U.S. Bank Charter: General Acquisition Requirements
There is a wide variety of bank and other financial institution
charters available in the United States. The most common
are issued to Federal Commercial Banks, Federal Savings
Banks, State Commercial Banks and State Savings Banks.
Each category has separate and distinct qualification
requirements which must be met in order to be approved
as an operator of a desired institution.
When applying for bank ownership, the United States Office
of the Comptroller or the local state issuing agency (varies
with each state) requests an application fee of between
US$3,000-US$25,000. A Federal or State chartered bank
must have at least five directors who have extensive knowledge
of the banking industry and the regulations that govern
the operation of a financial institution. A minority of
the directors must have resided in the state, territory
or district in which the bank is located or within 100
miles of the banks location for a minimum of one year.
In addition, Federal and State chartered banks have posted
capital requirements imposed by the United States Office
of the Comptroller or the local state issuing agency which
must be fulfilled upon acquisition or establishment of
a bank. The capital requirement is between 10-20% of the
total assets to be managed by the bank, typically US$1,500,000-US$25,000,000.
The United States Office of the Comptroller or the local
state issuing agency will also conduct due diligence on
all owners and nominee directors through the following
agencies: Credit bureaus, Drug Enforcement Agency, Federal
Bureau of Investigation, Central Intelligence Agency,
Internal Revenue Service, United States Securities and
Exchange Commission, United States Customs, Lexis Nexis
and the Financial Crimes Enforcement Network.
If real estate is included in the acquisition of a U.S.
Bank, the United States Office of the Comptroller or the
local state issuing agency must review and approve any
real estate lease or purchase agreement for reasonableness
and will disallow any real estate acquisitions that are
not made in the banks best interest. Costs associated
with real estate acquisitions for banks are based on the
local real estate market and availability.
Change of ownership for a Federal or State chartered bank
can be obtained in 60-90 days following completion of
due diligence and approval of business plan by the United
States Office of the Comptroller or the local state issuing
agency.
Procurement of a Federal or State charter can be obtained
within 18-36 months. Current opportunities start at US$3,000,000.
WBC refers qualified clients interested in U.S.
Bank opportunities to domestic resources on a case by
case basis. This is neither an offer to sell nor a solicitation
of an offer to buy either domestic or foreign securities.
Charter Type:
Federal Commercial Bank
Federal Savings Bank
State Commercial Bank
State Savings Bank
Posted Capital:
Posted Capital: US$1,500,000 - $25,000,000
Application Fees:
US$3,000 - $25,000
Registered Office:
Location of primary business and subsidiaries.
Documents:
Banking License
Articles of Incorporation
Share Certificates
Banking Forms
Directors:
National and State chartered banks must have at
least 5 directors and no more then 25. They must
retain knowledge of the banking industry, the financial
regulatory system, and laws and regulations that
govern the operation of a financial institution.
A minority of directors must have resided in the
state, territory or district in which the bank is
located or within 100 miles of the banks location,
for at least one year immediately preceding election
as director.
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