12 CFR § 192.390 - Community offering of conversion shares.

---
identifier: "/us/cfr/t12/s192.390"
source: "ecfr"
legal_status: "authoritative_unofficial"
title: "12 CFR § 192.390 - Community offering of conversion shares."
title_number: 12
title_name: "Banks and Banking"
section_number: "192.390"
section_name: "Community offering of conversion shares."
chapter_name: "COMPTROLLER OF THE CURRENCY, DEPARTMENT OF THE TREASURY"
part_number: "192"
part_name: "CONVERSIONS FROM MUTUAL TO STOCK FORM"
positive_law: false
currency: "2026-04-05"
last_updated: "2026-04-05"
format_version: "1.1.0"
generator: "[email protected]"
authority: "12 U.S.C. 1462a, 1463, 1464, 1467a, 2901  5412(b)(2)(B); 15 U.S.C. 78c, 78, 78m, 78n, 78w."
regulatory_source: "85 FR 42643, July 14, 2020, unless otherwise noted."
cfr_part: "192"
---


# 192.390 Community offering of conversion shares.

(a) *Purchase preference in subscription offering.* In a subscription offering, a savings association may give a purchase preference to eligible account holders, supplemental eligible account holders, and voting members residing in its local community.

(b) *Purchase preference in community offering.* In a community offering, a savings association must give a purchase preference to natural persons residing in its local community.