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Savings Bank and Savings & Loan Association


Savings Bank and Savings & Loan Association (Stock-Form)

Statutory requirements for the organization of a bank are contained in Article XV of the Banking Law. To assist you in meeting these requirements, we provide material outlining the procedures to be followed and the information which incorporators should provide in a "Certificate of Merit" supporting an application.

Prior to the preparation of a formal application, an outline of the proposed business plan should be submitted to the Department of Financial Services. At a minimum, the outline should include the rationale for organizing the proposed institution, the market segment it expects to serve, the names and occupations of the incorporators, the name and experience of the candidate for the position of Chief Executive Officer and the proposed capitalization. If available, financial projections should also be included.

Upon review of the plan, a Department representative will contact you to arrange a mutually convenient time to discuss the proposal.

Information and procedures for the organization of a Stock-Form Savings Bank or Stock-Form Savings and Loan Association