Md. Code, Financial Institutions § 9-633

The Commissioner:

(1) Shall review an application for conversion to a commercial bank;

(2) Shall determine:

(i) Whether the plan is fair to the stockholders of the converting association and the general public;

(ii) That insurance of the savings accounts will remain in effect after the conversion;

(iii) That, after conversion, the commercial bank will be in sound financial condition and will be soundly managed;

(iv) That conversion will not impair the capital of the association nor adversely affect the association’s operations; and

(v) That no person, member, employee, or otherwise will receive any inequitable gain or advantage by reason of the conversion;

(3) May require any changes that are necessary to ensure full disclosure of all material facts;

(4) May not issue a certificate of authority to commence business to a commercial bank unless all the requirements of this article governing a commercial bank have been met;

(5) May modify the initial capitalization requirements of the commercial bank if the Commissioner determines that a modification is:

(i) Reasonably required to protect the welfare of the commercial bank; and

(ii) Not detrimental to the public interest or to the commercial bank; and

(6) May adopt regulations to carry out the provisions of this part.