Sec. 101.1. General information

(a) A national banking association which seeks to convert itself into a State-chartered bank or trust company (hereinafter referred to as “the State bank”) pursuant to Banking Law, section 136, should, after complying with section 101.2 of this Procedure, submit to the superintendent a letter application which meets the requirements of section 101.3 of this Supervisory Procedure.

(b) Following submission of the application, the superintendent may require an examination of the national banking association by State bank examiners before he acts on the application.

(c) Approval of the conversion will be conditioned upon either the continuance by the Federal Deposit Insurance Corporation of insurance of the applicant's deposit accounts to the extent permitted by Federal law or, in the case of a national banking association that does not accept deposits from the general public, the grant by the superintendent, pursuant to Banking Law, section 32, of a waiver of the deposit insurance requirement.