharing are what differentiate mutual banks from stock banks, which are owned and controlled by individual and institutional shareholders that profit from them.

A conversion merger is when a mutual institution simultaneously acquires a stock institution at the same time it completes a standard stock conversion. A mutual FSA may acquire another insured institution that is already in the stock form of ownership at the time of its stock conversion transaction.

A thrift holding company that is owned by shareholders but controlled by the depositors of the subsidiary thrift. A mutual holding company holds a majority of the voting stock of the subsidiary thrift, while the remaining 49.9% of the thrift's stock can be sold to outside investors.

Mutual to stock conversions are highly complex corporate reorganizations where a company which is owned by its depositors (if it is a financial institution such as a savings bank) or by its members or policyholders (if it is a mutual insurer) changes its form of organization to one where the mutual members' rights

With a bank or savings association mutual-to-stock conversion, however, eligible depositors have a unique opportunity to participate and purchase shares because federal and state banking regulations require that the bank or savings association give depositors first priority to purchase the stock over all other

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No cash dividends on Company's stock except out of surplus.

Pursuant to the requirements of SEC Rule 12b-2 applicable to listed companies, on May 23, 2017, the Company paid the following additional cash dividends: Date Paid Total Dividends per Share Amount/Share Fiscal Year 2016 09/05/17 0.15(1)(2) 0.00(1)(2) 2017 09/05/17 0.15 0.00 2018 08/18/18 0.15 1.40(1)(2) 2019 09/26/19 0.15 1.60(1)(2) 2020 09/05/20 0.15 1.40(2)(2) 2021 09/05/21 0.15 0.00(1)(2) See accompanying notes. 1 Table of Contents See accompanying notes to consolidated financial statements. 2 Tables of Contents DATE FILED EXHIBIT INDEX 2.

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Kings New York Plan of Conversion from state stock savings bank to federal stock savings bank

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FAQ

What does it mean when a savings institution is a mutual organization?

Who owns a mutual holding company?

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Is process to convert the company from mutual to stock?

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