The Florida Senate

658.21  Approval of application; findings required.--The department shall approve the application if it finds that:

(1)  Local conditions indicate reasonable promise of successful operation for the proposed state bank or trust company. In determining whether an applicant meets the requirements of this subsection, the department shall consider all materially relevant factors, including:

(a)  The purpose, objectives, and business philosophy of the proposed state bank or trust company.

(b)  The projected financial performance of the proposed bank or trust company.

(c)  The feasibility of the proposed bank or trust company, as stated in the business plan, particularly with respect to asset and liability growth and management.

(2)  The proposed capitalization is in such amount as the department deems adequate, but in no case may the total capital accounts at opening for a bank be less than $4 million if the proposed bank is to be located in any county which is included in a metropolitan statistical area, or $2 million if the proposed bank is to be located in any other county. The total capital accounts at opening for a trust company may not be less than $2 million. The department may disallow illegally obtained currency, monetary instruments, funds, or other financial resources from the capitalization requirements of this section.

(3)  The proposed capital structure is in such form as the department may require, but, at a minimum, every state bank or trust company hereafter organized shall establish:

(a)  Paid-in capital equal in amount to not less than 50 percent of its total capital accounts.

(b)  A paid-in surplus equal in amount to not less than 20 percent of its paid-in capital.

(c)  A fund to be designated as undivided profits equal in amount to not less than 5 percent of its paid-in capital.

(4)  The proposed officers have sufficient financial institution experience, ability, standing, and reputation and the proposed directors have sufficient business experience, ability, standing, and reputation to indicate reasonable promise of successful operation, and none of the proposed officers or directors has been convicted of, or pled guilty or nolo contendere to, any violation of s. 655.50, relating to the Florida Control of Money Laundering in Financial Institutions Act; chapter 896, relating to offenses related to financial institutions; or any similar state or federal law. At least one of the proposed directors who is not also a proposed officer shall have had at least 1 year direct experience as an executive officer, regulator, or director of a financial institution within 3 years of the date of the application. This requirement may be waived by the department if the applicant demonstrates that the proposed director has very substantial experience as an executive officer, director, or regulator of a financial institution more than 3 years before the date of the application. The proposed president or chief executive officer shall have had at least 1 year of direct experience as an executive officer, director, or regulator of a financial institution within the last 3 years.

(5)  The corporate name of the proposed state bank or trust company is reserved with the Department of State.

(6)  Provision has been made for suitable quarters at the location in the application.

History.--ss. 11, 152, ch. 80-260; ss. 2, 3, ch. 81-318; ss. 22, 51, ch. 84-216; ss. 28, 58, ch. 85-82; s. 9, ch. 89-229; s. 4, ch. 90-51; s. 1, ch. 91-307; ss. 1, 106, ch. 92-303; s. 7, ch. 97-30.