bank charter

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a charter authorizing the operation of a bank

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On July 25, the company announced it had applied to the Office of the Comptroller of the Currency (OCC) for a national bank charter and to the FDIC for federal deposit insurance to form Varo Bank, N.A.
State laws regarding anti-discrimination, fair lending, debt collection, taxation, zoning, criminal laws, and torts would still generally apply to fintech firms with a special purpose bank charter.
"Hancock's strategic decision to consolidate two bank charters into one state bank charter based in Mississippi eliminated two of five regulatory examinations, helped cut millions of dollars in redundant effort and expenses (thus, benefiting shareholders), and allowed the company to keep doing business under two bank brands trusted by clients and communities since the late 1800s."
NEW YORK: President Barack Obama s economic adviser, Paul Volcker, said his proposed banking rules would force Goldman Sachs and other banks to give up their bank charters if they want to continue proprietary trading.
In May 2008, the Service issued Letter Ruling 200822022, which discusses the combination of bank subsidiaries' operations and a subsequent sale of a bank charter. The letter ruling recasts the events leading up to the sale of the bank charter into transaction steps constituting a tax-free reorganization and discusses the tax implications of each step of the reorganization.
HILARY COOK, director of investment strategy at Barclays Stockbrokers gives her view of the deal...THE Royal Bank of Scotland is buying American commercial bank Charter One Financial for pounds 10.5billion.
A pounds 5.9 billion agreed bid for the American bank Charter One Financial will make the Royal Bank of Scotland's US offshoot Citizens the sixth biggest bank in America.
"In addition to summarizing the bank totals, Spatial Insights has also calculated the number of financial institutions and deposit amounts for each of six bank charter classes: three commercial, two savings, and one foreign-chartered," the company announcement says.
The amount of new bonds that can be issued each year, however, is limited by the Central Bank charter. The move raised fears that a less independent Central Bank - one headed by a crony of Economy Minister Domingo Cavallo, as is now being suggested - could undermine the government's exchange policies.
Although ReliaStar's federal savings bank subsidiary, ReliaStar Bank, was granted trust powers by the Office of Thrift Supervision in 1998, ReliaStar said it believes that a national trust bank charter will allow the company to compete more effectively in delivering trust services on a nationwide basis.
In petitioning for the bank's assets, the investors had to present a capitalization plan, a business plan, appoint officers and file an application for a bank charter. They also had to have their money in place.
Kilpatrick Townsend & Stockton LLP acted as legal counsel for Grasshopper in connection with the bank charter and the offering.
While Bank of the Ozarks of Little Rock overtook Arvest Bank of Fayetteville last year as the state's largest bank charter when ranked by total assets, Arvest held onto the top spot as the state's deposit market leader for the 11th straight year.
10 would not diminish--but would in fact enhance--the national bank charter.