A savings bank’s control can change only after an approved application is filed with the commissioner.
Sec. 92.553. APPLICATION FOR CHANGE OF CONTROL. (a) Control of a savings bank may change only if an application for approval of the change of control is filed with and approved by the commissioner. (b) The application must be: (1) on a form prescribed by the commissioner; (2) sworn to; and (3) accompanied by the filing fee. (c) Unless the commissioner expressly waives a requirement of this subsection, the application must contain: (1) the identity, history, business background and experience, and financial condition of each person by whom or on whose behalf the acquisition is to be made, including a description of: (A) the managerial resources and future prospects of each acquiring party; and (B) any material pending legal or administrative proceedings to which the applicant is a party; (2) the terms of any proposed acquisition and the manner in which the acquisition is to be made; (3) the identity, source, and amount of the money or other consideration used or to be used in making the acquisition and, if any part of the money or other consideration was or is to be borrowed or otherwise obtained for the purpose of making the acquisition, a description of the transaction, the names of the parties, and arrangements, agreements, or understandings with those parties; (4) any plan or proposal of an acquiring party to liquidate the savings bank, sell the savings bank's assets, merge the savings bank with another company, or make other major changes in the savings bank's business, corporate structure, or management; (5) the terms of any offer, invitation, agreement, or arrangement under which a voting security of the savings bank will be acquired and any contract affecting that security or its financing after it is acquired; (6) information establishing that the requirements under Section 92.556(a) are satisfied; and (7) other information that: (A) the finance commission by rule requires; or (B) the commissioner orders to be included in a particular application. (d) The commissioner may require each member of a group proposing to acquire voting securities of a savings bank under this subchapter to provide the information required by the commissioner. Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997. Amended by Acts 2001, 77th Leg., ch. 867, Sec. 48, eff. Sept. 1, 2001.