Conversion to national or State bank

(A) In general Any Federal savings association chartered and in operation before November 12, 1999 , with branches in operation before November 12, 1999 , in 1 or more States, may convert, at its option, with the approval of the Comptroller for each national bank, and with the approval of the appropriate State bank supervisor and the appropriate Federal banking agency for each State bank, into 1 or more national or State banks, each of which may encompass 1 or more of the branches of the Federal savings association in operation before November 12, 1999 , in 1 or more States subject to subparagraph (B).

(B) Conditions of conversion The authority in subparagraph (A) shall apply only if each resulting national or State bank— (i) will meet all financial, management, and capital requirements applicable to the resulting national or State bank; and (ii) if more than 1 national or State bank results from a conversion under this subparagraph, has received approval from the Federal Deposit Insurance Corporation under section 5(a) of the Federal Deposit Insurance Act [ 12 U.S.C. 1815(a) ].

(C) No merger application under FDIA required No application under section 18(c) of the Federal Deposit Insurance Act [ 12 U.S.C. 1828(c) ] shall be required for a conversion under this paragraph.

(D) Definitions For purposes of this paragraph, the terms “State bank” and “State bank supervisor” have the same meanings as in section 3 of the Federal Deposit Insurance Act [ 12 U.S.C. 1813 ].