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Savings Bank of Puget Sound

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Plan of Conversion

SAVINGS BANK OF PUGET SOUND

SEATTLE, WASHINGTON

PLAN OF CONVERSION
FROM STATE STOCK SAVINGS BANK TO FEDERAL STOCK SAVINGS BANK

This Plan of Conversion, dated and subsequently amended on provides for the conversion ("Conversion") of , (the "Bank") from a Washington-chartered savings bank to a Federal-chartered stock savings bank (the "federal savings bank") subject to the statutes, rules and regulations of the Federal Home Loan Bank Board and the State of Washington.

The following actions will take place under the Plan of Conversion:

1. The Plan of Conversion must be adopted by the Board of Directors of the Bank and by the holders of a majority of the shares represented in person or by proxy at a Meeting of Shareholders held to adopt this Plan of Conversion.

2. The federal savings bank will operate under a Federal Stock Charter and its corporate title will be . The Bank will continue to be insured by the Federal Deposit Insurance Corporation.

3. The federal savings bank will issue shares of its capital stock to all of the holders of permanent capital stock of the Bank in an amount equal to the number of shares of permanent capital stock of the Bank presently held by such stockholders. Each holder of permanent capital stock of the Bank will receive the same number of shares of capital stock of the federal savings bank as such stockholder holds in the Bank on the date the Conversion is effectuated.

4. All saving accounts and time deposits of the Bank shall automatically be converted into savings accounts and time deposits of the federal savings bank, in identical amounts as those issued by the Bank, and in the case of time deposits, such deposits of the federal savings bank shall bear an interest rate and carry a maturity date, respectively, of the time deposits issued by the Bank.

5. No change in the reserves, undivided profits accounts, capital stock and capital surplus accounts, creditor obligations, withdrawable accounts, assets or any other item contained therein is intended or shall result from the Conversion. Appropriate reserves and surplus are therefore provided for the federal savings bank.

6. Upon effectuation of the Conversion, the federal savings bank shall be deemed to be a continuation of the entity of the Bank so converted, and all property of the Bank, including its rights, titles and interests in and to all property of whatever kind, whether real, personal or mixed, and things or choses in action, and every right, privilege, interest and asset then existing, or pertaining to it, or which may inure to it, shall vest in and continue to be the same such property of the federal savings bank.

7. All creditor obligations of the Bank will be satisfied in full or assumed by the Federal savings bank. All pending actions and other judicial proceedings to which the Bank is a part, shall continue to be pending actions and proceedings of the federal savings bank.

8. All passbooks, certificates of deposit, loan documents, agreements, and other instruments of the Bank shall continue with full validity and effect as obligations of the federal savings bank.

9. The home office of the federal savings bank shall be located at:

(Street Address)

(Town or City)

(County)

(State)

and its branch and other offices shall be maintained at each of the locations set forth in Exhibit 1 attached to this Plan of Conversion.*

10. Upon Conversion, the federal savings bank shall operate under the form of proposed Charter and Bylaws attached hereto as Exhibits 2 and 3, respectively, which are incorporated herein by reference.*

11. The Bank, in order to perfect the Conversion, will carry out all of the requirements of the rules and regulations for federal savings banks as may be imposed by the Federal Home Loan Bank Board as a condition of Conversion.

12. In connection with the Conversion, the directors and officers of the Bank will become directors and officers, respectively, of the federal savings bank.

13. In the event of any conflict between this Plan of Conversion and any applicable Washington State or federal law or regulation, such law or regulation shall prevail.

14. Notwithstanding approval of this Plan of Conversion by the Federal Home Loan Bank Board, the Directors of Savings Bank of Puget Sound and/or the shareholders of Savings Bank of Puget Sound, the Conversion may be abandoned and this Plan of Conversion terminated at any time prior to the final approval from the Federal Home Loan Bank Board of the Conversion by vote of the Board of Directors of Savings Bank of Puget Sound.

*Note: Exhibits 1 and 3 have been omitted from these proxy materials.

Approved by:

Signature:

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What the Savings Bank of Puget Sound document is

The Savings Bank of Puget Sound document is a standardized account agreement and disclosure packet used to open or manage savings accounts, record terms, and capture required customer acknowledgements. It consolidates depositor identity, account options, rate and fee schedules, privacy disclosures, and signature blocks into a single record intended for retention by the bank and the customer. Use of a consistent form reduces onboarding friction, ensures required notices are presented, and creates an auditable record for compliance and dispute resolution.

Why this bank document matters to customers and administrators

A complete Savings Bank of Puget Sound form documents customer consent, fee acceptance, and identity verification, helping the bank meet regulatory disclosure obligations while establishing clear contract terms between parties.

Why this bank document matters to customers and administrators

Who typically completes the Savings Bank of Puget Sound form

The form is used by bank staff, account applicants, and authorized agents during new account setup, changes to account ownership, or updates to account terms.

  • Bank operations and onboarding teams who collect identity and documentation from customers.
  • Individual or joint account applicants providing proof of identity and funding instructions.
  • Authorized agents and fiduciaries completing permitted actions on behalf of account holders.

Internal teams use the completed form for compliance review, recordkeeping, and customer service; applicants retain a copy for personal records.

Core components found in a professional Savings Bank of Puget Sound form

A well-structured form groups essential elements—customer data, legal disclosures, fee schedules, and signature capture—so each item can be verified and retained consistently.

Account Details

Fields for account type, account number, product tier, and interest rate schedule; used to assign pricing and service levels.

Depositor Info

Full legal name, date of birth, SSN/ITIN, residential address, and contact details for identity verification and tax reporting.

Funding Instructions

Initial deposit source, routing and account number for ACH, check or cash deposit options, and federal tax backup withholding status.

Fees & Rates

Clear disclosure of monthly maintenance fees, minimum balance requirements, ATM fees, and interest compounding frequency and APR calculation.

Privacy Notice

Consumer privacy and data-sharing disclosures aligned with GLBA and internal privacy policies; indicates opt-out choices if applicable.

Signature Block

Designated signature and date fields for account holders and bank representative, plus optional notary or witness lines when required.

Step-by-step: completing the Savings Bank of Puget Sound form

Follow these sequential steps to submit a complete and compliant account agreement to the bank.

  • 01
    Gather Documents: Collect ID and funding documentation.
  • 02
    Complete Fields: Enter all required personal and account details.
  • 03
    Review Disclosures: Confirm fees, rates, and privacy notices.
  • 04
    Sign and Submit: Sign, date, and deliver to bank representative.

How submission and processing typically flow

A clear routing path ensures the completed form reaches the right teams for verification, funding, and record retention.

  • Applicant Submission: Customer uploads or hands form to staff.
  • Identity Verification: Bank verifies ID and TIN against records.
  • Funding Execution: Initial deposit is processed via ACH or check.
  • Record Retention: Finalized form stored in audit-ready repository.

Configuring online completion and approvals

Map fields and approval steps in your digital workflow to mirror in-branch processing and satisfy audit requirements.

Field Configuration
Identity Fields Require validation and optional KBA
Signature Type Allow eSignature with audit trail
Approval Routing Auto-route to compliance reviewer
Archive Policy Store read-only PDF with metadata

Technical considerations for digital completion

Choose a platform that supports secure uploads, audit trails, and integration with bank systems to preserve metadata and provenance.

  • Integrations: CRM and core banking connections
  • Authentication: Email, SMS, or stronger methods
  • File Formats: PDF and DOCX supported

Penalties and legal risks associated with errors

Incorrect TIN: Backup withholding 24%
Late 1099: Penalties $60–$330 per form (IRC §6721)
Intentional Disregard: $660+ per form, no cap
I-9 Violations: $281–$2,789 per violation
HIPAA Breach: Civil penalties and corrective action
Notary Errors: Invalid acknowledgements risk record rejection

Common mistakes that delay processing

  • Incomplete identity fields or mismatched name formats that fail automated verification and trigger manual review or re-submission.
  • Providing a P.O. box without a physical address when a residential address is required for identity proofing or tax reporting.
  • Entering incorrect ACH routing or account numbers that cause failed funding and require reversal, reconciliation, and customer outreach.
  • Skipping required disclosures or failing to capture signed consent for electronic delivery, which can create regulatory noncompliance.

Practical tips to speed review and reduce errors

Adopt consistent data entry conventions and validate keys before submission to reduce exceptions and manual interventions.

Verify identity documents early
Compare government ID details to entered name, DOB, and SSN immediately. Early verification reduces account opening delays and lowers fraud risk by catching mismatches before funding.
Use standardized address formats
Record addresses using USPS-standard formats and two-letter state abbreviations. Consistency improves matching against sanctions lists, supports accurate tax reporting, and avoids mail delivery errors.
Confirm funding details twice
Require customers to re-enter or confirm ACH routing and account numbers and show the last four digits on a confirmation screen to avoid failed transfers and reconciliation work.
Preserve an audit-ready record
Store a read-only PDF with metadata, signatures, and an audit trail including timestamps and IPs to support compliance, audits, and possible disputes.

Real-world examples of similar bank document usage

These concise case notes illustrate how organizations standardize account forms and signatures to improve processing and recordkeeping.

Optica Ventures (COO)

Optica streamlined customer onboarding with digital forms and consistent disclosures.

  • Simpler interface for customers.
  • The result was fewer manual exceptions and a smoother customer experience while maintaining required audit trails for compliance and support.

Martin Properties (Founder)

Martin Properties processed tenant and escrow accounts entirely online using standardized bank forms.

  • Mobile signing enabled field operations.
  • They reported consistent compliance with disclosure requirements and faster document turnaround without in-person meetings.

Comparison: eSignature providers for the Savings Bank of Puget Sound workflow

The table compares core pricing and compliance features relevant to banking workflows; signNow is listed first for clarity.

signNow DocuSign Adobe Sign PandaDoc HelloSign
Starting Price $8/user/mo $15/user/mo $14/user/mo $19/user/mo $15/user/mo
Free Trial 7-day free trial, no card Varies by plan Varies by plan Varies by plan Varies by plan
Bulk Send Yes Yes Yes Yes No
Audit Trail Yes Yes Yes Yes Yes
HIPAA Compliant Yes Yes Yes No No
Envelope Cap No cap 100 envelopes/user/year Varies Varies Varies

Frequently asked questions about filling and signing the form

Answers address common technical, legal, and processing questions encountered when completing the Savings Bank of Puget Sound document.


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