WILLIAM DONALD SCHAEFER, Governor                     Ch. 80

(I)  HAS BEEN IN EXISTENCE AND CONTINUOUSLY
OPERATED FOR MORE THAN 3 YEARS AS A CAPITAL STOCK OR MUTUAL
SAVINGS AND LOAN ASSOCIATION;

(II)  IS A MEMBER OF THE FUND;

(III)  HAS BEEN A MEMBER OF THE FUND SINCE MAY
27, 1985; AND

(IV)  IS UNLIKELY TO OBTAIN INSURANCE COVERAGE
FOR ITS DEPOSITS FROM THE FEDERAL SAVINGS AND LOAN INSURANCE
CORPORATION BEFORE JULY 1, 1989; AND

(2) THE RESULTING MARYLAND BANK'S DEPOSIT LIABILITY
DERIVED FROM DEPOSITS INSURED BY THE FUND WILL EXCEED $15,000,000
$25,000,000.

(C) SUBJECT TO SUBSECTION (D) OF THIS SECTION, WHERE A
CAPITAL STOCK SAVINGS AND LOAN ASSOCIATION'S AGGREGATE TOTAL
DEPOSIT LIABILITY IS LESS THAN $15,000,000 $25,000,000 ON THE
DATE OF CONVERSION, THE REQUIREMENTS OF SUBSECTION (B)(2) OF THIS
SECTION SHALL BE DEEMED SATISFIED IF, ON THE DATE OF CONVERSION:

(1)  THE OUT-OF-STATE BANK HOLDING COMPANY HAS
EXECUTED A WRITTEN AGREEMENT WITH THE FUND UNDER WHICH THE
OUT-OF-STATE BANK HOLDING COMPANY, ON BEHALF OF THE RESULTING
MARYLAND BANK, MAKES A COMMITMENT TO ACQUIRE DEPOSIT LIABILITY:

(I)  OF ANY SAVINGS AND LOAN ASSOCIATION MEETING
THE REQUIREMENTS OF SUBSECTION (B)(1) OF THIS SECTION; AND

(II)  IN AN AMOUNT THAT WOULD BE SUFFICIENT TO
MEET THE REQUIREMENTS OF SUBSECTION (B)(2) OF THIS SECTION ON OR
BEFORE FEBRUARY 1, 1990; AND

(2)  THE RESULTING MARYLAND BANK'S DEPOSIT LIABILITY
DERIVED FROM DEPOSITS INSURED BY THE FUND IS NOT LESS THAN
$5,000,000.

(D)(1) THE AGREEMENT SHALL PROVIDE THAT:

(I)  ASSETS AS DETERMINED BY THE FUND, WITH AN
AGGREGATE FAIR MARKET VALUE REASONABLY RELATED TO THE ACQUIRED
DEPOSIT LIABILITY SHALL BE TRANSFERRED TO THE RESULTING MARYLAND
BANK, SUBJECT TO ANY REASONABLE DISCOUNT REQUIRED BY THE FUND;
AND

(II)  THE DEPOSIT LIABILITY ASSUMPTION AND ASSET
TRANSFER MUST BE APPROVED BY THE COMMISSIONER AND THE FUND
DIRECTOR, AND BY ANY OTHER STATE OR FEDERAL REGULATORY AUTHORITY
WITH DIRECT JURISDICTION OVER THE MARYLAND BANK OR THE
OUT-OF-STATE BANK HOLDING COMPANY.

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