Lawriter - OAC - 1301:1-4-04 Bank's purchase of its own shares.

1301:1-4-04 Bank's purchase of its own shares.

No bank that wants to purchase shares of its own stock pursuant to authority in its articles of incorporation shall make a purchase without prior written approval from the superintendent of financial institutions. To request the superintendents' approval, a bank shall submit both of the following:

(A) A written plan proposing the purchase that shall address all of the following:

(1) The circumstances surrounding the transaction;

(2) How the bank proposes to finance the share purchase;

(3) How and when the bank will dispose of the shares; and

(4) Any other information the superintendent requires.

(B) Both of the following supporting documents:

(1) Certified board resolution evidencing the directors' decision to purchase the shares; and

(2) Pro forma financial statements.

Replaces: 1301:1-4-04

Five Year Review (FYR) Dates: 05/20/2015 and 05/20/2020
Promulgated Under: 119.03
Statutory Authority: 1121.03
Rule Amplifies: 1103.08, 1107.13
Prior Effective Dates: 2/18/02, 10/15/84