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Savings and Loan Designation Election

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 none 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.