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Bank Conversion means conversion of the Bank to the New Bank.
Economy Bank of Ambridge, 413 Pa. 442 (Pa. 1964). A conversion occurs when a person without authority or permission intentionally takes the personal property of another or deprives another of possession of personal property. It is a tort which allows the injured party to seek legal relief.
The Demutualization Process In a demutualization, a mutual company elects to change its corporate structure to a public company, where prior members may receive a structured compensation or ownership conversion rights in the transition, in the form of shares in the company.
A core conversion occurs when a business chooses to change or update its platform software that performs all major functions and transactions, as well as manages data.
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.
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.
Conversion account means a linked account in TreasuryDirect that con- tains only savings bonds that have been converted from definitive bonds to book-entry bonds.
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 savings banks also have several disadvantages including being too conservative at times, having no member control, and having the possibility of being acquired or going public.
Mutual banks are not owned by any one individual or entity. Instead, mutual banks are owned by their depositors and do not have capital stock or stockholders. And while these banks are owned by their depositors, their depositors are neither stockholders nor members, and have no vote in how the bank operates.