A new non-isolated Intermediate Bus Converter is proposed using a divide-by-4 switched capacitor network. A load adaptive scheme is designed that maximizes the efficiency for all load currents. Detailed analysis using steady-state charge transfer is provided with a static charge constraint concept for degenerate switched capacitor networks. Simple average models for output impedance, capacitor and switch RMS currents, and efficiency are defined. A bus stability criterion is established, and a novel current splitting technique is introduced that reduces the capacitors' RMS currents. A 300W 48V to 12V prototype is designed using a provided efficiency-specified design procedure that achieves 96%-97% over the full range of load current, IA-25A.