Florida Statutes 667.007 – Supervisory case; emergency conversion, reorganization, merger; consolidation; acquisition of assets
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(1) The office may determine that a state or federal savings bank is a supervisory case if it finds that:
(a) The savings bank is insolvent; or
Terms Used In Florida Statutes 667.007
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Capital stock: means the aggregate of shares of nonwithdrawable capital issued by a capital stock association, but does not include nonwithdrawable capital represented by capital certificates. See Florida Statutes 667.002
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Savings bank: means a capital stock or mutual savings bank subject to the provisions of this chapter. See Florida Statutes 667.002
(b) The savings bank is imminently insolvent.
Any such finding by the office shall be based upon reports furnished to it by a state or federal regulatory agency or upon other evidence from which it is reasonable to conclude that the savings bank is a supervisory case.
(2) Notwithstanding any other provision of this chapter or chapter 120, if the office finds that immediate action is necessary to protect the interests of depositors and reduce the potential for claims against the insurance fund, or in order to prevent the probable failure of a state or federal savings bank which is a supervisory case, the office may, with the concurrence of the appropriate federal regulatory agency in the case of any savings bank the deposits of which are federally insured, issue an emergency order authorizing:
(a) The conversion of such savings bank from a state to a federal charter, or vice versa, without change of business form;
(b) The reorganization, merger, or consolidation of such state or federal savings bank with another state or federal savings bank;
(c) The conversion of such state or federal savings bank into a state or federal capital stock savings bank; or
(d) Any state or federal savings bank to acquire the assets of, and assume the liabilities of, such failing savings bank.