{"data":{"id":"us-ct/conn.-gen.-stat.-36a-138","jurisdiction":"us-ct","citation":"Conn. Gen. Stat. § 36a-138","heading":"Conversion of a capital stock institution into a mutual institution.","body":"(a) With the approval of the commissioner, any capital stock bank may convert into a mutual bank, in accordance with the provisions of this section and any regulations that the commissioner may adopt hereunder, provided this section does not apply to the conversion of a capital stock federal bank into a mutual federal bank.\n(b) A conversion under this section involving a federal bank shall be authorized only if permitted by federal law and is subject to all requirements prescribed by federal law.\n(c) The commissioner shall approve a conversion under this section if the commissioner determines that: (1) The converting institution has complied with all applicable provisions of law; (2) the proposed conversion will serve public necessity and convenience; (3) in the case of a conversion to a mutual savings bank or mutual savings and loan association, the converting institution has equity capital at least equal to the minimum equity capital required for the organization of a Connecticut bank; and (4) the programs, policies and procedures of the converting institution relating to anti-money-laundering activity are adequate, and the converting institution has a record of compliance with anti-money-laundering laws and regulations. The converted institution shall not commence business unless its insurable accounts and deposits are insured by the Federal Deposit Insurance Corporation or its successor agency.","path":["TITLE 36a. THE BANKING LAW OF CONNECTICUT","CHAPTER 664c. FUNDAMENTAL CHANGES INVOLVING BANKS, BRANCHES, AUTOMATED TELLER MACHINES, VIRTUAL BANKING AND BANK HOLDING COMPANIES","PART II. CONVERSIONS"],"source_url":"https://www.cga.ct.gov/current/pub/chap_664c.htm#sec_36a-138","current_through":"Revised to January 1, 2026 (2026 Supplement to the General Statutes of Connecticut, applied over the base revision of January 1, 2025)","vintage":"","retrieved_at":"2026-09-06T19:07:12Z","sha256":"d5f1d9f886d904469129dc21f978a7b6f9805e9d10275155a815f450e386bf48","source_id":"us-ct","stale":false,"prev":"us-ct/conn.-gen.-stat.-36a-137","next":"us-ct/conn.-gen.-stat.-36a-139"},"notice":"GroundRules: Original legal text. Not legal advice."}