Oregon Revised Statutes Chapter 715 § 715.019 — Mutual

Mutual financial holding companies; mutual bank holding companies; authority; rules. (1) An Oregon nonstock bank may, pursuant to rules adopted by the Director of the Department of Consumer and Business Services, reorganize so that the resulting entities are an Oregon stock savings bank, controlled by a mutual financial holding company or a mutual bank holding company. For purposes of this section, a “mutual financial holding company or a mutual bank holding company” is a financial holding company or a bank holding company that does not issue capital stock. The mutual financial holding company shall be mutually owned by the depositors of the reorganizing Oregon nonstock bank and shareholders of other companies under the control of the mutual financial holding company. The mutual bank holding company shall be mutually owned by the depositors of the reorganizing Oregon nonstock bank. (2) A mutual bank holding company may acquire or invest in the stock of one or more stock savings banks. (3) A mutual bank holding company may merge with or acquire another mutual bank holding company. (4) A mutual bank holding company formed under this section shall be subject to the provisions of this chapter. (5) The director is authorized to adopt rules to carry out the provisions of this section. [1997 c.631 §330a; 2001 c.377 §32]