Regulatory Alerts2025-04-30 | Conditional Approval 1338Added
Conditional Approval 1338 — Application by Servbank, sb, Oswego, Illinois to Convert to a National Bank
The Office of the Comptroller of the Currency (OCC) conditionally approves Servbank, sb’s application to convert to a national bank operating as Servbank, National Association under OCC Charter Number 25346. The approval is subject to nine pre-conversion requirements, including purchasing fidelity bond coverage, ensuring compliance with credit life insurance regulations, adopting safe and sound policies, applying for Federal Reserve Bank stock, maintaining liquidation accounts, and updating Home Mortgage Disclosure Act records. Additionally, the OCC grants a waiver of the director residency requirement under 12 USC 72 for five out of six directors, provided the ratio remains constant, and imposes a condition requiring sixty days’ prior written notice before significantly deviating from the business plan through 2027. The authorization to commence business will only be granted after all pre-conversion steps are completed and certified, and the approval automatically terminates if the conversion is not consummated within six months.