State Codes and Statutes

State Codes and Statutes

Statutes > Wisconsin > 221 > 221.0403

221.0403

221.0403 Bank names.

221.0403(1)

(1) In general. Except as provided in subs. (2) and (3), the name of a bank must be approved by the division and must be distinguishable upon the records of the division from all of the following names:

221.0403(1)(a)

(a) The name of another state bank organized under this chapter.

221.0403(1)(b)

(b) The name of a national bank or foreign bank authorized to transact business in this state.

221.0403(2)

(2) Exceptions. A bank may apply to the division for the authority to use a name that is not distinguishable upon the records of the division from one or more of the names described in sub. (1). The division may authorize the use of the name if any of the following occurs:

221.0403(2)(a)

(a) The other bank consents to the use in writing and submits an undertaking, in a form satisfactory to the division, to change its name to a name that is distinguishable upon the records of the division from the name of the applicant.

221.0403(2)(b)

(b) The applicant delivers to the division a certified copy of the final judgment of a court of competent jurisdiction establishing the applicant's right to use the name applied for in this state.

221.0403(3)

(3) Use of same name. A bank may use the name that is used in this state by another bank organized under this chapter or authorized to transact business in this state if the bank proposing to use the name has done any of the following:

221.0403(3)(a)

(a) Merged with the other bank.

221.0403(3)(b)

(b) Been formed by reorganization of the other bank.

221.0403(3)(c)

(c) Acquired all or substantially all of the assets, including the name, of the other bank.

221.0403(4)

(4) Use of "savings". A bank name may not contain the word "savings".

221.0403 - ANNOT.

History: 1995 a. 336.