Savings and Loan Designation Election
Ohio Revised Code 1109.021 allows a bank to elect to operated as a savings and loan association by:
- Filing a written notice of that election with the Superintendent of Financial Institutions.
Upon filing an election notice, a state bank shall be considered a savings and loan association if both of the following conditions are met:
- Its qualified thrift investments equal or exceed sixty-five percent of its portfolio assets.
- Its qualified thrift investments continue to equal or exceed sixty five percent of its assets on a monthly average basis in nine out of every twelve months.
A state bank may revoke its election notice at anytime by submitting a written notice thereof to the Superintendent of Financial Institutions.
An institution can complete the election to operate as a savings and loan association attachment on this page.