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Supervisory Conversion:

The conversion of a savings institution from a mutual form of ownership to stock ownership, with the conversion arranged by the office of thrift supervision. A supervisory conversion is normally used when ots, as the thrift's supervisor, has arranged the sale of a troubled institution to new owners. Unlike a normal conversion, a supervisory conversion does not require that the new capital stock be first offered for sale to the institutions depositors and borrowers. All of the new stock is acquired by the thrift's new owners.

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