§ 54C‑12. Criteria tobe met before the Commissioner of Banks may recommend approval of anapplication.
(a) The Commissioner ofBanks may recommend approval of an application to form a mutual savings bankonly when all of the following criteria are met:
(1) The proposed savingsbank has an operational expense fund, from which to pay organizational andincorporation expenses, in an amount determined by the Commissioner of Banks tobe sufficient for the safe and proper operation of the savings bank, but in noevent less than seventy‑five thousand dollars ($75,000). The moneysremaining in the expense fund shall be held by the savings bank for at leastone year from its date of licensing. No portion of the fund shall be releasedto an incorporator or director who contributed to it, nor to any othercontributor, nor to any other person, and no dividends shall be accrued or paidon the funds without the prior approval of the Commissioner of Banks.
(2) The proposed savingsbank has pledges for deposit accounts in an amount to be determined by theCommissioner of Banks to be sufficient for the safe and proper operation of thesavings bank, but in no event less than four million dollars ($4,000,000).
(3) All entrance feesfor deposit accounts of the proposed savings bank have been made with legaltender of the United States.
(4) The name of theproposed savings bank will not mislead the public and is not the same as anexisting depository institution or so similar to the name of an existingdepository institution as to mislead the public.
(5) The character,general fitness, and responsibility of the incorporators and the initial boardof directors of the proposed savings bank, a majority of whom shall beresidents of North Carolina, will command the confidence of the community inwhich the proposed savings bank intends to locate.
(6) There is reasonabledemand and necessity in the community that will be served by the establishmentof the proposed savings bank.
(7) The publicconvenience and advantage will be served by the establishment of the proposedsavings bank.
(8) The proposed savingsbank will have a reasonable probability of sustaining profitable and beneficialoperations in the community.
(9) The proposed savingsbank, if established, will promote healthy and effective competition in thecommunity in the delivery to the public of savings institution services.
(b) The Commissioner ofBanks may recommend approval of an application to form a stock savings bankonly when all of the following criteria are met:
(1) The proposed savingsbank has prepared a plan to solicit subscriptions for capital stock in anamount determined by the Commissioner of Banks to be sufficient for the safeand proper operation of the savings bank, but in no event less than threemillion dollars ($3,000,000).
(2) The name of theproposed savings bank will not mislead the public and is not the same as anexisting depository institution or so similar to the name of an existingdepository institution as to mislead the public; and contains the wording"corporation," "incorporated," "limited,""company," or an abbreviation of one of these words or other wordssufficient to distinguish stock savings banks from mutual savings banks.
(3) The character,general fitness, and responsibility of the incorporators, initial board ofdirectors, and initial stockholders of the proposed savings bank will commandthe confidence of the community in which the proposed savings bank intends tolocate.
(4) All subscriptionsfor capital stock of the proposed savings bank have been purchased with legaltender of the United States.
(5) There is areasonable demand and necessity in the community that will be served by theestablishment of the proposed savings bank.
(6) The publicconvenience and advantage will be served by the establishment of the proposedsavings bank.
(7) The proposed savingsbank will have a reasonable probability of sustaining profitable and beneficialoperations in the community.
(8) The proposed savingsbank, if established, will promote healthy and effective competition in thecommunity in the delivery to the public of savings institution services.
(c) The minimum amountof pledges for deposit accounts or subscriptions for capital stock may beadjusted if the Commissioner of Banks determines that a greater requirement isnecessary or that a smaller requirement will provide a sufficient capital base.The Commissioner of Banks' findings and recommendations to the Commission shallbe based upon due consideration of (i) the population of the proposed trade area,(ii) the total deposits of the depository institutions operating in theproposed trade area, (iii) the economic conditions of and projections for theproposed trade area, (iv) the business experience and reputation of theproposed management, (v) the business experience and reputation of the proposedincorporators and directors, and (vi) the projected deposit growth,capitalization, and profitability of the proposed savings bank. (1991, c. 680, s. 1; 2001‑193,s. 16.)
§ 54C‑12. Criteria tobe met before the Commissioner of Banks may recommend approval of anapplication.
(a) The Commissioner ofBanks may recommend approval of an application to form a mutual savings bankonly when all of the following criteria are met:
(1) The proposed savingsbank has an operational expense fund, from which to pay organizational andincorporation expenses, in an amount determined by the Commissioner of Banks tobe sufficient for the safe and proper operation of the savings bank, but in noevent less than seventy‑five thousand dollars ($75,000). The moneysremaining in the expense fund shall be held by the savings bank for at leastone year from its date of licensing. No portion of the fund shall be releasedto an incorporator or director who contributed to it, nor to any othercontributor, nor to any other person, and no dividends shall be accrued or paidon the funds without the prior approval of the Commissioner of Banks.
(2) The proposed savingsbank has pledges for deposit accounts in an amount to be determined by theCommissioner of Banks to be sufficient for the safe and proper operation of thesavings bank, but in no event less than four million dollars ($4,000,000).
(3) All entrance feesfor deposit accounts of the proposed savings bank have been made with legaltender of the United States.
(4) The name of theproposed savings bank will not mislead the public and is not the same as anexisting depository institution or so similar to the name of an existingdepository institution as to mislead the public.
(5) The character,general fitness, and responsibility of the incorporators and the initial boardof directors of the proposed savings bank, a majority of whom shall beresidents of North Carolina, will command the confidence of the community inwhich the proposed savings bank intends to locate.
(6) There is reasonabledemand and necessity in the community that will be served by the establishmentof the proposed savings bank.
(7) The publicconvenience and advantage will be served by the establishment of the proposedsavings bank.
(8) The proposed savingsbank will have a reasonable probability of sustaining profitable and beneficialoperations in the community.
(9) The proposed savingsbank, if established, will promote healthy and effective competition in thecommunity in the delivery to the public of savings institution services.
(b) The Commissioner ofBanks may recommend approval of an application to form a stock savings bankonly when all of the following criteria are met:
(1) The proposed savingsbank has prepared a plan to solicit subscriptions for capital stock in anamount determined by the Commissioner of Banks to be sufficient for the safeand proper operation of the savings bank, but in no event less than threemillion dollars ($3,000,000).
(2) The name of theproposed savings bank will not mislead the public and is not the same as anexisting depository institution or so similar to the name of an existingdepository institution as to mislead the public; and contains the wording"corporation," "incorporated," "limited,""company," or an abbreviation of one of these words or other wordssufficient to distinguish stock savings banks from mutual savings banks.
(3) The character,general fitness, and responsibility of the incorporators, initial board ofdirectors, and initial stockholders of the proposed savings bank will commandthe confidence of the community in which the proposed savings bank intends tolocate.
(4) All subscriptionsfor capital stock of the proposed savings bank have been purchased with legaltender of the United States.
(5) There is areasonable demand and necessity in the community that will be served by theestablishment of the proposed savings bank.
(6) The publicconvenience and advantage will be served by the establishment of the proposedsavings bank.
(7) The proposed savingsbank will have a reasonable probability of sustaining profitable and beneficialoperations in the community.
(8) The proposed savingsbank, if established, will promote healthy and effective competition in thecommunity in the delivery to the public of savings institution services.
(c) The minimum amountof pledges for deposit accounts or subscriptions for capital stock may beadjusted if the Commissioner of Banks determines that a greater requirement isnecessary or that a smaller requirement will provide a sufficient capital base.The Commissioner of Banks' findings and recommendations to the Commission shallbe based upon due consideration of (i) the population of the proposed trade area,(ii) the total deposits of the depository institutions operating in theproposed trade area, (iii) the economic conditions of and projections for theproposed trade area, (iv) the business experience and reputation of theproposed management, (v) the business experience and reputation of the proposedincorporators and directors, and (vi) the projected deposit growth,capitalization, and profitability of the proposed savings bank. (1991, c. 680, s. 1; 2001‑193,s. 16.)
§ 54C‑12. Criteria tobe met before the Commissioner of Banks may recommend approval of anapplication.
(a) The Commissioner ofBanks may recommend approval of an application to form a mutual savings bankonly when all of the following criteria are met:
(1) The proposed savingsbank has an operational expense fund, from which to pay organizational andincorporation expenses, in an amount determined by the Commissioner of Banks tobe sufficient for the safe and proper operation of the savings bank, but in noevent less than seventy‑five thousand dollars ($75,000). The moneysremaining in the expense fund shall be held by the savings bank for at leastone year from its date of licensing. No portion of the fund shall be releasedto an incorporator or director who contributed to it, nor to any othercontributor, nor to any other person, and no dividends shall be accrued or paidon the funds without the prior approval of the Commissioner of Banks.
(2) The proposed savingsbank has pledges for deposit accounts in an amount to be determined by theCommissioner of Banks to be sufficient for the safe and proper operation of thesavings bank, but in no event less than four million dollars ($4,000,000).
(3) All entrance feesfor deposit accounts of the proposed savings bank have been made with legaltender of the United States.
(4) The name of theproposed savings bank will not mislead the public and is not the same as anexisting depository institution or so similar to the name of an existingdepository institution as to mislead the public.
(5) The character,general fitness, and responsibility of the incorporators and the initial boardof directors of the proposed savings bank, a majority of whom shall beresidents of North Carolina, will command the confidence of the community inwhich the proposed savings bank intends to locate.
(6) There is reasonabledemand and necessity in the community that will be served by the establishmentof the proposed savings bank.
(7) The publicconvenience and advantage will be served by the establishment of the proposedsavings bank.
(8) The proposed savingsbank will have a reasonable probability of sustaining profitable and beneficialoperations in the community.
(9) The proposed savingsbank, if established, will promote healthy and effective competition in thecommunity in the delivery to the public of savings institution services.
(b) The Commissioner ofBanks may recommend approval of an application to form a stock savings bankonly when all of the following criteria are met:
(1) The proposed savingsbank has prepared a plan to solicit subscriptions for capital stock in anamount determined by the Commissioner of Banks to be sufficient for the safeand proper operation of the savings bank, but in no event less than threemillion dollars ($3,000,000).
(2) The name of theproposed savings bank will not mislead the public and is not the same as anexisting depository institution or so similar to the name of an existingdepository institution as to mislead the public; and contains the wording"corporation," "incorporated," "limited,""company," or an abbreviation of one of these words or other wordssufficient to distinguish stock savings banks from mutual savings banks.
(3) The character,general fitness, and responsibility of the incorporators, initial board ofdirectors, and initial stockholders of the proposed savings bank will commandthe confidence of the community in which the proposed savings bank intends tolocate.
(4) All subscriptionsfor capital stock of the proposed savings bank have been purchased with legaltender of the United States.
(5) There is areasonable demand and necessity in the community that will be served by theestablishment of the proposed savings bank.
(6) The publicconvenience and advantage will be served by the establishment of the proposedsavings bank.
(7) The proposed savingsbank will have a reasonable probability of sustaining profitable and beneficialoperations in the community.
(8) The proposed savingsbank, if established, will promote healthy and effective competition in thecommunity in the delivery to the public of savings institution services.
(c) The minimum amountof pledges for deposit accounts or subscriptions for capital stock may beadjusted if the Commissioner of Banks determines that a greater requirement isnecessary or that a smaller requirement will provide a sufficient capital base.The Commissioner of Banks' findings and recommendations to the Commission shallbe based upon due consideration of (i) the population of the proposed trade area,(ii) the total deposits of the depository institutions operating in theproposed trade area, (iii) the economic conditions of and projections for theproposed trade area, (iv) the business experience and reputation of theproposed management, (v) the business experience and reputation of the proposedincorporators and directors, and (vi) the projected deposit growth,capitalization, and profitability of the proposed savings bank. (1991, c. 680, s. 1; 2001‑193,s. 16.)
