Sec. 1.2. Requirements

Latest version.

To enhance the likelihood of success of a proposed new bank or trust company, the superintendent requires:
(a) the employment of top management personnel having substantial and satisfactory experience in general commercial bank operations, if the proposed institution will offer significant banking services;
(b) if a trust company is to be chartered, the employment of top management personnel having substantial and satisfactory experience in fiduciary operations;
(c) insurance of deposits by the Federal Deposit Insurance Corporation; and
(d) capital funds of not less than $1.2 million.

                    
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