Maryland Code, Financial Institutions § 9-208.1

(1) The application provides that the newly formed association will, immediately after filing its articles of incorporation with the State Department of Assessments and Taxation, convert to a commercial bank under the provisions of §§ 9-631 through 9-639 of this title or convert to a federally chartered savings and loan association under §§ 9-613 through 9-615 of this title;

(2) The association does not operate as a savings and loan association under this title; and

(3) All other requirements set forth in this title and imposed by the Commissioner are satisfied.