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2.60.203    APPLICATION PROCEDURE FOR A CERTIFICATE OF AUTHORIZATION FOR A STATE CHARTERED BANK

(1) One or more individual incorporators desiring to organize a bank shall file with the commissioner of banking and financial institutions an application to the state banking board for a certificate of authorization for a state chartered bank.   Said application shall be signed by each of the incorporators, sworn to before an officer authorized by the laws of this state to administer oaths and contain the following information in addition to any other information as may be required pursuant to part 2 and 3 of chapter 1, Title 32, MCA:

(a) the names, addresses and principal occupations of the stockholders subscribing to the new bank;

(b) the proposed managing officer, if known, and directors/incorporators of the new bank, with banking experience and personal history of each in compliance with ARM 2.60.302;

(c) a summary of the evidence applicant intends to present at the hearing to demonstrate a persuasive showing of reasonable public necessity and demand for a new bank at the proposed location as required by ARM 2.60.301;

(d) information demonstrating capital adequacy of the proposed new bank as required by ARM 2.60.303;

(e) estimated operating statement and deposit volume at the end of each of the first three years;

(f) proposed expenditures for bank premises, fixtures, furniture and equipment;

(g) financial statements of the incorporators/directors and each of those stockholders controlling 10% or more of the stock in sufficient detail to substantiate their net worth;

(h) statement from the incorporator as to how they intend to meet the insurance requirement of ARM 2.60.304 (i.e., through membership in the federal reserve system or through application to the FDIC as a non-member.)

(2) An application fee of $3,000 shall be paid to the state of Montana at the time of application and thereafter shall not be refundable in whole or in part.

(3) The proposed articles of incorporation shall be submitted with the application for a certificate of authorization.

(4) In the event that an application is incomplete in any respect or if additional information is required, the applicants will be so notified by the division of banking and financial institutions and allowed up to 60 days in which to perfect the application or provide additional information.   An extension of this 60-day period may be obtained from the division of banking and financial institutions by showing good cause why it should be so extended.

(5) The form for applying for a certificate of authorization (FD-2) may be obtained from the Commissioner of Banking and Financial Institutions, Department of Administration, 846 Front Street, P.O. Box 200546, Helena, MT 59620-0546.

History: Sec. 32-1-203, MCA; IMP, Sec. 32-1-203, MCA; Eff. 5/5/74; AMD, Eff. 4/4/77; AMD, 1987 MAR p. 1970, Eff. 10/30/87; AMD, 1994 MAR p. 1146, Eff. 4/29/94; TRANS, from Commerce, 2001 MAR p. 1181.

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