NJDOBI | Requirements for Organizing State Chartered Bank

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吃瓜黑料 > Banking Division > Office of Depositories > Requirements for Organizing State Chartered Bank
Requirements for Organizing a 吃瓜黑料 State Chartered Bank or Savings Bank
Application requirements are set forth in NJAC 3:1-2.2 et seq. and NJSA 17:9A-1 et seq. :
NJAC 3:1-2.2a		Requires a Certificate of Incorporation
	1.	Feasibility study/Three (3) year deposit projections
	2.	Three (3) year pro forma balance sheet and income statement showing projected breakeven
	3.	Interagency biographical financial data (See ) and Police checks (@ $18.00) for all incorporators, Directors and officers (should be a bank check, attorney or consultant check made payable to the “Division of State Police-SBI”)
	4.	Filing fee $15,000, non refundable
	5.	Indicia of title
	6.	Copy of application to be filed with the FDIC, if the applicant has applied for a charter that includes the authority to accept deposits. When the final application is filed with the FDIC a copy shall be simultaneously transmitted to the Department.
	7.	Director code of conduct
	8.	Affiliated person application, if necessary
	9.	Business plan (See )
	10.	Fingerprint cards if not FDIC insured

NJAC 3:1-2.5		Notice/publication
2.7		Objectors, if applicable
2.18		For the first three (3) years after issuance of the certificate of authority, the depository shall maintain a tier I capital to asset ratio, as ratio is defined in 12 CFR 325.2(k), that is at least 8% of the bank’s total assets. Must also maintain a fully funded reserve.
2.19a		Commercial or Savings bank minimum capital $6,000,000 (par value $2.00 minimum) Limited Purpose Trust Company minimum capital $2,000,000 ($2.00 par value minimum) Failed bank minimum capital $5,000,000 or 6% of deposits.
		2.19b Incorporators subscribe for 25% of stock 2.19d No individual subscribe for in excess of 24.9% of stock 2.19e No company subscribe for in excess of 24.9% of stock, unless holding company

Certificate of incorporation is required and should include the following:
Commercial Bank
NJSA 17:9A-3A		Seven (7) or more persons to incorporate a commercial bank
17:9A-4C		Surplus has to equal 20% of capital stock
17:9A-5		Reserve for organization expense 5% of capital stock
17:9A-6A		Capital stock has to have a minimum $2.00 par value
Savings Bank
NJSA 17:9A-7		Nine (9) or more persons to incorporate a savings bank
17:9A-8.3		Needs a surplus and reserve for organization expense of 20% and 5%, respectively, of capital stock. Capital stock has to have a minimum $2.00 par value

If you have any questions regarding the application process for chartering a state‑chartered commercial bank or savings bank, please e-mail Dobi.bankingreports@dobi.nj.gov. It is highly recommended that before any application for a new bank charter is filed that a representative(s) of the incorporators set up a meeting with the applications section so that any questions or concerns may be discussed.



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