# Conn. Gen. Stat. § 36a-138: Sec. 36a-138. Conversion of a capital stock institution into a mutual institution

> Connecticut · Statutes · In force

URL: https://www.frixlaw.com/law-library/statutes/STATE_CT_T36a_C664c_S36a-138

## Section

- **Citation:** Conn. Gen. Stat. § 36a-138
- **Heading:** Sec. 36a-138. Conversion of a capital stock institution into a mutual institution
- **Jurisdiction:** Connecticut
- **Kind:** Statutes
- **Status:** In force
- **Text as of:** August 14, 2026
- **Source:** Compiled text
- **Location:** Connecticut Code / Title 36a / Chapter 664c / Section 36a-138

## Text

(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.

(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.

## Nearby sections

- [Conn. Gen. Stat. § 36a-125 Sec. 36a-125. (Formerly Sec. 36-193u). Merger and consolidation of Connecticut banks.](https://www.frixlaw.com/law-library/statutes/STATE_CT_T36a_C664c_S36a-125.md)
- [Conn. Gen. Stat. § 36a-126 Sec. 36a-126. Merger and consolidation of Connecticut banks with federal banks.](https://www.frixlaw.com/law-library/statutes/STATE_CT_T36a_C664c_S36a-126.md)
- [Conn. Gen. Stat. § 36a-128 Sec. 36a-128. Duties of commissioner re complaints concerning mergers of financial institutions. Reports.](https://www.frixlaw.com/law-library/statutes/STATE_CT_T36a_C664c_S36a-128.md)
- [Conn. Gen. Stat. § 36a-135 Sec. 36a-135. Conversions of a mutual institution into another mutual institution.](https://www.frixlaw.com/law-library/statutes/STATE_CT_T36a_C664c_S36a-135.md)
- [Conn. Gen. Stat. § 36a-136 Sec. 36a-136. (Formerly Sec. 36-142m). Conversion of a mutual institution to a capital stock bank. Plan of conversion.](https://www.frixlaw.com/law-library/statutes/STATE_CT_T36a_C664c_S36a-136.md)
- [Conn. Gen. Stat. § 36a-137 Sec. 36a-137. Conversion of a capital stock bank into another capital stock bank.](https://www.frixlaw.com/law-library/statutes/STATE_CT_T36a_C664c_S36a-137.md)
- [Conn. Gen. Stat. § 36a-138 Sec. 36a-138. Conversion of a capital stock institution into a mutual institution.](https://www.frixlaw.com/law-library/statutes/STATE_CT_T36a_C664c_S36a-138.md)
- [Conn. Gen. Stat. § 36a-139 Sec. 36a-139. (Formerly Sec. 36a-252). Conversion of community banks to Connecticut banks.](https://www.frixlaw.com/law-library/statutes/STATE_CT_T36a_C664c_S36a-139.md)
- [Conn. Gen. Stat. § 36a-139a Sec. 36a-139a. (Formerly Sec. 36a-252a). Conversion of innovation banks and trust banks.](https://www.frixlaw.com/law-library/statutes/STATE_CT_T36a_C664c_S36a-139a.md)
- [Conn. Gen. Stat. § 36a-139b Sec. 36a-139b. Conversion to an innovation bank.](https://www.frixlaw.com/law-library/statutes/STATE_CT_T36a_C664c_S36a-139b.md)
- [Conn. Gen. Stat. § 36a-145 Sec. 36a-145. (Formerly Sec. 36-59). Branches, limited branches, mobile branches and loan production offices. Establishment, operation, conversion, closing, relocation, consolidation and sale.](https://www.frixlaw.com/law-library/statutes/STATE_CT_T36a_C664c_S36a-145.md)
- [Conn. Gen. Stat. § 36a-155 Sec. 36a-155. (Formerly Sec. 36-193b). Establishment and use of automated teller machines, satellite devices and point of sale terminals.](https://www.frixlaw.com/law-library/statutes/STATE_CT_T36a_C664c_S36a-155.md)
- [Conn. Gen. Stat. § 36a-156 Sec. 36a-156. (Formerly Sec. 36-193c). Availability of automated teller machines, satellite devices and point of sale terminals.](https://www.frixlaw.com/law-library/statutes/STATE_CT_T36a_C664c_S36a-156.md)
- [Conn. Gen. Stat. § 36a-158 Sec. 36a-158. (Formerly Sec. 36-193f). Establishment and use of automated teller machines and point of sale terminals by out-of-state banks and out-of-state credit unions.](https://www.frixlaw.com/law-library/statutes/STATE_CT_T36a_C664c_S36a-158.md)

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Source: Frix Law Library, https://www.frixlaw.com/law-library/statutes/STATE_CT_T36a_C664c_S36a-138. Check the current official text before relying on it. Not legal advice.