12 CFR §192.625

1. (a)Eligibility. An insured savings association may be eligible to convert under this subpart B if:
   1. (1)The savings association is significantly undercapitalized (or undercapitalized and a standard conversion that would make the savings association adequately capitalized is not feasible) and the savings association will be a viable entity following the conversion;
   2. (2)Severe financial conditions threaten the savings association's stability and a conversion is likely to improve its financial condition;
   3. (3)The FDIC will assist the savings association under section 13 of the Federal Deposit Insurance Act, 12 U.S.C. 1823; or
   4. (4)The savings association is in receivership and a conversion will assist the savings association.
2. (b)Requirements for viability after conversion. The savings association will be a viable entity following the conversion if it satisfies all of the following:
   1. (1)The savings association will be adequately capitalized as a result of the conversion;
   2. (2)The savings association, its proposed conversion, and its acquiror(s) comply with applicable supervisory policies;
   3. (3)The transaction is in the savings association's best interest, and the best interest of the Deposit Insurance Fund and the public; and
   4. (4)The transaction will not injure or be detrimental to the savings association, the Deposit Insurance Fund, or the public interest.